Let’s Go Brandon “Backs Down” On $600 Bank Transaction Line, Raises To $10,000

That will make all the difference in the world, right?

Biden admin backs down on tracking bank accounts with over $600 annual transactions

The Biden administration on Tuesday backed down on a controversial proposal to direct the IRS to collect additional data on every bank account that sees more than $600 in annual transactions, after widespread criticism from Republican lawmakers and banking industry representatives, who said the tax enforcement strategy represented a breach of privacy by the federal government.

Instead, the administration and Senate Democrats are proposing to raise the threshold to accounts with more than $10,000 in annual transactions, and any income received through a paycheck from which federal taxes are automatically deducted will not be subject to the reporting. Recipients of federal benefits like unemployment and Social Security would also be exempt.

The IRS would collect the total sum of deposits and withdrawals from bank accounts with more than $10,000 in non-payroll income. Information on individual transactions would not be collected.

The changes were announced Tuesday by the Treasury Department.

“In response to considerations about scope, it [Congress] has crafted a new approach to include an exemption for wage and salary earners and federal program beneficiaries. Under this revised approach, such earners can be completely carved out of the reporting structure. This is a well-reasoned modification: for American workers and retirees, the IRS already has information on wage and salary income and the federal benefits they receive,” a Treasury Department fact sheet on the changes said.

That’s totally gonna catch all those bigwig rich folks cheating on their taxes, right? Oh, wait, most of them simply have very good accountants which allows them to take advantage of all the benefits of the tax code as passed by the federal Legislative branch and signed into law by Presidents. This is what Democrats, who vote “yes” for these laws and sign the bills into law, call loopholes. Perhaps many of these things are not what was intended, but, then, they should read and understand the implications of what they’re voting “yes” for. Perhaps slimming down the tax code, a simple flat tax, would be better?

In reality, this will catch almost no one who is “rich”, which in Dem World is those in the $400k and up earnings bracket. It might not even catch most. If implemented, will the IRS track the data and publish it to let us know if this spying scheme worked? Because it is spying, and asking banks to assist in spying on most Americans. The difference, for most citizens, between $600 and $10,000 is negligible.

My monthly mortgage total is $600. Car lease $250. Electricity about $125. Water/sewer around $60. Cell service $100. That’s already $13,620, and doesn’t include cable bill, food, gas, the small hit for natural gas, clothes, shoes, sundries, contacts stuff, and general purchases. If your rent/mortgage is $833 a month or more, you’ve hit that $10k line. If this was all about single transaction, like is required for cash purchases/deposits, it might be understandable. Not acceptable, but, understandable. But, everything says this is not

The fact sheet says, “Imagine a taxpayer who reports $10,000 of income; but has $10 million of flows in and out of their bank account. Having this summary information will help flag for the IRS when high-income people under-report their income (and under-pay their tax obligations). This will help the IRS target its enforcement activities on those who are actually evading their tax obligations—decreasing costly and burdensome audits for the vast majority of taxpayers who pay what they owe.”

Yes, but, it will mean banks have to report your private financial data to the IRS. It won’t say what you purchase, just the overall cash flow.

(Fox News) “Well, if you deposit or withdraw more than $10,000 over a year, the Biden Administration wants the IRS to be able to spy on you,” (Senator Joni) Ernst’s remarks continue. “To put this number into perspective, if you rent an apartment in Iowa, the average annual cost to do so is just above $10,000 per year.”

And they’ll be doing this without benefit of a warrant. This is a clear violation of the 4th Amendment. It is not a reasonable search. Certainly not a blanket requirement for reporting, and you can bet if Democrats pass this or Joe’s admin creates a rule it will end up in court within a week, and is tailor made for a Supreme Court ruling.

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10 Responses to “Let’s Go Brandon “Backs Down” On $600 Bank Transaction Line, Raises To $10,000”

  1. Hairy says:

    Lol
    Anybody still excited over Trumps trillion dollar tax cut for the super wealthy?

  2. Dana says:

    Our esteemed host quoted:

    Instead, the administration and Senate Democrats are proposing to raise the threshold to accounts with more than $10,000 in annual transactions, and any income received through a paycheck from which federal taxes are automatically deducted will not be subject to the reporting. Recipients of federal benefits like unemployment and Social Security would also be exempt.

