Current Events > Economics

WH Changes IRS Snooping from $600 to $10,000

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Eupher:
Gropey Joe's handlers (Barry, et. al.) are trying to blow smoke up our asses.

Again.

The key word here is ANNUALLY. IRS still wants to snoop if you make more than $10K per year. Even those who grift off the government and pay zero income taxes make more than that.


--- Quote ---After massive pushback from Republican lawmakers, community banks and everyday Americans, the Treasury Department announced Tuesday it has increased the threshold for the IRS to monitor accounts from $600 to $10,000.

"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," Treasury released in a 'fact sheet.' "Under the current proposal, financial accounts with money flowing in and out that totals less than $10,000 annually are not subject to any additional reporting. Further, when computing this threshold, the new, tailored proposal carves out wage and salary earners and federal program beneficiaries, such that only those accruing other forms of income in opaque ways are a part of the reporting regime."
--- End quote ---

More at the link if you can get past the smell of Treasury-laden shit.  :whatever:

https://townhall.com/tipsheet/katiepavlich/2021/10/19/the-white-house-just-changed-the-threshold-for-irs-snooping-on-bank-accounts-n2597679?utm_campaign=rightrailsticky1

Texacon:
I'm assuming "federal program beneficiaries" is a nice way of saying; welfare, SS, SSDI, etc.?

If so, this is a bunch of bullshit on top of a bunch of bullshit.  I personally know several people on federal programs who work side jobs and will only accept cash as payment.

KC

Eupher:

--- Quote from: Texacon on October 20, 2021, 07:17:34 AM ---I'm assuming "federal program beneficiaries" is a nice way of saying; welfare, SS, SSDI, etc.?

If so, this is a bunch of bullshit on top of a bunch of bullshit.  I personally know several people on federal programs who work side jobs and will only accept cash as payment.

KC

--- End quote ---

The central point is - no matter how Yellen and her ilk want to spin it - this is massive federal overreach and a serious invasion of privacy.

old dog 2:
Just like multi-bracket tax rates, they will use inflation to achieve their original goal.  How long before $10,000 is the "new $600"?

I remember in the 70's when a 10 cent an hour raise kicked me into the next bracket and my take-home actually went down.

old dog 2:
How long before they propose eliminating cash? 

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