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New "Proposed" Banking Regulations by blackrams
Started on: 08-27-2021 11:12 AM
Replies: 48 (631 views)
Last post by: rinselberg on 10-15-2021 01:41 AM
blackrams
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Report this Post08-27-2021 11:12 AM Click Here to See the Profile for blackramsClick Here to Email blackramsSend a Private Message to blackramsEdit/Delete MessageReply w/QuoteDirect Link to This Post
Just received this from one of the banks I do business with. It appears the current majority leadership wants to know more about your and my banking activities.
Just sharing a bit of what "Big Government" wants to do (not sure if that's to or with you).

 
quote
Dear PriorityOne Bank Customer,

We care about you, your finances, and your account with our
bank, so we want to let you know about a concerning proposal taking shape in Washington, D.C. If passed, the proposal would require financial institutions to report a larger range of information about your account to the IRS.

This new reporting plan could force banks to report the inflows and outflows on all personal and business accounts with a balance of $600 or more. We would not have a choice in reporting this information to the IRS.

If you want to make your voice heard by policymakers or learn more about this proposal, visit banklocally.org/privacy. We value your business and privacy and want to make sure you have all the information you need regarding your finances and your money.

Please let us know if you have any questions. We look forward to continuing to serve you and our community.

Sincerely,


Robert J. Barnes
President & CEO
PriorityOne Bank


Ya know, our government's intrusion into our private lives is getting a bit old IMO. I don't cheat on my taxes nor do I knowingly break any laws (speeding doesn't count ) I don't mind (so much) that banks have to report movement of money, $10K and more. I understand that corruption is usually done in a big way but, $600 or more and it gets reported? Putting a new set of tires on my motorcycle, trike or any of my trailers or vehicles can easily cost that or more. Now, it's going to be reported and probably questioned???

Rams

[This message has been edited by blackrams (edited 08-27-2021).]

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LitebulbwithaFiero
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quote
Originally posted by blackrams:

Just received this from one of the banks I do business with. It appears the current majority leadership wants to know more about your and my banking activities.
Just sharing a bit of what "Big Government" wants to do (not sure if that's to or with you).


Ya know, our government's intrusion into our private lives is getting a bit old IMO. I don't cheat on my taxes nor do I knowingly break any laws (speeding doesn't count ) I don't mind (so much) that banks have to report movement of money, $10K and more. I understand that corruption is usually done in a big way but, $600 or more and it gets reported? Putting a new set of tires on my motorcycle, trike or any of my trailers or vehicles can easily cost that or more. Now, it's going to be reported and probably questioned???

Rams



I read it as any account you have with a balance of $600 or more in it, the bank must report any deposits or withdraws from that account no matter the amount.
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blackrams
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Report this Post08-27-2021 12:15 PM Click Here to See the Profile for blackramsClick Here to Email blackramsSend a Private Message to blackramsEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by LitebulbwithaFiero:


I read it as any account you have with a balance of $600 or more in it, the bank must report any deposits or withdraws from that account no matter the amount.

Yep, that's the way I read it also. If things keep going the way they have been the last 6 months, filling up on diesel or going to the grocery store might hit the mark.

Rams
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Report this Post08-27-2021 12:44 PM Click Here to See the Profile for MidEngineManiacSend a Private Message to MidEngineManiacEdit/Delete MessageReply w/QuoteDirect Link to This Post
Just keep your account at "The Bank of Cash Under The Mattress" in good standing

Canadian rules are different, but after the 2007-8-9 fiasco the government passed some regs that banks can just take any money on deposit in case of another "banking emergency", and I haven't kept a whole lot in one since. just enough to keep it open for when I need to use it.
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LitebulbwithaFiero
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Report this Post08-27-2021 12:53 PM Click Here to See the Profile for LitebulbwithaFieroClick Here to Email LitebulbwithaFieroSend a Private Message to LitebulbwithaFieroEdit/Delete MessageReply w/QuoteDirect Link to This Post
The "mark" is the amount in the account, not the amount spent.

