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Home Front: Politix

Yellen BACKS the IRS reporting $600 transactions because it will 'fill the tax $7T gap'

2021-10-06

[Daily Mail, Where America Gets Its News] Treasury Secretary Janet Yellen defended on Tuesday the new requirement that all purchases above $600 be reported to the IRS

Said it will help fill the $7 trillion tax gap 'from places where the information on income is opaque and can be hidden'

Also said Biden's controversial pick to lead the agency responsible for regulating America's banks deserves a 'fair hearing'

'Professor [Saule] Omarova is the President's nominee... And I think she deserves a fair hearing by the Senate. I hope she will get that'

Omarova is a Cornell Law School professor who graduated from college in Moscow, where she attended on a scholarship named after Vladimir Lenin

She wrote a paper advocating for the Federal Reserve to take over Americans' personal banking in order to have more policy clout against big banks

Republicans and bank lobbyists already oppose her nomination to lead OCC

Posted by:Fred

#13 Once again, "The Weirdos" clear the bases with a blast to left-center.

Posted by: swksvolFF 2021-10-06 17:54

#12 $450 Billion in 2017

Gosh, could that be a reason why governments south of our border have little interest in stopping the flow of illegals into the US? I mean, it beats the heck out of trying to build an economy of your own and it's easy to skim a percentage of each transaction.

Posted by: SteveS 2021-10-06 15:27

#11 How about tracking every time an illegal sends remittances back home to Illegal Land? $450 Billion in 2017

Posted by: Frank G 2021-10-06 15:21

#10 But Comrades, if we do not track every time a citizen purchases a refrigerator, how can we schedule production and allocate resources for the next Five Year Plan?

Posted by: SteveS 2021-10-06 15:16

#9 Treasury Secretary Janet Yellen defended on Tuesday the new requirement that all purchases above $600 be reported to the IRS

Do coyotes eat chickens?

Posted by: swksvolFF 2021-10-06 14:06

#8 Money is freedom and they are attacking it.

Posted by: Abu Uluque 2021-10-06 12:10

#7 Helmuth makes a good point.

The bank reporting of deposits is going to catch a lot of the working poor. These are people who do gig work and are paid in cash or by check. Dishwashers, landscape workers, etc.

What people haven't really addressed yet is that a lot of the working poor don't have federal tax liability ($24k for a couple). So they would be guilty of non reporting but not to owe taxes. This is really awful for anyone who thinks through the issue.

Posted by: Lord Garth 2021-10-06 09:56

#6 Clearly they are attacking the poor. The poor are also uneducated and don't understand what is happening. They will get it if they actually have to pay taxes on unreported income. As far as cash is concerned, there is only so much in circulation. As I understand it only about a trillion. They want to go to a gov't controlled crypto as well. I mean, eventually the $ will be worth less than the paper it's printed on. Billionaires and millionaires will pay taxes if they want to. Generally, taxes are avoidable, legally, for the most part. Sometimes they clip you. The bastards!

Posted by: Helmuth, Speaking for Thromons3612 2021-10-06 07:22

#5 To assume privacy in any digital activity such as communication, commerce, GIVERnment interaction…. Is gone. I suspect monitoring is already going on of banking transactions as the IRS has started hiring agents very aggressively.

If you want to get your name on top of the list. —- buy more than $600 of Ammo at a big box store with your credit card.

Posted by: Airandee 2021-10-06 06:56

#4 Ref #2: Banks will loose big time. People will no longer use banks, cash will be king.

Banks have essentially become virtual reporting agents of the IRS. They are no longer private entities. A growing number of people have been avoiding banks and traceable check transactions. Bartering, or conducting business via cash has been going on for years. These 'non-taxable' transactions are the actual target of the government.

The reporting of $600. withdrawals is a method of identifying potential larger purchases or services being conducted by cash.

The goal is of course to capture or make visible, bartering, cash payments, and non-reported income. None of these reporting schemes effect the very wealthy who employ tax attorney's, foundations, and overseas banking and investment vehicles to avoid taxes.

The rule of the, different rules.

Posted by: Besoeker 2021-10-06 04:34

#3 It'll fill the tax gap - only if you do a forensic audit on everybody filing a tax return.

Posted by: Raj 2021-10-06 01:54

#2 Banks will loose big time. People will no longer use banks, cash will be king.

Posted by: Blackbeard Barnsmell6454 2021-10-06 01:03

#1 Back during the GWBush era, the Federal Govt was working on proving emergency aid to people who had lost their income because of Hurricane Katrina.

Many people provided rudimentary financial records of their income but when the FEMA folks went to verify income in the IRS records they found that a fair number of businesses, typically sole propriatorships, did not file a tax return. They were paid in cash or by check.

Posted by: Lord Garth 2021-10-06 00:32

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