What's new
US Message Board 🦅 Political Discussion Forum

Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Biden's tax plan could give IRS more access to your bank account

NewsVine_Mariyam

Platinum Member
Joined
Mar 3, 2018
Messages
6,386
Reaction score
3,388
Points
1,030
Location
The Beautiful Pacific Northwest
I could have sworn there was an additional threshold of $2,500 but I'm not seeing a reference to it for some reason. Nonetheless, if you work a job that pays $15.00/hr. then you earn $600.00 a week straight time. If you have taxes withheld you won't trigger the reporting threshold if you are paid once a week but you will exceed that amount easily if you are paid every other week.

It's crazy to think about but this amount puts most working people into a situation where having their regular paycheck deposited to their bank account will trigger an IRS suspicious activity alert under the Bank Secrecy Act. I personally think them creating a $600.00 threshold is wrong as well as unethical, but if they insist on doing this, it should not be considered a part of their "suspicious activity' definition in my opinion although I guess they need to use that designation in order to do what it is they want to do (pretext/justification).

The simple passing of this law would instantly designate an entirely new class of criminals or at least "criminal suspects" out of most working Americans. The thought of your teenager getting their first job and immediately being added to one of our government's watch list should disturb everyone even if the thought of being on the list yourself doesn't.
The Biden administration is aiming to bolster the Internal Revenue Service by adding bank account reporting requirements to Democrats' massive tax and spending bill, prompting a swift backlash from Republicans who have warned it infringes on customers' privacy.​
Under the proposal, banks and other financial institutions would be required to annually report customers' account inflows and outflows of $600 or more to the IRS. The White House has estimated the policy, which would apply to bank, loan and investment accounts, could generate about $463 billion in additional revenue over the next decade.​
In a memo to congressional Democrats, the administration defended the plan, saying it requires banks and financial institutions to provide a "little bit of high-level information" to the IRS on account flows in order to give the agency more information about wealthy Americans' earnings from investments and business activity.​
 
Last edited:

Thinker101

Platinum Member
Joined
Mar 25, 2017
Messages
20,429
Reaction score
8,527
Points
950
I could have sworn there was an additional threshold of $2,500 but I'm not seeing a reference to it for some reason. Nonetheless, if you work a job that pays $15.00/hr. then you earn $600.00 a week straight time. If you have taxes withheld you won't trigger the reporting threshold if you are paid once a week but you will exceed that amount easily if you are paid every other week.

It's crazy to think about but this amount puts most working people into a situation where having their regular paycheck deposited to their bank account will trigger an IRS suspicious activity alert under the Bank Secrecy Act. I personally think them creating a $600.00 threshold is wrong as well as unethical, but if they insist on doing this, it should not be considered a part of their "suspicious activity' definition in my opinion although I guess they need to use that designation in order to do what it is they want to do (pretext/justification).

The simple passing of this law would instantly designate an entirely new class of criminals or at least "criminal suspects" out of most working Americans. The thought of your teenager getting their first job and immediately being added to one of our government's watch list should disturb everyone even if the thought of being on the list yourself doesn't.
The Biden administration is aiming to bolster the Internal Revenue Service by adding bank account reporting requirements to Democrats' massive tax and spending bill, prompting a swift backlash from Republicans who have warned it infringes on customers' privacy.​
Under the proposal, banks and other financial institutions would be required to annually report customers' account inflows and outflows of $600 or more to the IRS. The White House has estimated the policy, which would apply to bank, loan and investment accounts, could generate about $463 billion in additional revenue over the next decade.​
In a memo to congressional Democrats, the administration defended the plan, saying it requires banks and financial institutions to provide a "little bit of high-level information" to the IRS on account flows in order to give the agency more information about wealthy Americans' earnings from investments and business activity.​

Alrighty, so they've decided "the rich" are the ones that would have a $600 transaction?
 
OP
NewsVine_Mariyam

NewsVine_Mariyam

Platinum Member
Joined
Mar 3, 2018
Messages
6,386
Reaction score
3,388
Points
1,030
Location
The Beautiful Pacific Northwest
Alrighty, so they've decided "the rich" are the ones that would have a $600 transaction?
I can't decide if they're doing this in order to get access to the information or the money.

