Biden’s “$600” Proposal...The Truth

Discussion in 'The Locker Room' started by Double Burger With Cheese, Sep 14, 2021 at 5:45 PM.

  1. Double Burger With Cheese

    Double Burger With Cheese Veteran Supporter

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    I was just reading a thread from @The Hon. Stringer Bell about Biden and some proposal that included reporting of all transactions over $600. Well this piqued my internet cause as some of you know, I hate banks and been to war with chase and boa and am banned from cash app, and currently trying to sue Wells Fargo for hating on a young nikka.

    But I went to refresh the thread and saw it was deleted. Now I think that thread was deleted because the article was written with bias, but I can only assume.

    So I found another article and this article is written with some bias as well in the opposite way, but I was able to understand the specifics of the $600 thing. I highlighted some key points. So it’s is for anyone interested is the unbiased truth of the matter.


    President Biden’s proposal requires banks to report very basic information about financial accounts and does not compromise privacy
    The administration’s proposal would improve third-party information reporting so the IRS can better spot indications of tax cheating. Specifically, it would require financial institutions to require very basic information about accounts. Currently, financial institutions must file Form 1099-INTs for all customers that have more than $10 of interest income. The administration’s proposal requires them to report two additional topline pieces of information regarding customers’ accounts—gross annual inflow into accounts and gross annual outflow. Small accounts would be excepted. Congress is currently considering where to set thresholds for exempting accounts. It will need to weigh the desire to exempt truly de minimis accounts with the danger in setting too high an exemption threshold, allowing cheaters to fly under the radar using multiple accounts.

    It is important to understand what the proposal does and what it does not do. The only numbers that financial institutions would report are total amounts of money that flowed into a bank account during the prior year and total amounts of money that flowed out. It does not require reporting of individual transactions.

    Unfortunately, bank lobbies are spreading false claims about this proposal. One example is a scriptedmessage to Congress claiming that the proposal would require reporting of “all transactions of all business and personal accounts worth more than $600.” That is flatly false. Banks would be required to provide just aggregate numbers to the IRS after each year—gross inflow and gross outflow—and not individualized transaction information.

    Full article about the entire plan:

    Bank Tax Reporting Is a Critical Component of Biden’s Build Back Better Agenda - Center for American Progress
     
  2. Double Burger With Cheese

    Double Burger With Cheese Veteran Supporter

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    So to sum up, the first thread was a little misleading. There will be more monitoring of individual accounts under Biden’s plan. But instead of any transactions $600 and up being reported, the changes are that gross inflow and outflow will be reported by banks, or gross debits and credits. Just trying to break it down for those interested
     
  3. MAGARussiaLGBT Crunch

    MAGARussiaLGBT Crunch просто лгбт-стан Трампа в России

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    In before this thread gets deleted :mjpls:
     
  4. Barnett114

    Barnett114 Moderator Staff Member Supporter

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    Nothing like people :mjpls:for them daps
     
  5. east

    east Screwed up... till tha casket drops!!

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    CAP isn't gonna present an unbiased take, their last ceo is currently biden's senior special advisor and the one before that ran clinton's campaign lol

    here's what i think an actual fair take on this is: Biden Wants To Spy on American Bank Accounts
    but all this is academic, our bank accounts' inflow/outflow patterns are none of the government's business anyway

    edit: just remembered that something similar was snuck into obamacare and it caused so many problems that it was repealed https://www.washingtonpost.com/blog...e-law-provision/2011/04/14/AFRhYjeD_blog.html
     
    Last edited: Sep 14, 2021 at 6:06 PM
  6. Double Burger With Cheese

    Double Burger With Cheese Veteran Supporter

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    Yeah you right, that article is definitely biased in favor of Biden. The article in the first thread was favored not in favor of Biden. I actually tried to find an article from what I thought was an unbiased source but shyt was hard to. So I posted this and just tried to highlight the facts cause the other one was a little misleading. It’s a shame how everyone got a damn agenda smh. I just be wanting to know the unbiased truth
     
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  7. NoCones

    NoCones Pro

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    :francis:
     
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  8. Icantspell

    Icantspell #freedaguys Supporter

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    that’s still sounds crazy
     
  9. Detroit Wave

    Detroit Wave Veteran

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    Still bullshyt regardless. They ain’t forcing these billionaires or corporations to pay real taxes tho:mjpls:
     
  10. east

    east Screwed up... till tha casket drops!!

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    ion see the first thread and you right, everybody has some ulterior motive when it comes to esoteric ass topics. imo media outlets that hate both political parties and don't have a revolving door of hiring them have unbiased takes, like i'm not a socialist at all but i find their takes on random shyt like this interesting. :pachaha:
     
  11. Striving For Greatness

    Striving For Greatness Get Certs or Die Tryin

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    :scust:Don’t they already monitor enough of our activities
     
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  12. shopthatwrecks

    shopthatwrecks Hung like a blue whale Supporter

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    said banks..not credit unions
     
    Last edited: Sep 14, 2021 at 6:47 PM
  13. BlackBall

    BlackBall Superstar

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  14. Neo The Resurrected ONE

    Neo The Resurrected ONE THE ONE

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    I wonder how much of this is possibly a backlash to @Don Diego and others finessing the government :jbhmm:
     
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  15. Problematic Pat

    Problematic Pat Superstar

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    A lot of you spineless liberals don't care about the government all in your shyt.

     

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