If you have $700 in your checking account and you buy a candy bar with your debit card, the IRS needs to know
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blackrams
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Report this Post08-27-2021 12:57 PM Click Here to See the Profile for blackramsClick Here to Email blackramsSend a Private Message to blackramsEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by LitebulbwithaFiero:

The "mark" is the amount in the account, not the amount spent.

If you have $700 in your checking account and you buy a candy bar with your debit card, the IRS needs to know

I agree, my comment about tires was not meant to suggest that $600 was the trigger but now that I read it again, it does read that way.

Rams
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Report this Post08-27-2021 01:01 PM Click Here to See the Profile for williegoatClick Here to visit williegoat's HomePageSend a Private Message to williegoatEdit/Delete MessageReply w/QuoteDirect Link to This Post
Anyone who doesn't have $600 in the bank is most likely living off of your tax dollars, anyway.
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Report this Post08-27-2021 01:07 PM Click Here to See the Profile for rinselbergClick Here to visit rinselberg's HomePageClick Here to Email rinselbergSend a Private Message to rinselbergEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
This new reporting plan could force banks to report the inflows and outflows on all personal and business accounts with a balance of $600 or more. We would not have a choice in reporting this information to the IRS.

I don't know anything about this, other than what blackrams just posted.

I would not rule out the possibility of some "trickeration" on the part of the banking industry, in that statement that blackrams has posted.

Could it be that there are banking industry executives that do not like some other part(s) of the proposed legislation, and are using this part of it in the same way as a misdirection play by the offense in American-style football? In other words, a deflection.

Is it possible that the backers of this legislation are saying that this new reporting plan would not force banks to report all transactions on accounts down to just a $600 balance?

It's just something that catches my eye.

CLICK FOR FULL SIZE

Famed NFL game broadcaster John Madden popularized "trickeration" in the informal glossary of American-style football.

[This message has been edited by rinselberg (edited 08-27-2021).]

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Report this Post08-27-2021 01:22 PM Click Here to See the Profile for olejoedadClick Here to Email olejoedadSend a Private Message to olejoedadEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by williegoat:

Anyone who doesn't have $600 in the bank is most likely living off of your tax dollars, anyway.


Money in the bank should be savings, that aren't touched.

I use cash almost exclusively, other than to pay bills.

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My work place only does direct deposit for pay checks. All my job pay goes through the bank. Even if I buy everything cash, that money comes from the bank and would be counted going in and coming out.
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Report this Post08-27-2021 01:54 PM Click Here to See the Profile for MidEngineManiacSend a Private Message to MidEngineManiacEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by LitebulbwithaFiero:

My work place only does direct deposit for pay checks. All my job pay goes through the bank. Even if I buy everything cash, that money comes from the bank and would be counted going in and coming out.


You cant get around that part, but you CAN withdraw all but 10 or 20 bucks of your pay on payday. Then where you spend it is nobodies business but yours.
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Report this Post08-27-2021 01:55 PM Click Here to See the Profile for blackramsClick Here to Email blackramsSend a Private Message to blackramsEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by LitebulbwithaFiero:

My work place only does direct deposit for pay checks. All my job pay goes through the bank. Even if I buy everything cash, that money comes from the bank and would be counted going in and coming out.


Have your check sent to my account and I'll help you out....

Rams

[This message has been edited by blackrams (edited 08-27-2021).]

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Report this Post08-27-2021 02:01 PM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post
People need to start fighting the taxes and the abuse of them, not the fact that they'd like to enforce them.
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2.5

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Member since May 2007
 
quote
Originally posted by MidEngineManiac:


You cant get around that part, but you CAN withdraw all but 10 or 20 bucks of your pay on payday. Then where you spend it is nobodies business but yours.


Until cash is no longer recognized.
Eventually that could happen.
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Report this Post08-27-2021 03:48 PM Click Here to See the Profile for FriendGregoryClick Here to Email FriendGregorySend a Private Message to FriendGregoryEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by MidEngineManiac:

Just keep your account at "The Bank of Cash Under The Mattress" in good standing

Canadian rules are different, but after the 2007-8-9 fiasco the government passed some regs that banks can just take any money on deposit in case of another "banking emergency", and I haven't kept a whole lot in one since. just enough to keep it open for when I need to use it.