    The IRS would collect the total sum of deposits and withdrawals from bank accounts with more than $10,000 in non-payroll income. Information on individual transactions would not be collected.

    I told you that this wasn’t meant to catch billionaires, but to go after the underground cash economy.

    $10,000 in annual transactions is nothing, that would include everybody but the most destitute. What they are looking for is waitresses depositing tips received in cash, commission salesmen who have to do their own taxes, and any businesses that take in cash for payments.

    Of course, the solution to this is simple: if you receive cash, keep it in cash, and spend it in cash.

    Let’s imagine, say, a pole building company, that charges you $10,000 to build a garage. You ask if there’s a discount for cash, and the owner says, “Sure, it’ll be $9,500 for cash.”

    So, you pay the guy the $9,500 in cash, and he pays his workers for eight hours on the books, but the overtime in cash. Still looks good to the Infernal Revenue Service, right?

    But now, he’ll have two choices: not accept cash, and pay his workers entirely on the books, or take the $9,500, and pay the workers entirely in cash. He’ll have to be careful that his expenses can be covered by other jobs that are on the books.

    This isn’t any measure to go after billionaires; they aren’t buying things with cash or paying people in cash. Their accountants are paying with checks or EFTs, their businesses being paid with checks or EFTs.

    Of course, much of President Trump’s support came from the less well off voters, the people who are far more likely to deal in cash, to pay cash, to ask for discounts for cash. The Democrats are going after Trump voters!

  3. Kye says:

    I said that the minute I read it, Dana. Even the $10k is a lie because it’s annual transactions not individual transactions. Even the poor who actually use banks would most likely do more than $10k annually. Like everything else in this “administration” it’s all a lie and a grift to screw the working and poor. Like mandatory “vaccines” that neither protect against nor stop the spread of the Fauxi flu. So whether or not one’s been vaxxed he is still susceptible to getting and spreading the flu. So to the rational mind (sorry Elwood) the “vaccine” is a lie.

  4. Elwood P. Dowd says:

    mr dana typed: I told you that this wasn’t meant to catch billionaires, but to go after the underground cash economy.

    $10,000 in annual transactions is nothing, that would include everybody but the most destitute. What they are looking for is waitresses depositing tips received in cash, commission salesmen who have to do their own taxes, and any businesses that take in cash for payments.

    No. It’s to catch grifters who have hundreds of accounts to dump their ill-gotten gains. The GOPhers will never let it pass to protect their true constituency, the wealthy like tRump and his demon spawn.

    • Kye says:

      No, it’s to catch working people and the lower income folks. The wealthy don’t do standard bank transactions like that. In fact my own company is in the process of converting to some sort of crypto crap or bitcoin or something.

      I want to thank you for this weeks rental payments for both myself @ $16k and my non-profit NGO @ $1126k. As new properties come online I’ll keep you posted as to how much your grifter “president” is paying us out of your money Elwood.

      BTW, crooked joe and his band of lying thieves is coming after our IRA’s soon.

  5. drowningpuppies says:

    Guess we won’t have to worry about BLMers buying million dollar homes anymore.

    Or these scum:

    Alma Hernandez, the executive director of SEIU California, and her husband Jose Moscoso were charged on Thursday with allegedly underreporting some $1.4 million of income between the 2014 and 2018 tax years. Another complaint alleged that Hernandez, while working on a political action committee for a Democratic state senate candidate in 2014, approved a $11,700 payment to her husband for services he did not provide. Moscoso also allegedly did not disclose that his air duct-cleaning business had multiple employees, resulting in over $300,000 in unreported wages.

    https://www.mercurynews.com/2021/10/15/head-of-californias-largest-union-arrested-on-theft-fraud-charges/

    #FJB
    #LetsGoBrandon
    Bwaha! Lolgf https://www.thepiratescove.us/wp-content/plugins/wp-monalisa/icons/wpml_cool.gif

  6. […] a little over a week ago when Biden was backing down on the $600 threshold, push for $10,000? Not that it would really make any difference for most […]

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