New "Proposed" Banking Regulations

[Rams]

https://www.dailymail.co.uk/news/article-10061109/Yellen-BACKS-IRS-reporting-600-transactions-tax-7T-gap.html


Treasury Secretary Yellen BACKS the IRS reporting $600 transactions because it will 'fill the tax $7T gap'

Yep, the Dem leadership needs to find money for all those new proposed Social Entitlement Programs they want to introduce.   Now they are talking about reducing them from a 10 year proposal to 5 just to get the price down but, we all know that once a new Entitlement Program is born, it never dies.   Just what we need, more folks living off the government tit, you know the one we provide and work for.   

Rams

[Serk]

Here's the thing.... Usually when something this heinous and obvious bubbles up, "they" knew THIS one would get everyone's attention, my question is what are they trying to sneak past us while everyone's paying attention to this obvious overreach?

[Jess from VA]

Treasury Secretary Yellen BACKS the IRS reporting $600 transactions because it will 'fill the tax $7T gap'

Or they could just stop spending. 

[Patrick]

Treasury Secretary Yellen BACKS the IRS reporting $600 transactions because it will 'fill the tax $7T gap'

Or they could just stop spending. 

But that would make sense.

[RP#62]

But this time its different - its not going to cost anything (from the people that said if you like your doctor, you can keep your doctor).

-RP

[Valkorado]

I emailed both my liberal democrat state reps to let them know I believe this proposed oversight is a violation of our right to privacy.  Got a cheesy impersonal form letter reply from Bennett.  Crickets so far from Doofalooper.

The sad truth is, I wasn't expecting much else.

I thought the socialists said they were going after the rich billionaires?  If that was the case, shouldn't the "red flag" transaction amount be more like $60,000 instead of $600?

Talk about Orwellian.

[Rams]

I emailed both my liberal democrat state reps to let them know I believe this proposed oversight is a violation of our right to privacy.  Got a cheesy impersonal form letter reply from Bennett.  Crickets so far from Doofalooper.

The sad truth is, I wasn't expecting much else.

I thought the socialists said they were going after the rich billionaires?  If that was the case, shouldn't the "red flag" transaction amount be more like $60,000 instead of $600?

Talk about Orwellian.

They need the additional tax revenue to help pay for that $3.5 T Social Agenda they are trying to buy votes with.   IOWs, they need more of your and my money to give it to other potential Democratic voters.............

Rams    

[Ramie]

I emailed both my liberal democrat state reps to let them know I believe this proposed oversight is a violation of our right to privacy.  Got a cheesy impersonal form letter reply from Bennett.  Crickets so far from Doofalooper.

The sad truth is, I wasn't expecting much else.

I thought the socialists said they were going after the rich billionaires?  If that was the case, shouldn't the "red flag" transaction amount be more like $60,000 instead of $600?

Talk about Orwellian.

They need the additional tax revenue to help pay for that $3.5 T Social Agenda they are trying to buy votes with.   IOWs, they need more or your and my money to give it to other potential Democratic voters.............

Rams    

Here is how they would like to pay for it, Mark to Market taxation.

https://dailycaller.com/2021/10/08/wilford-democrats-underhanded-wealth-tax/

[Rams]

Pelosi says IRS reporting requirement for bank accounts to stay in reconciliation bill despite public concerns

https://www.msn.com/en-us/news/politics/pelosi-says-irs-reporting-requirement-for-bank-accounts-to-stay-in-reconciliation-bill-despite-public-concerns/ar-AAPqLRT?ocid=msedgntp

House Speaker Nancy Pelosi said Tuesday the proposed requirement that banks report information on any account with $600 of total activity over the course of a year will stay in Democrats' reconciliation bill in some form, despite public backlash.

Pelosi, D-Calif., said some spending programs in the bill have to be cut to reduce it from $3.5 trillion to a lower number that can pass the Senate.

But when asked whether the controversial reporting requirement could be axed as banks and their customers cry foul over the rule that would give the IRS the inflows and outflows of basically every bank account in the U.S., the speaker said firmly that it will stay.

"With all due respect, the plural of anecdote is not data," Pelosi said of bank customers who don't want their information reported to the IRS. "Yes, there are concerns that some people have. But if people are breaking the law and not paying their taxes, one way to track them is through the banking measure."

So, all you law breakers/tax evaders, Nancy is out to get ya. 
How anyone can support this crap is beyond me.

Rams

[..]

