Democrats have reached a deal to narrow President Joe Biden’s plan to require financial institutions to report account flows to the Internal Revenue Service in a bid to improve tax compliance, according to a key House Democrat.

House Ways and Means Chairman Richard Neal said he and other Democratic leaders are planning to set a threshold higher than the $600 proposed by the Biden administration that would trigger a bank to report total account inflows and outflows to the tax collection agency.

“We’ve reached an agreement to not have the $600,” Neal said Thursday, adding that other details are still being worked out.

A Democratic aide said the discussions currently are focused on raising the threshold to $10,000, but cautioned that is still tentative and could change.

The idea is one of dozens of tax proposals that Democrats are currently considering to fund a $3.5 trillion bill to invest in climate programs, child care and education.

The White House proposal to give the IRS more visibility into the deposits and outflows of many bank account owners has run into heavy lobbying from banks, along with resistance from Republicans and some Democrats who are concerned that it would give the IRS too much of taxpayers’ personal data. A $600 threshold for deposits or withdrawals would give the IRS information on most accounts.

“You want to make sure it doesn’t hit the unintended. You don’t want to hit people at the lower end,” Neal said.

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yea, those people earning $600 in cash and depositing in the bank are the real tax evaders America needs to go after to pay for his infrastructure spending

this guy just sits up at night trying to figure out ways to phug with Americans.

I'm sure his excuse is saying its drug money or some nonsense.

Also, that is going to be a pretty noticeable auditing expense added to banks. Guess who is going to pay for it?

They are expecting to increase their personal security budget by millions. Gotta pay for it somehow. Might as well be their subjects footing the bill.

Does anyone else see this as a clear violation of your 4th Amendment rights?

Is there any other way to read that statement than “we don’t want to catch wets and welfare cheats working for cash under the table”?

How could this possibly go wrong? Pull five grand out of the bank when you go to a gun show, just in case you run into something, and put it back afyer the weekend.....bang, the IRS now sees “income”.

Sell a used car on Craigslist, put the money in the bank, bang, the IRS sees income.

This will be a lot of fun for the law abiding tax payer.

I don't think many youngsters are mowing lawns...My guess it's mostly Latinos etc... if he is going to hit his base with this, the question is, are the Latinos smart enough to figure out which party is screwing them? The Africans never figured it out since the civil war...the Jews don't seem to be able to figure it out...we'll see in time.

Unless I am mistaken there is already a ten thousand dollar threshold above which financial institutions have to report to the IRS.

Fuggin' commie basterds.

you're giving him too much credit. this spongebrain wetpants motha-fuqer ain't dreaming any of this schit up. this is Zero, Cumalla and the commie squad doing this schit. biden is watching gunsmoke.

He won’t listen to me. Why they hell would he listen to Biden? Lmao.
F uck that guy.

He ain’t that smart, he trying to figure out where his box of Cheerios is hiding.

we were talking about this - that is a one time deposit

their statement is alot more ambiguous - talking about money flow

Joey meanwhile has a slew of subchapter S corps to funnel and hide his money. How does a cock-su-cker that made 175k a year afford to buy 3 3million dollar + properties?

The only money I put in the bank is to pay a bill. I also get paid cash for most of my work, f-ck them.

You don't think Democrats and RINOs give a flat damn about the U.S. Constitution, do you?

They wipe their butts on it each morning after getting out of bed.

L.W.

This is a huge threat to American liberty. Hard to overstate what an incredible disaster this would be. These people are the worst. THE. WORST.

That is for cash transactions. This is automated reporting of all transactions. A huge difference.

The elimination of cash is coming. Beware!

It is called Central Bank Digital Currencies. There is serious talk world wide about this. They have plans.

Parallel Economies. Self Production.

It will be nice when the govt drops the facade of taxation and just says, "you can keep all your money. We'll just print what we need."

There is now.

This is just more of Obama
“fundamentally changing the country!”

Obama’s 3rd Term. He and Traitorous China Joe both need to swing.

Yet they believe debt is irrelevant. This is all about control.

wrong
under various statutes a financial services employee is required to report any amount that the person feels is suspicious. the 10k thing is old news.

My wif has to be paid direct deposit.
Her bosses insist.
So every on the books bill we have, gets paid through a credit card,
chick is then paid from our account. Every traceable bill gets paid with
traceable money. We get rewards points from the card as a little kickback.

I cash a paycheck.
And that money, is kept mostly private.


The time will come that us having no debt for years will be a flag.
No debit cards, using cash will be a flag of subversive behavior.

You will be punished for good monetary behavior.

I want Biden and crew to stand up there on TV and tell us they are only going to tax the rich. Again.

If they go to this $600 BS, there's gonna be lots of folks going to 'cash only'...

I'll be one of them.

wow they need money...

Sad but true. Their day is coming. At some point Americans won't put up with it. Too many guns in this country for that.

This will happen; the R's won't or can't stop it & very soon, your money won't be your money any longer.

I think this is unquestionably unconstitutional, but laws mean nothing anymore.................it's what they say it is today.

MM

So you buy a truck with taxed cash money; drive it 10 years, sell it for $5000 and put it in the bank. And have to explain where the $5k came from?? Do you have to maintain an effin depreciation schedule.
What a Charlie Foxtrot this will be for the average guy; and the banks

The whole shittin match is LIGHT YEARS beyond the Fourth Amendment, and has been for many decades.

The $10K reporting requirement is for cash transactions. There is no reporting requirement for transactions other than cash, like checks, wire transfers, or credit cards, at least not simply because they're over $10K.

It's hard to comprehend how the IRS intends to keep an account of every transaction over $600, or even $10,000. Cash transactions -- they're much less common because that's a lot of cash since the largest bill we have now is $100. Even ten grand is a pretty tall brick, but cash transactions for something like a car or house would fill a shoulder bag or a suitcase. Indivudual transactions of that size in cash are understandably suspected of potential criminal connections (besides just tax evasion) and that is the justification for the reporting requirement. Small-time deals evade it by "structuring" (breaking it into smaller amounts), but someone like Pablo Escobar would have a hard time structuring or hiding transactions involving pallets of cash.

The bottom line is, the tighter they turn the screws on one form of currency, whether it's cash, bank transfers, or whatever, the more they will turn the "flows" to other currencies and markets. We can look at the example of India. They've cracked down on tax evasion in a number of ways in recent years, and it just shuffles the flows to other channels. It won't stop the IRS from spending more to try to get ahead though. They'll claim the expenditures for their efforts "pay for themselves" because of the increased revenues, but they don't account for the total economic impact of wasting billions of dollars to force other people to hand over tens of billions of dollars to be wasted. They just consider collecting the tens of billions of dollars to be a windfall that will somehow magically benefit the economy and the make the nation prosper because now it's in government hands.