Democrats Unleash The IRS On Middle Class - Biden's Permanent IRS Audit

[easyt65]

If you thought finding out from the FISA Court that the US FBI had been illegally spying on US citizens, reporters, the media, US Congressmen and Senators, USSC Justices, political candidates, and even newly elected Presidents and their staff....and that the new FBI Director Wray IS STILL DOING IT....was shockingly intrusive, Un-Constitutional, and Illegal...YOU HAVEN'T SEEN ANYTHING YET.

While the FBI is illegally spying on you to root out and punish anyone and everyone who opposes the Marxist Liberal Progressive Extremist ideology and agenda, Biden and Democrats want the Federal Government to have constant access to your bank accounts, to have the ability and authority to run a PERMANENT AUDIT on EVERY American citizen.


We on the right never stop saying this, and we never stop being right: Whenever Democrats say they merely want to “ask” a few “millionaires and billionaires” to “pay their fair share,” find out where your wallet is and get a firm grip on it. They’re coming for you. They’re always coming for you. Milking ordinary citizens for more money in the interests of collectivism are the two central projects of the Democratic Party.

The Democrats are no longer hiding the fact that their mammoth, radical, breathtaking New New Deal, mildly labeled the “reconciliation bill,” includes a provision to unleash the IRS on anyone who ever sees a $600 transaction in his bank account. That’s the vast majority of the working population of the United States, and most of the rest as well, including the retirees. Matt Walsh has an illuminating phrase for this outlandish proposal: a “permanent IRS audit.” Dealing with the IRS once a year is plenty for most of us. Do you really want the IRS, with all of its powers, to rake over your finances every single time your bank account sees a $600 transaction? How many entirely innocent and law-abiding Americans are going to be caught up in this dragnet, and be forced to spend non-refundable time and money explaining themselves to the IRS?

The Democrats very obviously think ordinary Americans — we’re not talking about the super-rich, who can afford the cleverest accountants — are hiding a vast trove of ill-gotten gains that rightfully should be turned over to the Democratic Party to spend as they see fit. To put this as plainly as possible: The Democratic Party wants to take as much of your money as it can get away with because it thinks it knows better than you do what to do with it."


This is coming from a President who preaches about how Americans need to pay 'their fair share' yet FAILED to hide money he owed to the IRS and now reportedly owes the IRS $500,000.

This is the Marxist Democrats LIES being exposed, simply for those who aren't already smart enough to realize this already.


You would have thought people would have learned from Barak Obama's blatant lies of how his Obamacare would not cost a dime, that it would pay for itself - the same thing the Democrats are now claiming about the 'Reconciliation Bill' - before his lies blew up and Americans had to learn the hard way that NPO Social Program bill in world history has ever cost ZERO, paid for itself.

You would have thought people would have learned the Democrats have no ide what they are talking about and lie their assess off after Obama rammed through his Massive Deficit Bill that touted 'shovel ready projects' only to have Obama later have to admit that there is NO SUCH THING AS SHOVEL-READY PROJECTS.

Democrats LIE - constantly....especially about fiscally criminal irresponsible self-benefitting, Marxist ideological agenda-driven deficit spending.

The CBO just blew up the Democrats lies about how the cost of the 'Reconciliation Bill' will be more like $5.5 Trillion rather than $3.3 Trillion, that the Democrats are lying about the nation's billionaires will pay for it, meaning that it costs ZERO, and that it will not sot the Middle class 1 dime.
- If you took 100% of the net worth of the top 400 Billionaires in the US you would come up with $3.2 Trillion, which would not pay for the 2020 Budget let alone the $5.5 Trillion dollar 'Reconciliation' debt bomb the Democrats are trying to ram through to force the US to the doorstep of Marxism.

Democrats think they should know everything about your finances | National Review

Democrats think they should know everything about your finances.

www.nationalreview.com

 

[TroglocratsRdumb]

In Left Wing economics the Middle Class are the slaves, the poor are never lifted and corrupt ruling elites are the slave masters.

 

[g5000]

There have already been several topics about this, and the dipshit in the OP could not be more wrong.

 

[Eric Arthur Blair]

Just something else from the putrid rotting Biden administration that will be killed and put right after 2024.
It can't come soon enough.

 

[Eric Arthur Blair]

There have already been several topics about this, and the dipshit in the OP could not be more wrong.

Your opinions are completely devoid of any sort of rationale or reasons why anyone should
listen to your obnoxious blather.

If you can justify your trash why wouldn't you do it?

 

[DBA]

There have already been several topics about this, and the dipshit in the OP could not be more wrong.

Do explain to us oh wise one? Let me guess, the IRS won't use this information in nefarious ways. They are very trustworthy. Also, they will not have enough information, just numbers, therefore they will request full transactional information. They rely on useful idiots that actually believe that it is ok for the government to snoop. Naive and gullible Democrats will be our downfall but even after the fall, they likely won't even realize that they were complicit. Pure indoctrination.

 

[g5000]

Do explain to us oh wise one? Let me guess, the IRS won't use this information in nefarious ways. They are very trustworthy. Also, they will not have enough information, just numbers, therefore they will request full transactional information. They rely on useful idiots that actually believe that it is ok for the government to snoop. Naive and gullible Democrats will be our downfall but even after the fall, they likely won't even realize that they were complicit. Pure indoctrination.

This is not a situation where your bank has to report to the IRS every time you move more than $600 in or out of your account. That's what I thought it was, but it is not.