Drip, drip, drip

https://www.americanthinker.com/articles/2021/10/a_few_steps_more_toward_authoritarianism.html

[Rams]

Got this email this morning from one of my banks, I don't care where they set the limit, this is none of their business:

Dear Rams,


House Speaker Nancy Pelosi (D-Calif.) told reporters yesterday that Democrats plan to include a controversial tax reporting provision in their budget reconciliation package that would require banks to report information to the Internal Revenue Service on gross inflows and outflows on customer accounts above a certain de minimum threshold.

‌Pelosi did not specify what the threshold would be, though Democrats have eyed a $10,000 threshold in recent days, up from the $600 threshold originally proposed by the Biden administration. Despite the Pelosi’s remarks, House Democrats have not yet agreed on the details of a final reconciliation package, and no vote has been scheduled at this time. Any final version will have to also clear the U.S. Senate, where some Democrats are pushing for a smaller package.

The American Bankers Association (ABA) has aggressively opposed the tax reporting proposal at any dollar threshold, calling it “bad tax policy” and urging lawmakers to reject it from any future legislation. In a recent letter to lawmakers, ABA and other banking trade groups noted that “the impact on average Americans and the safety and privacy of their financial information would not be mitigated by raising the reporting threshold to $10,000 or even $100,000. . . . In the end, whether it is average workers or self-employed citizens virtually all Americans will be subject to this new reporting.”

We urge you to contact your representatives to let them know you firmly oppose this proposal by clicking the button below to email them directly.

TAKE ACTION NOW!

Robert J. Barnes
President & CEO
PriorityOne Bank

[f6john]

Janet Yellen just said in an interview very matter of factly that estimates are that close to 7 trillion dollars in tax receipts are not being received into the government coffers. This in defense of making the government access of all your finances their business.

Government of the people, by the people, for the people is losing its luster.

[Jess from VA]

Janet Yellen just said in an interview very matter of factly that estimates are that close to 7 trillion dollars in tax receipts are not being received into the government coffers. This in defense of making the government access of all your finances their business.

Government of the people, by the people, for the people is losing its luster.

This sounds like wild conspiracy theory (and naked greed) to me.

[carolinarider09]

It gets even better.   Speaker Pelosi wants to transfer the control of the debt limit from congress to the Treasure Department.

BOYLE & YARMUTH INTRODUCE LEGISLATION TO TRANSFER DEBT CEILING AUTHORITY TO SEC OF TREASURY

Like so many other things that congress was suppose to be responsible for, and now belongs to the bureaucracy in D.C.  ( as set into law by the Congress) this would be a "BIG DEAL". 

No longer would congress have to vote on changing the debt limit and risking having to make a decision, they would simply let the Treasury Department do it and hold the "blame".

If you thought members of congress had your best interests at heart, especially the Democrats, you are incorrect.

https://boyle.house.gov/media-center/press-releases/boyle-yarmuth-introduce-legislation-transfer-debt-ceiling-authority-sec

[Oss]

just more treason

nothing to see here

[Patrick]

The $10,000 limit is already there and has been for awhile. Banks, whether they will admit it or not, are required to report any transaction of any amount that they deem to be too aggressive/often. In other words if less than the $10K is added or withdrawn more often than they think would be normal they are required to report that. Its called smurffing.

[Jess from VA]

I thought the limit was $10K, then was lowered to $5K, and are told to report any amount at all if they think it is suspicious.

[Patrick]

I thought the limit was $10K, then was lowered to $5K, and are told to report any amount at all if they think it is suspicious.

I thought thats what I said. Should have said things 'more better'.  I've also heard the limit was lowered to $5K, but, it wasn't, still $10K.  Smurfing  is apparently suspicious activity.

[f6john]

It gets even better.   Speaker Pelosi wants to transfer the control of the debt limit from congress to the Treasure Department.

BOYLE & YARMUTH INTRODUCE LEGISLATION TO TRANSFER DEBT CEILING AUTHORITY TO SEC OF TREASURY

Like so many other things that congress was suppose to be responsible for, and now belongs to the bureaucracy in D.C.  ( as set into law by the Congress) this would be a "BIG DEAL". 

No longer would congress have to vote on changing the debt limit and risking having to make a decision, they would simply let the Treasury Department do it and hold the "blame".

If you thought members of congress had your best interests at heart, especially the Democrats, you are incorrect.

https://boyle.house.gov/media-center/press-releases/boyle-yarmuth-introduce-legislation-transfer-debt-ceiling-authority-sec

At least Yarmouth has announced he won’t run again in the mid terms. Being he represents a district that is Louisville his replacement could still be a Democrat, but there is always hope.