Be careful traveling in the USA, they can arrest your money for the crime of being cash. Then they will take your vehicle and everyone's jewelry for traveling with the cash so proceeds of crime.
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quote
Originally posted by FriendGregory:

Be careful traveling in the USA, they can arrest your money for the crime of being cash. Then they will take your vehicle and everyone's jewelry for traveling with the cash so proceeds of crime.


This ^^

Anything over $3000 last time I heard. This was a big deal in Florida and a lot of people lost money because of the loop hole. Ever go buy a car for cash? I had $8000 in my pocket and was sweating the entire time.
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Report this Post08-27-2021 04:58 PM Click Here to See the Profile for BHall71Send a Private Message to BHall71Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by williegoat:

Anyone who doesn't have $600 in the bank is most likely living off of your tax dollars, anyway.


Truth.
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Report this Post08-27-2021 05:03 PM Click Here to See the Profile for blackramsClick Here to Email blackramsSend a Private Message to blackramsEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Jake_Dragon:


This ^^

Anything over $3000 last time I heard. This was a big deal in Florida and a lot of people lost money because of the loop hole. Ever go buy a car for cash? I had $8000 in my pocket and was sweating the entire time.


Yeah, heard of things like that. Several times during my "Hot Shot" days, I would be given an envelope (some times sealed, some times not) with cash in it for the seller of a vehicle. Fattest envelope I remember had right at $40K in it. All in $100 bills. Yeah, it was pretty thick. Wasn't worried about it, don't stop for anyone.

Rams
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Report this Post08-27-2021 09:58 PM Click Here to See the Profile for maryjaneSend a Private Message to maryjaneEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by MidEngineManiac:


You cant get around that part, but you CAN withdraw all but 10 or 20 bucks of your pay on payday. Then where you spend it is nobodies business but yours.

You can't withdraw it if the deposit isn't posted . The second it does post, it's considered in your account and both the deposit and withdrawal will (maybe.. according to Blackram's letter) trigger notification to IRS.

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MidEngineManiac
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Report this Post08-27-2021 10:09 PM Click Here to See the Profile for MidEngineManiacSend a Private Message to MidEngineManiacEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by maryjane:

You can't withdraw it if the deposit isn't posted . The second it does post, it's considered in your account and both the deposit and withdrawal will (maybe.. according to Blackram's letter) trigger notification to IRS.


With those rules, true. But ONLY those 2 transactions. It wont get triggered every time you buy a pack of smokes or bag of potatoes like it would on a debit card. They can track gross cash in and cash out of the account that way, but not individual items bought.
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Report this Post08-28-2021 05:33 AM Click Here to See the Profile for randyeClick Here to visit randye's HomePageSend a Private Message to randyeEdit/Delete MessageReply w/QuoteDirect Link to This Post
Where is the full text of this "proposal"?

Who proposed it?

Is it a bill already submitted and if so what is it's number ?

Is it in a banking and commerce committee in one of the houses of Congress?

A "proposal" like what is described here would certainly require legislation to change the Code of Federal Regulations that applies to the US Banking Regulations as well as the IRS tax code and as a consequence would require passage by both houses of Congress.

I checked the website at the link provided and it answered none of my questions either.

There are a lot of questions here with apparently no answers.

It would be great to discuss this IF there was something substantive to discuss.

[This message has been edited by randye (edited 08-28-2021).]

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Report this Post08-28-2021 06:04 AM Click Here to See the Profile for blackramsClick Here to Email blackramsSend a Private Message to blackramsEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by randye:

Where is the full text of this "proposal"?

Who proposed it?

Is it a bill already submitted and if so what is it's number ?

Is it in a banking and commerce committee in one of the houses of Congress?

A "proposal" like what is described here would certainly require legislation to change the Code of Federal Regulations that applies to the US Banking Regulations as well as the IRS tax code and as a consequence would require passage by both houses of Congress.

I checked the website at the link provided and it answered none of my questions either.

There are a lot of questions here with apparently no answers.

It would be great to discuss this IF there was something substantive to discuss.



Randye,
Wish I could provide you with more information, that letter is what I got and that's all I really know about it. Currently I've got other serpents to slay but if I learn anything else, I'll be happy to pass it on.