Probably both, a two-fer.
 

Meister

Diamond Member
Staff member
Moderator
Gold Supporting Member
Joined
Jan 15, 2009
Messages
47,337
Reaction score
21,880
Points
2,290
Location
Conservative part of the Northwest
I could have sworn there was an additional threshold of $2,500 but I'm not seeing a reference to it for some reason. Nonetheless, if you work a job that pays $15.00/hr. then you earn $600.00 a week straight time. If you have taxes withheld you won't trigger the reporting threshold if you are paid once a week but you will exceed that amount easily if you are paid every other week.

It's crazy to think about but this amount puts most working people into a situation where having their regular paycheck deposited to their bank account will trigger an IRS suspicious activity alert under the Bank Secrecy Act. I personally think them creating a $600.00 threshold is wrong as well as unethical, but if they insist on doing this, it should not be considered a part of their "suspicious activity' definition in my opinion although I guess they need to use that designation in order to do what it is they want to do (pretext/justification).

The simple passing of this law would instantly designate an entirely new class of criminals or at least "criminal suspects" out of most working Americans. The thought of your teenager getting their first job and immediately being added to one of our government's watch list should disturb everyone even if the thought of being on the list yourself doesn't.
I'm assuming you think this is an overreach of the governments authority?
 

Votto

Diamond Member
Joined
Oct 31, 2012
Messages
33,099
Reaction score
19,344
Points
1,905
Alrighty, so they've decided "the rich" are the ones that would have a $600 transaction?
With higher taxes and inflation you should not have this to spend apparently.
 

Meister

Diamond Member
Staff member
Moderator
Gold Supporting Member
Joined
Jan 15, 2009
Messages
47,337
Reaction score
21,880
Points
2,290
Location
Conservative part of the Northwest
I can't decide if they're doing this in order to get access to the information or the money.

Probably both, a two-fer.
I believe its a fishing expedition to find if someone has broken a law or not.
Kinda like a person needs to prove his innocence.
 

pknopp

Diamond Member
Joined
Jul 22, 2019
Messages
36,813
Reaction score
11,366
Points
1,360
It doesn't trigger a "suspicious alert". If you are making $600 a week and your taxes show you making $600 a week, there will be no alert.

If you are depositing $150,000 but claim you made $30,000 there will be.

Stop being gullible.
 

Moonglow

Diamond Member
Joined
Jun 27, 2011
Messages
175,630
Reaction score
30,713
Points
2,220
Location
sw mizzouri
The Rico statues were the worst thing for privacy violations.
 

Votto

Diamond Member
Joined
Oct 31, 2012
Messages
33,099
Reaction score
19,344
Points
1,905
Hopefully we won't have to explain the transaction. Won't be long before it's $600 for a trip to the grocery store, or for a tank of gas.
It could be that everywhere we go we will have to show "zee papers" like they did in Germany back in the day.
 

struth

Platinum Member
Joined
Feb 22, 2021
Messages
12,683
Reaction score
7,810
Points
918
It doesn't trigger a "suspicious alert". If you are making $600 a week and your taxes show you making $600 a week, there will be no alert.

If you are depositing $150,000 but claim you made $30,000 there will be.

Stop being gullible.
It's the Xiden, Dembots cults attack on the 4th amendment.

What I put in my bank, is my business. If they have some independent belief I'm involved in a crime, and can present that information to a judicial officer and get a warrant go for it.

Making a law, requiring my bank to give them some sort of notice, is an attack on individual liberty.

But, I am not surprised to see you jumping to defend the Xidenist cult
 
OP
NewsVine_Mariyam

NewsVine_Mariyam

Platinum Member
Joined
Mar 3, 2018
Messages
6,386
Reaction score
3,388
Points
1,030
Location
The Beautiful Pacific Northwest
I'm assuming you think this is an overreach of the governments authority?
I think its worse than an overreach because it's allegedly being done for the purpose of "detecting and supporting suspicious activity that might signify money laundering, tax evasion or other criminal activity" under the Bank Secrecy Act.