The requirement is that your bank has to report the total amount of money you moved in or out of your account for the past year. They do not report individual transactions. So if you deposited 24 paychecks of $2000 apiece over the course of a year, they don't tell the IRS you deposited 24 paychecks of $2000 apiece. They tell the IRS you deposited $48,000 into your account over the past 12 months. They also report the total of how much you took out over the past 12 months.

This is an annual reporting requirement. This requirement applies to any account which has more than $600 in it, or has moved more than $600 in and out over the past 12 months.

Also, this requirement does not target 99 percent of us for auditing. It only targets those who earn more than $440,000.

Apparently, some rich people have found a way to cheat the tax system by continuously moving their money across several bank accounts in some kind of shell game.

Biden is going after the 1 percenters who are tax cheats.

The bank is still going to have to report your total transactions, too, but the IRS isn't going to audit you unless you are in the 1 percent.


Some links:

Reporting more account info to IRS is still just a proposal

If a Biden administration proposal now being considered is adopted, financial institutions would be required to report m

www.politifact.com

Chuck Marr, senior director of federal tax policy at the Center on Budget and Policy Priorities, said the proposal would help identify business and partnership owners who report relatively low income to the IRS but have millions of dollars flowing through their accounts.

"It just helps the IRS get better at finding noncompliance, finding people who are cheating," he said.

Marr said setting a low threshold of $600 would make it harder for tax dodgers to set up multiple accounts and avoid having the activity in those accounts reported to the IRS.


From the Treasury department: Investing in the IRS and Improving Tax Compliance

A key component of this initiative is the provision of a sustained, multi-year stream of funding. Altogether, the proposal directs roughly $80 billion to the IRS over a decade to fund an array of priorities—including overhauling technology to improve enforcement efforts, which is more effectively implemented with the assurance of a consistent funding stream. This investment will also facilitate the IRS hiring and training auditors to focus on complex investigations of large corporations, partnerships, and global high-wealth individuals. The President’s proposal directs that additional resources go toward enforcement against those with the highest incomes, rather than Americans with actual income of less than $400,000.


You're welcome.

 

[Turtlesoup]

This is not a situation where your bank has to report to the IRS every time you move more than $600 in or out of your account. That's what I thought it was, but it is not.

The requirement is that your bank has to report the total amount of money you moved in or out of your account for the past year. They do not report individual transactions. So if you deposited 24 paychecks of $2000 apiece over the course of a year, they don't tell the IRS you deposited 24 paychecks of $2000 apiece. They tell the IRS you deposited $48,000 into your account over the past 12 months. They also report the total of how much you took out over the past 12 months.

This is an annual reporting requirement. This requirement applies to any account which has more than $600 in it, or has moved more than $600 in and out over the past 12 months.

Also, this requirement does not target 99 percent of us for auditing. It only targets those who earn more than $440,000.

Apparently, some rich people have found a way to cheat the tax system by continuously moving their money across several bank accounts in some kind of shell game.

Biden is going after the 1 percenters who are tax cheats.

The bank is still going to have to report your total transactions, too, but the IRS isn't going to audit you unless you are in the 1 percent.


Some links:

Reporting more account info to IRS is still just a proposal

If a Biden administration proposal now being considered is adopted, financial institutions would be required to report m

www.politifact.com

Chuck Marr, senior director of federal tax policy at the Center on Budget and Policy Priorities, said the proposal would help identify business and partnership owners who report relatively low income to the IRS but have millions of dollars flowing through their accounts.

"It just helps the IRS get better at finding noncompliance, finding people who are cheating," he said.

Marr said setting a low threshold of $600 would make it harder for tax dodgers to set up multiple accounts and avoid having the activity in those accounts reported to the IRS.


From the Treasury department: Investing in the IRS and Improving Tax Compliance

A key component of this initiative is the provision of a sustained, multi-year stream of funding. Altogether, the proposal directs roughly $80 billion to the IRS over a decade to fund an array of priorities—including overhauling technology to improve enforcement efforts, which is more effectively implemented with the assurance of a consistent funding stream. This investment will also facilitate the IRS hiring and training auditors to focus on complex investigations of large corporations, partnerships, and global high-wealth individuals. The President’s proposal directs that additional resources go toward enforcement against those with the highest incomes, rather than Americans with actual income of less than $400,000.


You're welcome.

The dems have always lied about the income threshold---fact is that when the bank reports you moving $600 in or out of the account---that the banks have no clue what your salary is. The fascist dems will be going after everyone just like every other socialist nation does. If they wanted to get those making over $440,000, they would be in Pelosis and Bidens accounts...

 

[Kondor3]

Just something else from the putrid rotting Biden administration that will be killed and put right after 2024.
It can't come soon enough.

Now, all you have to do is (1) dump Trump (2) field a vastly better candidate and (3) sell people on your ideas rather than gerrymandering.

 

[Resnic]

There have already been several topics about this, and the dipshit in the OP could not be more wrong.

Where is your proof showing he is wrong?

 

[g5000]

Where is your proof showing he is wrong?

See post 7.

 

[DBA]

Also, this requirement does not target 99 percent of us for auditing. It only targets those who earn more than $440,000.

Sure, then why don’t they limit this invasion for folks making less than 440k? I think we all know why.

Apparently, some rich people have found a way to cheat the tax system by continuously moving their money across several bank accounts in some kind of shell game.

Actually the numbers don’t bear this out. Those making more than 500k/yr only account for 6% of the IRS fraud in the country. They are tricking you again.

Biden is going after the 1 percenters who are tax cheats.

Right, because he doesn’t care about the 94% of tax cheats that are not in the top 1%. Yeah, that makes sense.