the staff of the Ridgewood blog
Washington DC, Democrats are facing a firestorm of criticism over a proposal to increase the amount of bank account information reported to the IRS, posing a challenge as they craft their wide-ranging social spending bill.
The proposal is a top priority of the Biden administration, which argues it will help the IRS go after wealthy tax cheats , but the Biden administration has made clear its plan to beef up IRS auditing by expanding the agency’s funding and power. Biden’s latest proposal would require banks to turn over to the Internal Revenue Service bank account information for all accounts holding more than $600, clearly targeting the wealthy LOL!
But it has come under a barrage of attacks from banks and Republicans, who say it raises significant privacy concerns. Financial institutions have been mobilizing their customers to speak out against the proposal to lawmakers.
Yes I seen that even on the fake news are starting to turn on him. Amazing isn’t it. Some of these news channels loved him and put him in power now lock talk about loyalty down the drain.
This is the repeat of a similar idea from the early 2000’s that would have had everybody generating 1099’s. The idea of massive matching has been around for at least 50 years.
For Social Security recipients with monthly direct deposit from SSA of $600 or more your bank account you will be watched by Biden’s IRS under this new tactic.
Did you work to have the money you EARNED in the Social Security program be watched by this communist regime?
My wife has filed me as head of the house hold for 2 years.She has anything to do with our taxes direct deposit and her account at the bank of the Ozarks in Alma Arkansas. 72921 I’ve got nothing from all the money that stimulus check have sent. We have not lived together as husband and wife for 4 year’s and can not get any help from anyone.
The AVERAGE American runs $61,000 throught their account each year.
Don’t be fooled when they raise the limit to $10,000 or $25,000 or $50,000
This will track a super majority of Americans.
The limit applies to annual INFLOWS and OUTFLOWS for each account
Correct.
Its total (not net) money flowing In and Out of the account.
Every Deposit + Every Withdrawal + Every Transfer over the course of a year.
If this TOTAL is > $600 you get reported.
It’s NOT Balance.
So it’s pretty much EVERYBODY will be reported.
We are accelerating towards Fascism / Communism.
Not sure I understand $600 reasoning really doesn’t make since. For the reason their claiming.