Biden Banks and You

I am not sure how many of you are aware of this but a new proposal, originally part of the $1 trillion federal infrastructure bill, is designed to find money to help pay for the $3.5 trillion federal budget reconciliation.
The problem is where they are looking to find it.
My wife and I received a notice from our small town bank alerting us to the new federal proposal that would require banks, credit unions and apps like Venmo and Paypal to report any account with more than $600 in transactions in a year to the IRS.
They suggested contacting members of Congress to try and halt this before it's too late.
You can read more about it HERE and HERE

President Biden announced the American Families Plan today, which is designed to “grow the middle class and expand benefits of economic growth to all Americans.” The American Families Plan includes a lot to like, no matter what side of the aisle you are on. By any measure, the amount of benefits being proposed is staggering, which begs the question, how will we pay for all of this? By increasing IRS enforcement, by increasing reporting obligations for financial institutions, and by raising taxes on the wealthy. Each aspect of this plan is worthy of its own column. This column will focus what a senior administration official called one of the “significant steps” designed to make “sure that [ ] taxpayers are paying the taxes they already owe”: increased reporting obligations for financial institutions.

*BOLD MINE*
This goes back to what I have always said:
"The Government has the Anti-Midas touch, instead of gold, everything they touch turns to crap".
"The American Family Plan" will just hurt the middle class in the long run.
The rich will still have their loopholes, that are built into the tax code
Lobbyist will still pay to play.
Congress will still sign the bills that the lobbyist write (as I am sure this one was) without reading them.
Hell, maybe I should have put this in the Mud Pit. The more I type the more pissed I get............
So, ATS, what say you?
Do you believe "The American Family Plan" will help the Middle Class or is it aimed to destroy it?
Quad

a reply to: Quadrivium

Whatever the government says is the opposite of what they are doing.

Help and grow the middle class --> destroy the middle class
Report to increase efficiency --> report to bury everything in un-auditable paperwork
Increase rights and freedoms --> reduce rights and freedoms

It's really pretty simple, take what they say, invert it and you get the truth

Cheers - Dave

Any time the fed gives it a nice wholesome name... expect to get screwed sans lube.

Thats all there is to say about that.

a reply to: Irishhaf

Yep. It's noting but advertising. Insert the word ''families'' and it is a sure sell. Add in the word American and it's box office bonanza. ''Put ya dolla down for a chance at the family raffle''. And don't look behind us when we watch the wheel of fortune spinning and spinning and spinning.

originally posted by: Quadrivium

My wife and I received a notice from our small town bank alerting us to the new federal proposal that would require banks, credit unions and apps like Venmo and Paypal to report any account with more than $600 in transactions in a year to the IRS.

Bold mine. Is $600 a typo? Most of my individual monthly bills are more than $600! I don't see how they could ever do this. Even the IRS can't handle that much reporting.

a reply to: Quadrivium

So, as you understand it, just how, specifically, will this $600 threshold requirement "destroy" the middle class?

I'm hearing a lot of fear, but no substance; lots of assumptions, but no examples.

As I understand it, these provisions are intended to help the IRS fight money laundering and underreported income transactions; Both of which harm the middle class by unfairly shifting more of the tax burden to their shoulders, while criminals get off scot, and tax, free with their unaccounted-for loot.


And, while I do agree that the wealthy have many advantages open to them to help them reduce their tax burdens, most of those same "loopholes" are available to anyone with similar types and/or sources of income willing to do the research necessary to discover those loopholes.

Don't go complaining that your neighbor's crops are healthier than yours if you aren't willing to work as hard as he does to raise them.

And what do you know..the IRS is getting 80 million dollars in new funding.

Its over. At this point just make sure you have food, ammo, guns, silver / gold, a home, and crypto. I would add in some Ivermectin as well.

To get back to a normal expansion, why don't they just go back to the Trump policies that were successful?😃

a reply to: Iamonlyhuman

Not a typo.

Among the issues raised, ICBA says mandating new, broad bank account reporting to the IRS would infringe on the privacy of bank customers, push more people away from a banking relationship and overload the IRS with more personal information about American citizens than it can possibly process or keep safe from a data hack.

The ostensible reason for the proposal is to close the so-called “tax gap” wherein the government claims it is collecting around $500 to $600 billion less in taxes than is actually owed.

However, ICBA notes that adding more data to the equation won’t actually fix anything.

“The IRS already collects more data than it can process, including data reported under the Foreign Accounts Tax Compliance Act (FATCA),” their datasheet reads. “The IRS should begin by making better use of this data.

Here is an article about the Kansas Bankers Association's opposition to it. sentinelksmo.org...

a reply to: Iamonlyhuman

Oh? Well they have a plan for that as well. The IRS is getting ready to expand by leaps and bounds,
with 40 billion dollars going their way.
m.washingtontimes.com...

originally posted by: Mantiss2021
a reply to: Quadrivium

So, as you understand it, just how, specifically, will this $600 threshold requirement "destroy" the middle class?

I'm hearing a lot of fear, but no substance; lots of assumptions, but no examples.

Look at history. Words you never wanna hear: "we're from the government and we are here to help".

As I understand it, these provisions are intended to help the IRS fight money laundering and underreported income transactions; Both of which harm the middle class by unfairly shifting more of the tax burden to their shoulders, while criminals get off scot, and tax, free with their unaccounted-for loot.

You do realize you are talking about 90% of those in government, right?

And, while I do agree that the wealthy have many advantages open to them to help them reduce their tax burdens, most of those same "loopholes" are available to anyone with similar types and/or sources of income willing to do the research necessary to discover those loopholes.


