Biden proposal to monitor your spending

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Biker
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Biden proposal to monitor your spending

#1

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but only if you have more than $600 in your account, which amounts to less than half the population. Having fun yet?
Yes, under Biden's proposal the IRS could have more access to your bank accounts

LITTLE ROCK, Ark. — If you have at least $600 sitting in your bank account, the IRS could end up monitoring your spending. It’s part of President Joe Biden's proposed tax reform and is raising questions about privacy.

A THV11 VERIFY viewer wrote in, asking: "After seeing some banks posting on social media that the IRS is going to start making them report all deposits and withdrawals over $600, can you tell me if this is true?"

Our sources -- the U.S. Department of the Treasury, testimony from the IRS commissioner and Congressman Steve Womack.

At the end of April, President Joe Biden announced the American Families Plan. Included in the proposal – tax reform. In a testimony to the Senate finance committee on June 8, 2021, IRS Commissioner Charles Rettig –lays out what would be included in the plan. You can see here.

Financial institutions would be responsible for reporting your withdrawals and deposits – breaking down physical cash, transactions with a foreign account and transfers to and from another account with the same owner. This would apply to all business and personal accounts with at least $600 in it.

According to the testimony, the purpose of this plan would be to "…improve tax administration and provide the IRS with a blueprint to address various facets of the tax gap."

The plan however has been met with major criticism. Arkansas Congressman Steve Womack joined other lawmakers in writing a letter expressing their concern with the data collection proposal saying, "The requirements of this proposal would impose significant compliance costs on our banks, credit unions, and related financial institutions, but also infringe on the privacy of millions of Americans."

So we can verify, yes, it is true that under President Biden's proposed legislation, the IRS would have access to more information on accounts with more than $600. Keep in mind, this proposal still has to make its way through congress, so things could change.
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Animal
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Re: Biden proposal to monitor your spending

#2

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how is that different than what we have now? Most banks require paperwork to monitor transactions over $5,000 and report them to the IRS. This article fails to mention the threshhold in "size" of the transactions that are reported. I highly doubt the IRS is going to want to know every time Becky goes to star bucks and uses a debit card on her $800 checking account.
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Re: Biden proposal to monitor your spending

#3

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Animal wrote: Tue Sep 21, 2021 2:26 pm how is that different than what we have now? Most banks require paperwork to monitor transactions over $5,000 and report them to the IRS. This article fails to mention the threshhold in "size" of the transactions that are reported. I highly doubt the IRS is going to want to know every time Becky goes to star bucks and uses a debit card on her $800 checking account.
So the concept doesnt trouble you at all, so long as the amounts are big enough?
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Animal
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Re: Biden proposal to monitor your spending

#4

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Biker wrote: Tue Sep 21, 2021 2:27 pm
Animal wrote: Tue Sep 21, 2021 2:26 pm how is that different than what we have now? Most banks require paperwork to monitor transactions over $5,000 and report them to the IRS. This article fails to mention the threshhold in "size" of the transactions that are reported. I highly doubt the IRS is going to want to know every time Becky goes to star bucks and uses a debit card on her $800 checking account.
So the concept doesnt trouble you at all, so long as the amounts are big enough?
i'm asking what is different about this proposal. it sounds like the same thing that is been happening for the past 20 years or more.
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Re: Biden proposal to monitor your spending

#5

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Animal wrote: Tue Sep 21, 2021 2:39 pm
Biker wrote: Tue Sep 21, 2021 2:27 pm
Animal wrote: Tue Sep 21, 2021 2:26 pm how is that different than what we have now? Most banks require paperwork to monitor transactions over $5,000 and report them to the IRS. This article fails to mention the threshhold in "size" of the transactions that are reported. I highly doubt the IRS is going to want to know every time Becky goes to star bucks and uses a debit card on her $800 checking account.
So the concept doesnt trouble you at all, so long as the amounts are big enough?
i'm asking what is different about this proposal. it sounds like the same thing that is been happening for the past 20 years or more.
The IRS are only notified if a deposit exceeds 10k. This new proposal allows the IRS to snoop on all transactions so long as the account exceeds $600 in value. That seems a rather significant change to me
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Re: Biden proposal to monitor your spending