Rams
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Report this Post08-28-2021 01:29 PM Click Here to See the Profile for theogreClick Here to visit theogre's HomePageSend a Private Message to theogreEdit/Delete MessageReply w/QuoteDirect Link to This Post
Quote from Top Post... They likely mean this... Anti-Money Laundering Act of 2020 that is already Law because the Senate overwrote Trump Veto...

Congress Enacts the Most Sweeping AML Legislation Since Passage of the USA PATRIOT Act @ The National Law Review

The Big Problem is nearly Everything will soon be reported to the Feds...
And Isn't just a Money Grab issue.
So you gave $ or is member of X like NRA and other 2A orgs then the banks and Credit Cards reports that to Hard Left State and Feds under these new regs.
The City etc will make you the first people to search for guns when they "ban" them via High Taxes and other methods.

------------------
Dr. Ian Malcolm: Yeah, but your scientists were so preoccupied with whether or not they could, they didn't stop to think if they should.
(Jurassic Park)


The Ogre's Fiero Cave

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Report this Post08-28-2021 01:40 PM Click Here to See the Profile for MidEngineManiacSend a Private Message to MidEngineManiacEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by theogre:


The City etc will make you the first people to search for guns when they "ban" them via High Taxes and other methods.



Learn to 3D print and make friends with a machinist. ....Look up 3D2A

Or learn about alternative PDW's. Right now I am working on a full-size crossbow firing 6-inch pistol darts. THAT'LL leave a mark, and not even on the "ban radar" let alone in the works !
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Report this Post08-28-2021 03:54 PM Click Here to See the Profile for maryjaneSend a Private Message to maryjaneEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by randye:

Where is the full text of this "proposal"?

Who proposed it?

Is it a bill already submitted and if so what is it's number ?

Is it in a banking and commerce committee in one of the houses of Congress?

A "proposal" like what is described here would certainly require legislation to change the Code of Federal Regulations that applies to the US Banking Regulations as well as the IRS tax code and as a consequence would require passage by both houses of Congress.

I checked the website at the link provided and it answered none of my questions either.

There are a lot of questions here with apparently no answers.

It would be great to discuss this IF there was something substantive to discuss.



I haven't looked close but I believe it is part of the proposed "American Families Plan"...or at least that is what the 'talking heads' are indicating. Supposedly, it is to allow IRS to find people that under-report income, but like a lot of things that pop up on the internet, there doesn't appear to be anything real specific about it, just warnings that doom and gloom are soon to be upon us if (fill in the blank) .

The $600 specific quantity seems suspicious to me. Is it tied to the stimulus checks that the govt gave out earlier in the year? To the $3,600 child tax credit?

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Report this Post08-29-2021 07:48 AM Click Here to See the Profile for randyeClick Here to visit randye's HomePageSend a Private Message to randyeEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by theogre:

Quote from Top Post... They likely mean this... Anti-Money Laundering Act of 2020 that is already Law because the Senate overwrote Trump Veto...

Congress Enacts the Most Sweeping AML Legislation Since Passage of the USA PATRIOT Act @ The National Law Review

The Big Problem is nearly Everything will soon be reported to the Feds...
And Isn't just a Money Grab issue.
So you gave $ or is member of X like NRA and other 2A orgs then the banks and Credit Cards reports that to Hard Left State and Feds under these new regs.
The City etc will make you the first people to search for guns when they "ban" them via High Taxes and other methods.



OK

If it is a law that has already been passed then why is it being called "a proposal"?

If it is a law that has already been passed then why is a bank / chartered financial institution urging it's customer to contact anyone to protest it?

There are already numerous laws that require chartered financial institutions to report various movements of money by their customers, (i.e. IRA withdrawals are reported to the IRS and savings account cash deposits and withdrawals of $10k or more are reported the Department of the Treasury....I know because I have done both of those things a few times and received notification that the transactions were reported. )

I'm still not seeing any information on what the OP concerns.

[This message has been edited by randye (edited 08-29-2021).]

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Report this Post08-29-2021 08:46 AM Click Here to See the Profile for maryjaneSend a Private Message to maryjaneEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
I'm still not seeing any information on what the OP concerns.


