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Wednesday, October 6, 2021

Biden’s bank proposal is even worse than I thought

ORIGINAL LINK

Mark this is much scarier. The proposal would monitor ALL transactions in accounts worth more than $600:

“The Treasury Department outlined a proposal in its recent budget request for a regime requiring banks and other financial institutions to report inflows and outflows in consumer accounts with more than $600. The goal is to crack down on tax evasion by high earners and narrow the so-called tax gap between what Americans pay and what they owe,”
“Inflows and outflows” are the line items on your bank statement, credit card and ATM receipts. This applies to Venmo, Paypal and crypto too. 

The Editors
New York Music Daily/Lucid Culture
http://newyorkmusicdaily.wordpress.com
http://lucidculture.wordpress.com

On Thu, Sep 16, 2021 at 12:17 PM Mark Crispin Miller <> wrote:
Can you send me the exact language? I’ll include it with your email.

‐‐‐‐‐‐‐ Original Message ‐‐‐‐‐‐‐
On Thursday, September 16th, 2021 at 12:14 PM, lucid culture <> wrote:
Mark this is much scarier. The proposal would monitor ALL transactions in accounts worth more than $600
The Editors
New York Music Daily/Lucid Culture
http://newyorkmusicdaily.wordpress.com
http://lucidculture.wordpress.com

On Thu, Sep 16, 2021 at 11:54 AM Mark Crispin Miller (via nfu list) <nfu@simplelists.com> wrote:
From a subscriber:

Hi Dylan,

if possible, please pass this on to Mark.  Biden has introduced a new proposal that mandates banks track and report any transaction over $600 (currently set at 10k).  He contends this will help bring in revenue, but this is all about control.  This is not where the true money is when it comes to tax-evasion.  A rep at my local credit union had no idea, and I asked her to tell her supervisors.  I think this is very important for people to know.

https://www.americanbanker.com/news/banks-consumer-advocates-unite-against-tax-reporting-proposal


The Treasury Department outlined a proposal in its recent budget request for a regime requiring banks and other financial institutions to report inflows and outflows in consumer accounts with more than $600.



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