#6

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“President Biden’s plan will ensure that high-income Americans pay the tax they owe under the law, ending the unfair system of enforcement that collects almost all taxes due on wages, while regularly collecting a smaller share of business and capital income. This proposal does not mandate reporting of individual transactions to the IRS. The president’s proposal requires that banks report the most basic, high-level information on account inflows and outflows. Imagine a taxpayer who reports $10,000 of income but has $1 million of flows in and out of their bank account. Having this summary information will help flag for the IRS when high-income people under-report their income (and under-pay their tax obligations). This will help the IRS target its enforcement activities on those who are actually evading their tax obligations, decreasing costly and burdensome audits for the vast majority of taxpayers who pay what they owe.”


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Animal
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Re: Biden proposal to monitor your spending

#7

Post by Animal »

Biker wrote: Tue Sep 21, 2021 2:46 pm
Animal wrote: Tue Sep 21, 2021 2:39 pm
Biker wrote: Tue Sep 21, 2021 2:27 pm
Animal wrote: Tue Sep 21, 2021 2:26 pm how is that different than what we have now? Most banks require paperwork to monitor transactions over $5,000 and report them to the IRS. This article fails to mention the threshhold in "size" of the transactions that are reported. I highly doubt the IRS is going to want to know every time Becky goes to star bucks and uses a debit card on her $800 checking account.
So the concept doesnt trouble you at all, so long as the amounts are big enough?
i'm asking what is different about this proposal. it sounds like the same thing that is been happening for the past 20 years or more.
The IRS are only notified if a deposit exceeds 10k. This new proposal allows the IRS to snoop on all transactions so long as the account exceeds $600 in value. That seems a rather significant change to me
ah. so the difference is in what they are "allowed" to do. They aren't sent notices of every transaction. They are just allowed to look into an account if they suspect something. Yeah, that is bothersome. I never like legalized witch hunts. It always seems like they can twist something to make a case if that's the intent. obviously you would want them to be able to look at Al Capone's account if they are swooping in on a criminal like that, but just some joe blow?
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Biker
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Re: Biden proposal to monitor your spending

#8

Post by Biker »

Animal wrote: Tue Sep 21, 2021 2:56 pm
Biker wrote: Tue Sep 21, 2021 2:46 pm
Animal wrote: Tue Sep 21, 2021 2:39 pm
Biker wrote: Tue Sep 21, 2021 2:27 pm
Animal wrote: Tue Sep 21, 2021 2:26 pm how is that different than what we have now? Most banks require paperwork to monitor transactions over $5,000 and report them to the IRS. This article fails to mention the threshhold in "size" of the transactions that are reported. I highly doubt the IRS is going to want to know every time Becky goes to star bucks and uses a debit card on her $800 checking account.
So the concept doesnt trouble you at all, so long as the amounts are big enough?
i'm asking what is different about this proposal. it sounds like the same thing that is been happening for the past 20 years or more.
The IRS are only notified if a deposit exceeds 10k. This new proposal allows the IRS to snoop on all transactions so long as the account exceeds $600 in value. That seems a rather significant change to me
ah. so the difference is in what they are "allowed" to do. They aren't sent notices of every transaction. They are just allowed to look into an account if they suspect something. Yeah, that is bothersome. I never like legalized witch hunts. It always seems like they can twist something to make a case if that's the intent. obviously you would want them to be able to look at Al Capone's account if they are swooping in on a criminal like that, but just some joe blow?
Yep. They are just looking for a reason to snoop on people's assets. Capt bus the administrations reasoning that there are many people out there who report 10k in income but have millions in assets. I suppose he thinks there are millionaires out there who deal in all cash, all the time and have millions under the mattress.
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Re: Biden proposal to monitor your spending

#9

Post by CaptQuint »

What next? If the police think you murdered your wife they can look at your phone records? I thought this was America!
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Animal
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Re: Biden proposal to monitor your spending

#10

Post by Animal »

CaptQuint wrote: Tue Sep 21, 2021 3:04 pm What next? If the police think you murdered your wife they can look at your phone records? I thought this was America!
yeah, well, that's one that i might have to look the other way.
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