Don't go complaining that your neighbor's crops are healthier than yours if you aren't willing to work as hard as he does to raise them.

So, In short, you trust the government to do what's right.
Yeah, because we have so many shining examples, huh?
Here's a suggestion.
Cut government spending, fix the waste and fraud and get the pay to play out of government.

a reply to: Quadrivium

This was so troubling, I had to search further. This is the same bill, AFAIK. Article is from March.
It looks like it is meant to screw the little guy who is trying to eke out a living doing gigs.

Buried inside the 600-page bill that's ostensibly meant to provide pandemic relief is a provision requiring gig economy platforms to report information to the IRS about all users who earn at least $600 in a year. Previously, platforms were only required to provide the IRS with information on users who made at least 200 transactions or earned at least $20,000.*

The tightening of the reporting requirements means a lot more paperwork and tax compliance requirements for platforms. It also means more tax headaches for anyone who might use those platforms to earn a little extra cash. Anyone earning a sizable income via rental properties on Airbnb was already covered by the old rules, meaning this change will only affect low earners. Now, even the sale of a single expensive piece of old furniture on eBay or running deliveries for Uber Eats in your spare time might trigger the new reporting requirements.

The big difference is that now the IRS will have their personal information and can go after them.

"Workers who are under-reporting their income now will become guilty of nonpayment next year and subject to penalties and actions by the agency," Olson told Roll Call, adding that an IRS collection action "can destroy a person's life."

Has something changed???

More, up to date on the intrusive, orwellian stuff
eraoflight.com...

Pushback rises as Biden admin seeks to monitor all bank accounts as part of $3.5 trillion package

Nevertheless, privacy rights advocates are concerned the provision encroaches on the Fourth Amendment, while banks are largely opposed to the measure because it imposes significant new reporting requirements, the Daily Mail noted. Also, opponents say such a measure would hurt poor Americans most while causing others who have the means to move their assets to offshore accounts.
...
Banks, too, are pushing back.

In a letter to the Senate Finance Committee’s Subcommittee on Taxation and IRS Oversight, the American Bankers Association countered that the “new reporting requirements for financial institutions would impose cost and complexity that are not justified by the potential, and highly uncertain, benefits.”

American Banking Journal

Banks already report a significant amount of information to the IRS that is not being used, ABA added. The additional reporting requirements would be “massive, unmanageable and of questionable relevance to the calculation of taxable income,” and would create a significant compliance burden for the nation’s community banks.

a reply to: Mantiss2021

Nah man, its just so the government can track everybody's money, it's a 4th amendment violation, the right of the people to be secure in the persons, houses, papers, and effects. God people are just flat out forgetting the Consitution because of covid. They government can't snoop on our bank accounts, we need to start challenging this crap in courts or whatever we can do, big brother doesn't need to know how much money we have in our banks. 4th amendment, period.

Look for yet another bank fee...a big one.

a reply to: DontTreadOnMe

Has something changed???

Forgive me but I am going to ramble a bit (Biden Style).
You have delt with me a few times on here DTOM, my attitude, my anger and my thought process.
Yesterday I just had to walk away from this. I read a lot, learned a lot and have come to the conclusion:
Everything has changed.
We knew it was coming but DAMN it's like a D5 avalanche now.
Sadly, there isn't much we can do. People don't care.
I call it "The Ball Game Mentality". It is human nature. We want to belong, to be part of a team.
It goes WAAAAYYY back to when we were tribal for the most part.
Those in charge play on this. They know that many people will believe whatever puts their team/tribe in a good light or on top. They use it to divide us by religion, race, gender, political ideology, class and now Vaxx status.
Divided we fall.
We see it everyday. People will actually look the other way and stick their fingers in their ears if you try to tell them anything that contradicts what they have been led to believe.
It is sad. I had VERY HIGH hopes for what I called the "Catalyst". People were actually starting to question, to look at the world we live in and what it has become. Larp or not it was a good thing.
People are still digging, and it is great, but we are losing momentum. The light is getting dimmer and we can't pedal fast enough to catch up.

I have tried sharing this information about the "New IRS" that is coming and the overreach by our government. Most people just don't care, until it actually affects them. By that time it is too late to change it.
Those in charge know how to lull the people. Sadly, many think "Woke" is the same thing as being "AWAKE". It's not.
Wokism is a tool used to bring about many of the changes we are seeing. People are being used and are actually happy about it. It hurts my mind to think about.
I thought the IRS expansion was 40 billion. I was wrong, which is part of why I had to walk away from this yesterday.
The "Biden Administration" (in name only) is looking to sink 80 billion into revamping the IRS.
They claim this 80 billion and more authority, over the next 10 years, will help crack down on tax evasion by high-earners and large corporations.
Bull.
As always, crap rolls down hill.
If they REALLY wanted to "crack down on tax evasion by high-earners and large corporations", they would rewrite the tax code and close the loopholes, get lobbyist out of DC, clean up government waste and overspending and make it mandatory for Congress to ACTUALLY write and read the bills they sign.
Anything short of that is an attack on the middle and lower class, just as this "American Family Plan" is.
It doesn't hurt at this particular moment so.....
People don't care.

a reply to: av8r007
Please see the second link in the OP.

Probably to monitor gun purchases and high ammo purchases a reply to: Quadrivium

a reply to: Quadrivium

Good ramble
But I should have been clearer....what changed with the bill.

In general, the country is circling the bowl.
And people seem oblivious.

Don't fall for the Banks' feigned outrage and opposition.

They are part of the complex and will keep fooling the Public using their PR and Crisis mgmt tactics.

🔎☠️🔍