General Discussion

hlthe2b

(102,260 posts)

53. re:

Tue Oct 12, 2021, 08:19 PM

Oct 2021

For a targeted bank account (or app) the total number of deposits (for which each deposit tallied exceeds $600.00) and similarly the total number of withdrawals meeting that same criterion.

The issue is whether these bank accounts will/can include individual and not limited to business/commercial accounts. What has been reporting contradicts this politico supposed unnamed Treasury source who claims no. While small businesses should also be quite upset about this, the real issue is on individuals. The lack of response to the press from WH, Congress, or a named source in the Treasury is disturbing or negligent or both.

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Everyone should pay their taxes, even low income earners. Having said that, want to lose 300 Seats? [View all] WarGamer Oct 2021 OP

What story are you referencing? Haven't heard about it. lagomorph777 Oct 2021 #1

Here WarGamer Oct 2021 #3

Okay, this helps a great deal. Not to be "DU hall monitor", but I try to put my bullwinkle428 Oct 2021 #11

The first and second paragraphs seem to contradict each other. subterranean Oct 2021 #12

It's not a good idea gojoe12 Oct 2021 #38

Are you suggesting that some businesses not have to report and pay taxes on their income? NT kelly1mm Oct 2021 #47

Yes nt gojoe12 Oct 2021 #49

ok then! Perhaps we should end all income taxes on businesses as they would then offer a 'cash kelly1mm Oct 2021 #51

I wouldn't know nt gojoe12 Oct 2021 #54

well is seems that your argument that some businesses should not have to report income kelly1mm Oct 2021 #55

They're talking about moving that number up to $10,000 Yo_Mama_Been_Loggin Oct 2021 #52

Good. Although banks already do that now, if I'm not mistaken. subterranean Oct 2021 #57

Only $10k in CASH either deposited in or taken out in a transaction is reported now MichMan Oct 2021 #60

What's new? They get the gold mine we get the shaft. Hassin Bin Sober Oct 2021 #59

Maybe they meant to say "$600K" ? lagomorph777 Oct 2021 #13

Nope, it's $600. Confirmed. WarGamer Oct 2021 #15

God damn it. That is fucking suicide. lagomorph777 Oct 2021 #18

They're doing it here in Europe, too, especially Germany DFW Oct 2021 #26

The 600 dollar requirement that banks are required to submit on every american jimfields33 Oct 2021 #6

Can you please at least cite a news source as a basis for a hair-on-fire OP? bullwinkle428 Oct 2021 #2

see above... note they're also cracking down on Cash Apps like Venmo. WarGamer Oct 2021 #4

I can assure you this is NOT "hair-on-fire," and it will kill us in the midterms if it happens. hlthe2b Oct 2021 #7

+1 Celerity Oct 2021 #30

Nothing is wrong. Act_of_Reparation Oct 2021 #45

I agree with you. Requiring banks to report on as little as $600 transactions is nuts... hlthe2b Oct 2021 #5

Thanks! WarGamer Oct 2021 #8

This scheme is so nuts, it almost sounds like some Republican strategist had it introduced DFW Oct 2021 #14

Exactly right. lagomorph777 Oct 2021 #20

Manchin or Sinema's fingerprints on it? durablend Oct 2021 #22

Doubtful DFW Oct 2021 #28

Just a question, re: the $600. rog Oct 2021 #37

That is equally egregious, if not worse, but here are the facts from politifact: hlthe2b Oct 2021 #39

So here's my confusion, re: the above ... rog Oct 2021 #46

re: hlthe2b Oct 2021 #53

It's not good optics. herding cats Oct 2021 #9

Yup... WarGamer Oct 2021 #10

We will lose in an epic fashion if this is implemented. herding cats Oct 2021 #29

This message was self-deleted by its author Chin music Oct 2021 #34

I completely agree. herding cats Oct 2021 #43

If it includes my paycheck, every two weeks they'll have something to examine as I am a slight bit madinmaryland Oct 2021 #50

I don't want banks reporting $600 transactions. Captain Stern Oct 2021 #16

check article on politifact MacKasey Oct 2021 #17

Correct. WarGamer Oct 2021 #21

This message was self-deleted by its author MacKasey Oct 2021 #19

Huh. WhiskeyGrinder Oct 2021 #23

Bizarre.. Patton French Oct 2021 #24

They are also trying catch the folks day trading crypto currency madville Oct 2021 #25

How freaking politically dumb is that !! HUAJIAO Oct 2021 #27

You have to be really serious about committing political suicide Elwood P Dowd Oct 2021 #31

I'll take 'Things that could be another coffin nail for Dems in 2022' for 500 Alex (600 is a no go) Celerity Oct 2021 #33

I doubt it. Banks already report interest and other info to the IRS. LiberalFighter Oct 2021 #42

They report interest over $10 and transactions over $10k herding cats Oct 2021 #44

And guess who IRS bureaucrats will target because it's easier? Sympthsical Oct 2021 #32

Maybe brought to us by the same people that... S/V Loner Oct 2021 #35

This message was self-deleted by its author Chin music Oct 2021 #36

You mean Janet Yellen's Treasury department? The Treasury Department made the proposal in May 2021. Autumn Oct 2021 #56

Billionaires use Venmo too fescuerescue Oct 2021 #40

The first $12,550 for a single person is exempt from taxes. LiberalFighter Oct 2021 #41

Exempt from Federal Income taxes but NOT from Self Employment taxes. The SE tax on $12,550 kelly1mm Oct 2021 #48

Self Employment taxes consists of Social Security and Medicare LiberalFighter Oct 2021 #58

So, yea, it's bad politics, but there are several transactions that are exempt from reporting... SKKY Oct 2021 #61