Same here.
I keep seeing it being alluded to, but nothing specific such as a House or Senate bill # or even specifics about it being part of another piece of legislation.

[This message has been edited by maryjane (edited 08-29-2021).]

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Report this Post08-29-2021 09:00 AM Click Here to See the Profile for blackramsClick Here to Email blackramsSend a Private Message to blackramsEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by maryjane:


Same here.
I keep seeing it being alluded to, but noting specific such as a House or Senate bill # or even specifics about it being part of another piece of legislation.

Wish I knew more, I posted the email I received, that's all I know. Have had other dragons to slay so I haven't put a lot of effort into getting to the bottom of this.

Rams
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Report this Post08-29-2021 06:06 PM Click Here to See the Profile for theogreClick Here to visit theogre's HomePageSend a Private Message to theogreEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by randye:
If it is a law that has already been passed then why is it being called "a proposal"?
Because This New Law Allows or Forces other things to happen... Like Obama Care. Or even the Clean Air Act and related that's still allowing EPA do to nearly everything the Green Left Wants w/ little or no proof EPA whatever rule actually works.

Example: Under the Open Ended CAA Law, EPA was able to forces MTBE then now Ethanol in Gas to "Reduce Air Pollution" and point to fake results as "Proof" that works... While Ignoring nearly all vehicles have some type of EFI and "DIS" now vs most Engines w/ Carburetors and mechanical distributors in the 60's 70's and early 80's. ("DIS" here is Full Electronic HEI, GM DIS that still used in some engines, any Coil on Plug systems, and all other ignition flavors that is under ECM/PCM control by all car makers.)

New Banking Law Forces new Policies for "Better" Anti-Money Laundering that must be made in next few months or year or two or even longer.
This is a Bogus Check to monitor nearly every Transaction under AML Label as reported to IRS and often State equivalent then "leaked" to nearly everyone.
In this case, AML Label is just "save the kids" in many other places that does little or nothing to the save kids.
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Report this Post08-29-2021 10:57 PM Click Here to See the Profile for randyeClick Here to visit randye's HomePageSend a Private Message to randyeEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by theogre:

Because This New Law Allows or Forces......


New Banking Law Forces new Policies




As much as I enjoyed that pointless stroll around the barn with you the question remains unanswered.

If it is an existing law then why is it being called a proposal?


If an existing law mandates future policies then neither the law nor the future policies are "proposals"




I'm STILL not seeing any substantive, credible, information on precisely what all this speculation concerns.

[This message has been edited by randye (edited 08-29-2021).]

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Report this Post08-30-2021 12:06 PM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
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Originally posted by maryjane:


The $600 specific quantity seems suspicious to me.


It doesnt make alot of sense but wasnt $600 also the magic number one was allowed to make in a yer without claiming it /paying taxes on it?
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blackrams
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Report this Post10-01-2021 06:15 AM Click Here to See the Profile for blackramsClick Here to Email blackramsSend a Private Message to blackramsEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by randye:

Where is the full text of this "proposal"?

Who proposed it?

Is it a bill already submitted and if so what is it's number ?

Is it in a banking and commerce committee in one of the houses of Congress?

A "proposal" like what is described here would certainly require legislation to change the Code of Federal Regulations that applies to the US Banking Regulations as well as the IRS tax code and as a consequence would require passage by both houses of Congress.

I checked the website at the link provided and it answered none of my questions either.

There are a lot of questions here with apparently no answers.

It would be great to discuss this IF there was something substantive to discuss.


Well, this is back in the news. Nebraska has taken a firm stance against this. I don't have enough information about this at this time but, apparently this is part of the proposed $3.5 Trillion budget bill currently being pushed by the Dems. This topic is being discussed in a Congressional hearing. So, apparently there is some substance to the initial letter sent to me by Priority Bank.

Banks required to report any transaction of $600 or more to the IRS. If this passes, I predict mattresses will start getting fatter.

Rams

[This message has been edited by blackrams (edited 10-01-2021).]

