Proposed U.S. rule would force reporting of all accounts of $600 or more

ProgSpear

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”Specifically, the proposed fiscal 2022 budget would require banks and other financial institutions to report to the IRS on the deposits and withdrawals of all business and personal accounts with a balance of more than $600.”

bayourenaissanceman.blogspot.com

So much for financial privacy (what's left of it)

Looks like Big Brother is getting even bigger and more intrusive. The Independent Community Bankers of America (ICBA) warns of a new IRS ...
bayourenaissanceman.blogspot.com bayourenaissanceman.blogspot.com

The referenced link:

Community banks must engage customers on new IRS reporting mandates

By Rebeca Romero Rainey If community bankers weren’t busy enough continuing their heroic economic response to the pandemic, a recent proposal to impose new IRS reporting mandates on customer bank accounts has become a major advocacy priority. To counter the plan, community bankers and their...
www.icba.org www.icba.org

I wonder how they will link your accounts to your voting patterns?
 
ArmedCorgi

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From the comments:

RickSeptember 2, 2021 at 12:28 PM
"Such proviso cannot stand against the 4th Amendment. Assuming of course, that the U.S. Constitution means anything anymore.

Hark, my brethern. If the Rule of Law be dead, if the co-equal branches may act unfettered and without regard of one another, then why should not The People so dispose themselves equally? It is since the foundation of the Republic, after all, that The People so named, of all institutions named in the Constitution, is superior to any other. It is the sovereign right of The People to restore the Rule of Law. It is the duty of The People to act thus.

Proposed is yet another avenue of WAR upon your Republic. Arise! Arise and fight by whatsoever rules of engagement you deem as proper."
 
tirwin1

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ArmedCorgi said:
From the comments:

RickSeptember 2, 2021 at 12:28 PM
"Such proviso cannot stand against the 4th Amendment. Assuming of course, that the U.S. Constitution means anything anymore.
Click to expand...
I don't see why that would be. There already is a requirement to report all transactions of $10,000 or more. All they are doing is reducing the threshold. Not that I agree with it at all.
 
tirwin1

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As I think about it this probably has to do with what is referred to as the "unbanked population.". There is a rather sizeable segment of the country that does not have a single bank account. My guess is this population is growing to such an extent the control freaks in the government are getting concerned. Alot of these people are temporary workers who get issued a debit card and their weekly wages are added to the card.
 
Uninformed and Compliant

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tirwin1 said:
I don't see why that would be. There already is a requirement to report all transactions of $10,000 or more. All they are doing is reducing the threshold. Not that I agree with it at all.
Click to expand...
When the inflation comes home to roost in 2023, that $600 threshold will probably be so they know who just bought a single slice of bread.
 
SonOfSun

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....create complex new reporting burdens for community banks.....

This isn't happening. The banking industry is one of the biggest if not the biggest lobbyist. That 900lb gorilla doesn't want this.
 
ArmedCorgi

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SonOfSun said:
....create complex new reporting burdens for community banks.....

This isn't happening. The banking industry is one of the biggest if not the biggest lobbyist. That 900lb gorilla doesn't want this.
Click to expand...
I hope you are right.
 
Saltwater60

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I will have to be careful I work a side job off the books. I make too much cash to have it just sit around my house and I have started to put it in the bank. Damn!!
 
spat

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SonOfSun said:
....create complex new reporting burdens for community banks.....

This isn't happening. The banking industry is one of the biggest if not the biggest lobbyist. That 900lb gorilla doesn't want this.
Click to expand...
That 900lb gorilla DGAF.

On top of that, the people running the 900lb gorilla are the same ones who *want* this.

This isn't about controlling the banks. It's about controlling you, and the banks are all in favor of that.

Plus, it won't cost them a thing. They already have all the records in a database, it's one query and an email for them.
 
T

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The people who fly under the radar already have moved on from cash. They use gift cards now.
 
ManrisFrack

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tirwin1 said:
I don't see why that would be. There already is a requirement to report all transactions of $10,000 or more. All they are doing is reducing the threshold. Not that I agree with it at all.
Click to expand...

This sounds like everything from all accounts that aren't minuscule. That's different. Not that I expect any court in the country to see or care about that distinction. They don't have a great track record when it comes to the 4th.

And the big banks don't give a shit. They've already got massive administrative mechanisms in place that can handle this without batting an eye. It's the small banks that will have to hire another person and increase the payroll by 5% that will suffer. Economy of scale isn't just limited to manufacturing widgets... corporatism 101.
 
meketrefe

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The dollar is now at 0.8 'euros', 1lb Rice,
and 49.1 '22LR'.
They can kill the dollar bill but they cannot do anything about the concept of currency.
 
byron

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600 not even feasible most people make more than that every week and with mortgage fuel and other payment you'd be getting reported several times each week they would not be able to handle the volume of it all neither the Gov. or the banks.
 
spat

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Grimscale said:
Bitcoin is a trap.
Anyone who thinks the .gov doesn't have their fingers in it is blind.

And, at the end of the day, they can "turn off" your bitcoin so easily.

Stick with real metals. Gold, Silver, Copper, Lead, Brass, Gunpowder (oops...that's not a metal)
Click to expand...
Well, it's all a trap.

The trick for all of it is not to be the guy left holding the bag when it's sprung.

They confiscated all the gold once, they can do it again.

The safest option is not to put all your eggs in one basket, and assume that you will lose *some* of the baskets.

Bitcoin is worthwhile as a basket. There are ample non government controlled (i.e. criminal) interests that keep it afloat. The harder they squeeze the other stuff the better it will do.

They cannot just seize it like they can a bank account.

Best they can do is outlaw it. But if they do that in a financial SHTF situation then it would be like having a few kilos of cocaine. If you're going underground, there's worse currency to be had...
 
libertysnake

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This image really gets used far too much by me these days.

shirt-made-of-gold-eGist-1.jpg
 
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