Samofvt
Diamond Member
- Aug 9, 2021
- 1,366
- 1,372
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I sent a form letter sponsored by small banks of america to my senator. The bank is concerned about the excessive burden extra IRS reporting will create for them. I'm concerned as well, because extra reporting always causes extra paperwork for me as well.
My senator's response:
The full text of his response:
My Reply:
There can be no mistake that those in power intend to milk every last one of us for everything they can. Monetarily, it's already a negative sum game considering how many extra people will they have to hire to monitor the citizens to this degree: That alone will blow the budget for any meager amount they may be rubbing their hands together hoping to eek out of us.
They refuse to even consider reducing their spending, but instead scheme on ways to collect more in taxes. The plan will affect every single business and every single non-government employee.
My senator's response:
The full text of his response:
Dear Mr. XXX:
Thank you for contacting me about transaction reporting requirements by the Internal Revenue Service (IRS). I appreciate hearing from you.
Currently, the IRS requires banks and credit unions to report all transactions made by clients that exceed $10,000 in value. The IRS requires banks to report these transactions as a means of ensuring that all Americans are appropriately fulfilling their tax obligations. Underfunding and insufficient resources have long hindered the ability of the IRS to properly enforce the tax code. For years, the gap between taxes owed by individual tax filers and businesses and taxes collected by the IRS has amounted to hundreds of billions of dollars each year. This issue must be remedied.
In May, President Biden released his budget for fiscal year 2022, which outlines his funding priorities across the Federal government. The Senate Appropriations Committee, of which I am the Chairman, uses President Biden’s budget proposal as a blueprint from which the Committee writes annual spending bills. The budget request for the IRS proposes an overhaul of the existing financial account information regime. Instead of reporting solely transactions that exceed $10,000, banks would be required to report to the IRS transactions in excess of $600. Beyond the transaction accounting reform proposal, the budget request for the IRS calls for a substantial increase in funding that would allow the agency to improve enforcement.
The Appropriations Committee is currently in the process of outlining priorities, conducting hearings, and negotiating funding levels for government programs and initiatives for the 2022 fiscal year. The President’s budget is only one of several factors considered while writing the annual appropriations bill for the federal government, but I applaud his prioritization of tax code enforcement and fairness.
I appreciate you sharing your concerns with me. Community banks and credit unions play an indispensable role in their communities, providing secure financial management and access to critical funding for families and small businesses across Vermont. I firmly believe that we should take the appropriate steps to close the tax gap and guarantee tax code compliance, but we must strike a balance and protect community banks and credit unions in Vermont from logistically challenging reporting requirements. You can be sure that I will keep your thoughts in mind as the Senate Appropriations Committee finalizes Federal spending bills for the upcoming fiscal year.
Thank you again for contacting me. As always, please keep in touch.
Sincerely,
PATRICK LEAHY
United States Senator
My Reply:
Mr. Leahy,
That's great news. Now we will be able to report the massive fraud being pulled off by so many federal employees who's sole job requirement was to be a democratic party devotee.
I'm sure your plan will include not only the hugely overinflated salary payments, but also the fraudulent benefit payments, such as health insurance and retirement benefits (which ordinary non-governmental employees can only dream of getting). All stolen from the productivity of the tax payers.
I look forward to seeing justice done, and equalizing the Balance of power.
Best regards,
There can be no mistake that those in power intend to milk every last one of us for everything they can. Monetarily, it's already a negative sum game considering how many extra people will they have to hire to monitor the citizens to this degree: That alone will blow the budget for any meager amount they may be rubbing their hands together hoping to eek out of us.
They refuse to even consider reducing their spending, but instead scheme on ways to collect more in taxes. The plan will affect every single business and every single non-government employee.