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Report this Post10-01-2021 06:35 AM Click Here to See the Profile for blackramsClick Here to Email blackramsSend a Private Message to blackramsEdit/Delete MessageReply w/QuoteDirect Link to This Post
Fact check: Claim about the IRS monitoring bank accounts over $600 exaggerates reality

The claim: Treasury Department 'declares' IRS will monitor transactions in all U.S. bank accounts over $600
A tax law proposal by the Biden administration has led social media users to question whether the government is overstepping on Americans’ financial privacy.

“Biden’s Treasury Dept. Declares IRS Will Monitor Transactions of ALL U.S. Accounts Over $600," reads the headline of a Sept. 10

The same claim popped up in various iterations on social media, like a Sept. 22 Instagram post claiming Biden's proposal would give the IRS "direct access to your bank transactions." It accumulated several thousand likes within the first day.

While the claim is based in reality, it gets many of the facts wrong. The claim’s assertion is a proposal by the Biden administration, not a decision set in stone. The Treasury cannot “declare” any changes to law, as that is a legislative power that belongs to Congress. And even if the proposal is adopted banks would not provide access to individual transactions, just the total amount flowing in and out of an account annually.

Proposal by Treasury isn't official
A May document from the Department of the Treasury outlines a number of the Biden administration’s revenue proposals for the 2022 fiscal year. The proposal referred to in the claim suggests introducing more comprehensive financial account reporting to “improve tax compliance.”

The latest IRS estimates show a tax gap of $166 billion per year between the tax owed by businesses (not counting large corporations) and the tax actually paid. The document says requiring comprehensive reporting on money flowing in and out of accounts "will enhance the effectiveness of IRS enforcement measures and encourage voluntary compliance."

To achieve that, the Treasury proposed requiring financial institutions to annually report the total amount of money that went in and out of bank, loan and investment accounts if those accounts hold a value of at least $600, or if the total is at least $600 in a year.

That means that if the total debits (funds flowing out of the account) and credits (funds flowing into the account) equal at least $600 — including deposited paychecks or money transferred from finance apps like Cash App or PayPal — banks would have to report those figures to the IRS.

However, the banks would not report details on individual transactions, like how the money was spent, only the total amount of money flowing in and out of the applicable accounts.

Having that information will help the IRS flag under-reported income and target enforcement activities on tax evaders, the Treasury said.

Chuck Marr, senior director of federal tax policy at the Center on Budget and Policy Priorities, told USA TODAY the threshold for tracking the funds is set low, at $600, to make sure the system can't be manipulated by the wealthy.

"It's hundreds and hundreds of billions of dollars a year of taxes that are legally owed and not collected at the IRS which has been decimated with a decade of budget cuts, and that has led to a plummeting of audit, particularly of high income people, to the point now where some the highest capital audit rates in the country tend to be in Deep South poor, Black, rural counties, which is obviously upside down," Marr said. "...You want to make sure the threshold is low enough so these people cannot divide up their money into multiple accounts."

The proposed initiatives are aimed at making the tax system more equitable and efficient, said Natasha Sarin, the treasury's deputy assistant secretary for economic policy.

“Overall, the Administration’s compliance initiatives are guided by a singular objective – bringing about an end to a two-tiered tax system, where ordinary Americans comply with their tax obligations, but many high-end taxpayers do not,” Sarin said in a statement.

The prospective reporting requirements are being considered as a revenue offset for Congress' $3.5 trillion reconciliation bill, as the Treasury estimates the system will generate $460 billion over a decade. The proposal last appeared in negotiations for the $1 trillion bipartisan infrastructure package that passed the Senate in August and is awaiting a vote in the House, the American Banker reported Sept. 8.

Additionally, the Biden administration cannot “declare” any change to the current law as the InfoWars headline asserts, as that is a legislative power that belongs to Congress.

If approved, the proposal would go into effect after Dec. 31, 2022.

https://www.msn.com/en-us/n...cid=uxbndlbing&pfr=1

Rams
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Report this Post10-04-2021 11:07 PM Click Here to See the Profile for randyeClick Here to visit randye's HomePageSend a Private Message to randyeEdit/Delete MessageReply w/QuoteDirect Link to This Post
SOMEBODY FORGOT TO SEND THE "NEW BANKING" MEMO TO THE USPS


https://www.yahoo.com/news/...could-151059024.html

"WASHINGTON - The U.S. Postal Service quietly began offering paycheck-cashing services at several East Coast post offices last month, testing a plan that financial experts say has the potential to transform how low-wage and underserved Americans access their money.

