Let's say someone has an average bank balance of $600 and reports an income to the IRS of $10,000 but has $50,000 in deposits and withdrawals in an average month to and from that account. Right now there is no way for the IRS to get that information which surely looks like evidence of underreporting of income. By adding two lines onto a form the banks are already required to submit to the IRS, they would.
@no1maraudersaid Let's say someone has an average bank balance of $600 and reports an income to the IRS of $10,000 but has $50,000 in deposits and withdrawals in an average month to and from that account. Right now there is no way for the IRS to get that information which surely looks like evidence of underreporting of income. By adding two lines onto a form the banks are already required to submit to the IRS, they would.
Does this really seem so outrageous?
Of course the IRS can get the info...a judge is involved, more steps to the process. More people have to sign off on it being a legitimate request. The dems are trying to eliminate this so AJ is right about them trying to be totalitarian.
@no1maraudersaid I don't consider having $600 in a bank account as being proof of being "wealthy".
Since you don't understand what the proposal actually is and refuse to learn, it's rather difficult to have a rational discussion with you about it.
To repeat my question: is the fact that 95% of workers have their income reported to the IRS by their employers amount to unconstitutional "snooping"?
"To repeat my question: is the fact that 95% of workers have their income reported to the IRS by their employers amount to unconstitutional "snooping"?'
No it isnt, and it also doesnt pertain to govt unfettered access to individual bank accounts.
@mott-the-hooplesaid "To repeat my question: is the fact that 95% of workers have their income reported to the IRS by their employers amount to unconstitutional "snooping"?'
No it isnt, and it also doesnt pertain to govt unfettered access to individual bank accounts.
It's the same thing, Mott. Why are bank accounts any different from reports on your income? And again:
" "banks are already required to send a 1099 to their customers and the IRS on any account that earns just $10 of interest or more. " https://time.com/6106301/irs-tax-bank-reporting-biden/
The law would just add two lines to the 1099 for total deposits and withdrawals.
"It's pretty clear that right wingers are for upholding the non-existent "right" of the wealthy to cheat on their taxes."
Yes I did because those are the people targeted by the proposed law. From p. 2 of this thread:
""Regular wage-earners—those who receive a W-2 from their employer every year—pay at least 95% of the taxes they owe because the employee and the IRS both know how much the person earned. Similarly, retired individuals who receive social security or interest on their savings receive a 1099 report showing how much they received. On the other hand, a large and growing group of taxpayers don’t receive any of these reports. These are primarily wealthy people who receive their income through business partnerships or other entities on which there is little or no reporting to the IRS. According to IRS studies, these taxpayers only pay on average 50% of the taxes they owe.""
@no1maraudersaid It's the same thing, Mott. Why are bank accounts any different from reports on your income? And again:
" "banks are already required to send a 1099 to their customers and the IRS on any account that earns just $10 of interest or more. " https://time.com/6106301/irs-tax-bank-reporting-biden/
The law would just add two lines to the 1099 for total deposits and withdrawals.
Its about freedom from search and seizure. If all of us live in a boarding house and the lady running the boardinghouse kept snooping into our staff, you like the idea of someone hovering over you, your secure mother hen. You would find it very comfortable. A person of freedom and independence such as myself would find it a violation of me and my liberty.
So, there you have it.
You miss the issue with your links and iirrelevant other ways to see this most obvious overreaching.
@averagejoe1said Its about freedom from search and seizure. If all of us live in a boarding house and the lady running the boardinghouse kept snooping into our staff, you like the idea of someone hovering over you, your secure mother hen. You would find it very comfortable. A person of freedom and independence such as myself would find it a violation of me and my liberty.
So, there y ...[text shortened]... You miss the issue with your links and iirrelevant other ways to see this most obvious overreaching.
Your "point" is asinine. These are economic transactions done with a bank, not something you are doing in your private residence. As already pointed out, almost everyone's income is already reported to the IRS by third parties, so what is the big deal about reporting your total deposits and withdrawals? This will only disadvantage those cheating on their taxes.
@no1maraudersaid It's the same thing, Mott. Why are bank accounts any different from reports on your income? And again:
" "banks are already required to send a 1099 to their customers and the IRS on any account that earns just $10 of interest or more. " https://time.com/6106301/irs-tax-bank-reporting-biden/
The law would just add two lines to the 1099 for total deposits and withdrawals.
here is the problem. Lets say this law is enacted. I am a parent with a child in louden county school system. The govt could ruin my life even if all my records are on the up and up, no judge or warrant needed. You think they wont do this? the doj has already named them terrorist.
@averagejoe1said Its about freedom from search and seizure. If all of us live in a boarding house and the lady running the boardinghouse kept snooping into our staff, you like the idea of someone hovering over you, your secure mother hen. You would find it very comfortable. A person of freedom and independence such as myself would find it a violation of me and my liberty.
So, there y ...[text shortened]... You miss the issue with your links and iirrelevant other ways to see this most obvious overreaching.
this fool clearly dosent understand what freedom is.
@no1maraudersaid Yes I did because those are the people targeted by the proposed law. From p. 2 of this thread:
""Regular wage-earners—those who receive a W-2 from their employer every year—pay at least 95% of the taxes they owe because the employee and the IRS both know how much the person earned. Similarly, retired individuals who receive social security or interest on their savings ...[text shortened]... the IRS. According to IRS studies, these taxpayers only pay on average 50% of the taxes they owe.""
@mott-the-hooplesaid here is the problem. Lets say this law is enacted. I am a parent with a child in louden county school system. The govt could ruin my life even if all my records are on the up and up, no judge or warrant needed. You think they wont do this? the doj has already named them terrorist.
You be their fool, I know how they operate.
How can the government "ruin your life" just by the IRS having a record of your total deposits and withdrawals from your bank account?
@no1maraudersaid How can the government "ruin your life" just by the IRS having a record of your total deposits and withdrawals from your bank account?
@no1maraudersaid OMG we've went all through that mountain out of a molehill.
Anyway, it has exactly zero to do with the present proposal and you're obviously trying to deflect by changing the subject.
it has all to do with it...it is proven that democrats have weaponized the IRS., they will use this proposal to harm their opponents, thats it in a nutshell.
Biden Cheats Our Constitution's 4th Amendment
18 Oct '21 17:10
Back to Top