Biden's Proposal to Empower IRS Rattles Banks and Their Customers

WhatsHisNuts

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Where's my Law & Order peeps!? Biden's looking to fight crime, just like you wanted!

https://www.yahoo.com/news/bidens-proposal-empower-irs-rattles-115009722.html

[FONT=&quot]Biden administration officials say the United States needs more information from taxpayers to crack down on those who do not pay what they owe. The measure, which would affect more than 100 million households and millions of businesses, is estimated to capture $460 billion in additional revenue over a decade, primarily from the wealthiest Americans.[/FONT]
[FONT=&quot]?This is a very serious policy proposal,? Treasury Secretary Janet Yellen said at a congressional hearing last month. ?We have a $7 trillion estimated tax gap that we have a great deal of tax avoidance by individuals and businesses ? typically very high-net worth, high-income individuals and businesses that have opaque sources of income that are not paying the taxes that are due.?[/FONT]
 

Cricket

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Is that how you read that? Typical.

Or the poor waitress who made $600 in tips for the month. This is nothing but a new IRS surveillance program designed to target low- and mid-income earners.
 

WhatsHisNuts

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Or the poor waitress who made $600 in tips for the month. This is nothing but a new IRS surveillance program designed to target low- and mid-income earners.

There are very rich people that are cheating on their taxes. It's a crime. If you think they are going after the pennies of a waitress that makes $40k a year, you're even dumber than I thought.
 

Cricket

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There are very rich people that are cheating on their taxes. It's a crime. If you think they are going after the pennies of a waitress that makes $40k a year, you're even dumber than I thought.

You can't wait until the government will micro manage your portfolio, can you?
 

WhatsHisNuts

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You can't wait to join the thought police, can you?

There's no such thing.

Do you think it's fair that we pay our taxes while others, with the means to do so, engage in illegal tax evasion?

Law and order. You can't come in here bitching about all the crime and then give a pass to those committing crimes that you are cool with.
 

Cricket

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There's no such thing.

Do you think it's fair that we pay our taxes while others, with the means to do so, engage in illegal tax evasion?

Law and order. You can't come in here bitching about all the crime and then give a pass to those committing crimes that you are cool with.

Why don't you explain the $600 threshold. Seems pretty low to grab those giant tax evaders. However the little guy with no tax shelters will just lose more privacy and be scrutinized if he gets out of line with government mandates.
 

WhatsHisNuts

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Why don't you explain the $600 threshold. Seems pretty low to grab those giant tax evaders. However the little guy with no tax shelters will just lose more privacy and be scrutinized if he gets out of line with government mandates.

You can always read the article.

[FONT=&quot]The $600 threshold was chosen to weed out accounts that are generally dormant or get little use, such as children?s accounts, while still giving the government the broadest possible visibility. Administration officials say audit rates for taxpayers who earn less than $400,000 per year will not go up.[/FONT]
 
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