Postal customers can now redeem paychecks in Washington, Baltimore, Falls Church, Va., and the Bronx, N.Y., for Visa gift cards topping out at $500..."



It's damned hard to track deposits and withdrawals when they aren't any.

[This message has been edited by randye (edited 10-04-2021).]

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Report this Post10-04-2021 11:12 PM Click Here to See the Profile for blackramsClick Here to Email blackramsSend a Private Message to blackramsEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by randye:

SOMEBODY FORGOT TO SEND THE "NEW BANKING" MEMO TO THE USPS


https://www.yahoo.com/news/...could-151059024.html

"WASHINGTON - The U.S. Postal Service quietly began offering paycheck-cashing services at several East Coast post offices last month, testing a plan that financial experts say has the potential to transform how low-wage and underserved Americans access their money.

Postal customers can now redeem paychecks in Washington, Baltimore, Falls Church, Va., and the Bronx, N.Y., for Visa gift cards topping out at $500..."



It's damned hard to track deposits and withdrawals when they aren't any.


Well now, that is interesting. Don't tell the Dems in Congress about that, I would expect them to call the Post Master General in for "counseling". Obviously, he needs to get with the program.

Rams
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Report this Post10-04-2021 11:56 PM Click Here to See the Profile for MidEngineManiacSend a Private Message to MidEngineManiacEdit/Delete MessageReply w/QuoteDirect Link to This Post
Payday loan places have been doing that forever. They take 2 or 3% off the top for it, BUT the problem is very-very few employers pay by cheque anymore, it's all direct deposit.

[This message has been edited by MidEngineManiac (edited 10-04-2021).]

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Report this Post10-05-2021 01:29 AM Click Here to See the Profile for randyeClick Here to visit randye's HomePageSend a Private Message to randyeEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by MidEngineManiac:

Payday loan places have been doing that forever. They take 2 or 3% off the top for it, BUT the problem is very-very few employers pay by cheque anymore, it's all direct deposit.



But my post WASN'T about "payday loan places".

It is about an official agency of the United States government offering a "new" check cashing service.

[This message has been edited by randye (edited 10-05-2021).]

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Report this Post10-05-2021 10:25 AM Click Here to See the Profile for blackramsClick Here to Email blackramsSend a Private Message to blackramsEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by randye:


But my post WASN'T about "payday loan places".

It is about an official agency of the United States government offering a "new" check cashing service.



The thought just occurred to me that once the Dem leadership figures this out, they may try to decide to additionally require employers to report individual pay checks as a back up. May already be there, I don't know. What I do recognize is that the Dem leadership is desperate to find ways to pay for that $3.5 trillion Social Spending Bill they want to buy votes with. Some of you folks may have some unreported/unclaimed income they want to tax.

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Report this Post10-05-2021 06:47 PM Click Here to See the Profile for maryjaneSend a Private Message to maryjaneEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by randye:

SOMEBODY FORGOT TO SEND THE "NEW BANKING" MEMO TO THE USPS


https://www.yahoo.com/news/...could-151059024.html

"WASHINGTON - The U.S. Postal Service quietly began offering paycheck-cashing services at several East Coast post offices last month, testing a plan that financial experts say has the potential to transform how low-wage and underserved Americans access their money.

Postal customers can now redeem paychecks in Washington, Baltimore, Falls Church, Va., and the Bronx, N.Y., for Visa gift cards topping out at $500..."



It's damned hard to track deposits and withdrawals when they aren't any.



As if the lines at the branch post offices aren't long enough already.
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Report this Post10-06-2021 07:08 AM Click Here to See the Profile for RaydarClick Here to Email RaydarSend a Private Message to RaydarEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
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Originally posted by maryjane:

As if the lines at the branch post offices aren't long enough already.


Exactly what I was thinking. Going to the Post Office around here is a complete PITA.
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