Good day all. A few weeks ago, the Maladministration came up with the absolutely brilliant idea of forcing banks to report on every transaction in their depositors accounts over $600 dollars. The claim was that this would allow them to find out who had more money then they actually reported to the IRS.
This, of course, was just another Biden Lie from the maladministration. I’m not sure of the real reason, but it would have probably cost the average American thousands of dollars, and without question the IRS would have started seizing people’s accounts with little to no recourse. Needless to say, as the information came out on just what the Treasury, under Transnational Globalist Janet Yellen was planning, people became a bit upset. Now the Communazis are beginning to rethink their plans. Here are the details from the Washington Examiner:
Congressional Democrats, concerned over lukewarm public enthusiasm for their massive social welfare spending package, may be forced to modify a tax-raising provision that has prompted significant backlash.
Luke warm? Is that a new term for “Are you f**ing kidding me? How does Hell NO strike you?”
A plan to provide the IRS with access to individual bank accounts with balances as low as $600 may end up significantly modified or even dropped altogether amid opposition from lawmakers and trade groups who say it would infringe on privacy and create significant liability for financial institutions as well as add new costs for consumers.
How about we go for the “Dropped altogether” choice Wink. (As in Wink Martindale)
Speaker Nancy Pelosi, a California Democrat, brushed off concerns about the provision when reporters asked about it on Tuesday but acknowledged the terms could change.
“Yes, there are concerns that some people have,” Pelosi said. “But if people are breaking the law and not paying their taxes, one way to track them is through the banking measure.”
San Fran Nan is nothing if not consistent in her contempt for the average American and their constitutional rights. She’s also as politically tone deaf as Felonia von Pantsuit, and frankly. Most of the moonbats in Congress.
As for the $600 threshold, she added, “that’s a negotiation that will go on, as to what the amount is.”
Right now, banks have to report any cash deposit over $10,000 dollars. Most people don’t make those deposits. About the only ones that do are businesses that handle a lot of cash, small stores, restaurants, and other assorted businesses. When they make those deposits, they have to fill out a form.
Back during the Obama Regime, some bright bulb came up with the idea of forcing anyone who paid something like $600 to anyone else for any reason, to fill out a 1099 form. The requirements would have basically strangled the economy, and probably would have gone sideways of people started being assaulted by the Internal Revenue Service. Needless to say, that stupid idea was quickly shut down.
The provision could backfire for Democrats who are struggling to increase public approval of the Build Back Better plan. The massive social welfare package Democrats hope to jam through the House and Senate this year would create a broad array of new government programs, paid for with tax increases.
The more correctly named “Build Back Broke” plan is sinking almost as fast as Dementia Joe’s poll numbers. Once people see what it entails, and that it’s going to cost them thousands of dollars in new taxes, they are rightfully saying “No way in Hell are you going to do this!”
Democrats say the tax hikes would be aimed only at corporations and wealthy individuals, who President Joe Biden has long promised would not include families with incomes less than $400,000.
And no one believes that for a hot second. Biden has never, in his entire career, ever met a tax hike he wasn’t in favor of. He just lies like a cheap toupee about it.
The IRS provision would target just about anyone with a bank account, requiring financial institutions “to track and submit to the IRS information on the inflows and outflows of every account above … $600 during the year, including breakdowns for cash,” the American Bankers Association said.
That would be a reporting nightmare for many reasons. First the cost to the banks having to generate and report this information. Second, the Infernal Revenue Service having to put together the infrastructure to receive and process it. Then comes protecting the data, and we all know just how good the Government is at that. Now the banks and other groups are coming together to quash this stupid idea.
In a letter sent earlier this month to House leaders, the ABA joined 40 business groups in urging lawmakers to drop the proposal. The group attacked the claim by Biden administration officials and Democrats that it would be aimed solely at catching rich tax cheats.
“While the stated goal of this vast data collection is to uncover tax dodging by the wealthy, this proposal is not remotely targeted to that purpose or that population,” business groups, including the Consumer Bankers Association and the National Association of Realtors, wrote to House leaders in both parties. “This proposal would almost certainly undermine efforts to reach vulnerable populations and unbanked households.”
There is no way this is meant to “Get rich tax cheats.” To begin with, very few of the so called “Rich” need to cheat on their taxes. They can afford to hire accountants and tax lawyers. It’s meant to go after those who don’t know all the ins and outs of the tax code, and, without realizing it, are in violation of it. Then the IRS comes in and just takes everything they have and throws them out into the street, if not into prison.
If people see banks as “The enemy” they will pull their funds out and convert them to cash and other hard assets such as gold, silver, and other valuable commodities. Credit cards will be thrown away and in fairly short order the economy will tank. This doesn’t even bring the problems of people securing their cash from criminals.
House Ways and Means Committee Chairman Richard Neal, a Massachusetts Democrat, is considering a plan to increase the threshold for IRS access to bank accounts with a balance minimum of $10,000. The average household bank account balance in 2019 was about $40,000, according to a Federal Reserve Board survey, which means the new threshold could still snag many bank accounts of individuals who do not consider themselves wealthy.
Someone in the People’s Democratic Republic of Taxachusetts needs to call this meathead and tell him NO in no uncertain terms. Not that he will listen of course. Like all Progressives and many RINO’s, the only time they want to hear from their constituents is either when extorting “Campaign Contributions” from them or on election day when they are told who they will vote for.
Democrats have been reluctant to kill the provision because they intend for the stepped-up IRS enforcement to pay for more than 20% of their social welfare spending package.
There is another issue. The Democrats have a problem with math. They also are having a problem with the producers in this country getting really tired of supporting the worthless layabout class. These aren’t “Truly needy” people, they are flat out lazy and think the world owes them a living. Most of the deadbeats live in deep blue cities. They need the cash to pay for their drugs. Everything else they get from looting, shoplifting and robbery.
Polling shows the gridlock is making it difficult for Democrats to win broad public approval for the Build Back Better plan.
This is a feature, not a problem.
A CBS survey released this week found only 10% of people knew much about the proposal, while a majority of respondents knew nothing at all about it.
People don’t know about it because the Communazis Propaganda Corps has been told to suppress any and all negative information on it. All that is being “Reported” is rainbows and unicorn farts.
Senate Minority Leader Mitch McConnell, a Kentucky Republican eyeing a return to the majority in 2022, railed against the plan, which he characterized as “snooping on transactions as small as $600.”
The bill would target the middle class, not the wealthy, McConnell said.
“They want to finance their spending spree by effectively treating every ordinary American as if they were under IRS audit,” McConnell said. “I must have forgotten when the president campaigned on giving everybody their own audit.”
Frankly, I don’t trust McConnell to not cave in to the Communazis again. He’s done it many times and has failed to understand that things have changed. The incredible level of incompetence by the current maladministration will, in all likelihood, blow out the Democrats big time. However, if McConnell’s well known squishy spine lets go again, The Republicans might just decide to stay home and start preparing for “Bad Times.”
Thatisall
(2 votes, average: 5.00 out of 5)
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