Biden wants your money directly from IRS.

Seattle WA

Description

Democrats in Congress are considering a plan that would require banks to report accounts with at least $10,000 to the Internal Revenue Service -- well above the Biden administration’s proposed $600 threshold -- while also exempting some common transactions from the law. “We’ve made some significant movement on the number,” House Ways and Means Committee Chairman Richard Neal said Monday. The Massachusetts Democrat said he backed the $10,000 figure from “day one” of considering the proposal, and that Senate Finance Committee Chairman Ron Wyden also supports it. In addition, lawmakers’ staff members have begun working on language to exempt payments from payroll processors from the reporting requirements, according to a Senate Democratic aide familiar with negotiations. Removing direct deposits from the calculation would likely drastically reduce the number of accounts covered by the reporting rules. The narrowing of President Joe Biden’s proposal to require financial institutions to report account flows the IRS responds to concerns that the plan would give federal tax collectors information used to single out taxpayers over small amounts of unreported income. Democrats are considering adding the plan to an up-to-$3.5-trillion social spending bill to offset some of the costs. Remember Biden said no new taxes. Just a increase in your current taxes ha ha ha ha. This would be considered government over reach by most standards. The plan would increase IRS holding by about 500 billion per year? I wonder if politicians will be exempt from this new law? “The idea is to build in guardrails so that people at the lower end are not targeted. This is about people at the upper end,” Neal said in an interview. “We do think we can raise the level of compliance from everybody with more procedural requirements.” I can see a sudden rise on foreign Swiss bank accounts. Hey don't blame me, I voted for Trump! I wonder if they will raid crypto currency next.