So their reason for doing this is a pretext, also known as a lie, in my opinion because since when does earning and depositing a paycheck constitute "suspicious activity".

The Currency and Foreign Transactions Reporting Act of 1970 (which legislative framework is commonly referred to as the "Bank Secrecy Act" or "BSA") requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. It was passed by the Congress of the United States in 1970. The BSA is sometimes referred to as an "anti-money laundering" law ("AML") or jointly as "BSA/AML." Several AML acts, including provisions in Title III of the USA PATRIOT Act of 2001, have been enacted up to the present to amend the BSA. (See 31 USC 5311-5330 and 31 CFR Chapter X [formerly 31 CFR Part 103] ).

FinCEN's Mandate From Congress | FinCEN.gov
 
OP
NewsVine_Mariyam

NewsVine_Mariyam

Platinum Member
Joined
Mar 3, 2018
Messages
6,386
Reaction score
3,388
Points
1,030
Location
The Beautiful Pacific Northwest
It doesn't trigger a "suspicious alert". If you are making $600 a week and your taxes show you making $600 a week, there will be no alert.

If you are depositing $150,000 but claim you made $30,000 there will be.

Stop being gullible.
Where does it say that?
 

Yarddog

Platinum Member
Joined
Jun 13, 2014
Messages
12,895
Reaction score
5,922
Points
390
I can't decide if they're doing this in order to get access to the information or the money.

Probably both, a two-fer.


No matter how much they tax the rich it wont be enough to pay the bill the Feds are running up. They say one thing but I think they will be reaching everywhere they can for money.
 

Otis Mayfield

Diamond Member
Joined
Sep 17, 2021
Messages
2,240
Reaction score
2,163
Points
1,893
I could have sworn there was an additional threshold of $2,500 but I'm not seeing a reference to it for some reason. Nonetheless, if you work a job that pays $15.00/hr. then you earn $600.00 a week straight time. If you have taxes withheld you won't trigger the reporting threshold if you are paid once a week but you will exceed that amount easily if you are paid every other week.

It's crazy to think about but this amount puts most working people into a situation where having their regular paycheck deposited to their bank account will trigger an IRS suspicious activity alert under the Bank Secrecy Act. I personally think them creating a $600.00 threshold is wrong as well as unethical, but if they insist on doing this, it should not be considered a part of their "suspicious activity' definition in my opinion although I guess they need to use that designation in order to do what it is they want to do (pretext/justification).

The simple passing of this law would instantly designate an entirely new class of criminals or at least "criminal suspects" out of most working Americans. The thought of your teenager getting their first job and immediately being added to one of our government's watch list should disturb everyone even if the thought of being on the list yourself doesn't.


It's only a proposed law.

Congress hasn't voted on it yet.

Every year, there are thousands of proposed laws that never make it into law.

But I suppose you can get upset about it if you don't have anything else to be upset about.
 

Concerned American

Diamond Member
Joined
Dec 5, 2020
Messages
10,333
Reaction score
10,584
Points
2,118
Location
In your head
I could have sworn there was an additional threshold of $2,500 but I'm not seeing a reference to it for some reason. Nonetheless, if you work a job that pays $15.00/hr. then you earn $600.00 a week straight time. If you have taxes withheld you won't trigger the reporting threshold if you are paid once a week but you will exceed that amount easily if you are paid every other week.

It's crazy to think about but this amount puts most working people into a situation where having their regular paycheck deposited to their bank account will trigger an IRS suspicious activity alert under the Bank Secrecy Act. I personally think them creating a $600.00 threshold is wrong as well as unethical, but if they insist on doing this, it should not be considered a part of their "suspicious activity' definition in my opinion although I guess they need to use that designation in order to do what it is they want to do (pretext/justification).

The simple passing of this law would instantly designate an entirely new class of criminals or at least "criminal suspects" out of most working Americans. The thought of your teenager getting their first job and immediately being added to one of our government's watch list should disturb everyone even if the thought of being on the list yourself doesn't.
Voting for Biden was SUCH a wonderful idea. Whatta ya say now? LOL
 

USMB Server Goals

Total amount
$85.00
Goal
$350.00

Most reactions - Past 7 days

Forum List

Top