IRS

Dems Want to Soak the Rich by Snooping on the Poor

Nancy Pelosi, Elizabeth Warren, and co. insist that the IRS needs to know about $600 bank accounts.

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House Speaker Nancy Pelosi (D–Calif.) snapped when asked Tuesday if the proposal to dramatically increase the surveillance capabilities of the Internal Revenue Service (IRS) would remain in the trillion-dollar social spending bill currently being negotiated among Democrats on Capitol Hill.

"Yes. Yes. Yes. Yes. Yes," the speaker said. Then she waved aside the questioner's accurate comment that banks have reported customer concerns about the idea that the IRS would scrutinize accounts with inflows and outflows as low as $600.

"With all due respect, the plural of anecdote is not data," Pelosi said, disrespectfully. "Yes, there are concerns that some people have. But if people are breaking the law and not paying their taxes, one way to track them is through the banking measure. I think 600—well, that's a negotiation that will go on as to what the amount is. But yes."

In the face of pushback from worried constituents and mobilized industry groups (commercial banks donated around $20 million to each major party's congressional races in 2020), Democrats have been talking about raising the reporting threshold from $600 to $10,000.

But even that higher level gives the lie to the relentlessly repeated progressive talking point that President Joe Biden's construction of a startlingly invasive financial surveillance state—or "American Families Plan Tax Compliance Agenda," if you prefer—will magically avoid inconveniencing all the lower-income people suddenly eligible to have their cashflow scrutinized by a money-hungry IRS.

Ten grand is about how much you make working full-time in New York City on the minimum wage for four months, for eight months at the federal rate. It's the average annual rent in West Virginia (the least expensive in the country), and less than half the average price paid for used vehicles in 2020. What $10,000—let alone $600—most decidedly is not is the preferred level of annual transactions among the tax-avoidant rich.

Yet that is how this surveillance is being sold on the left.

"Strengthening information reporting, as well as providing protected and sustained I.R.S. funding, would ensure that we focus enforcement on the biggest fish," Sen. Elizabeth Warren (D–Mass.) claimed to The New York Times, presumably with a straight face.

"This is about making sure the top 1 percent can't evade $160 billion per year in taxes," Treasury Department spokeswoman Alexandra LaManna told the Times.

"The Biden tax enforcement plan advances racial equity by addressing the unjust status quo," enthused the Center for American Progress. It would "provide more resources to the IRS to increase enforcement against wealthy tax cheats who evade paying what they owe, a group that's mostly white," according to a joint letter of support from 28 racial equity organizations.

As the estimated 9 million American living abroad can bitterly testify, financial institutions do not care much for having their innards exposed to the IRS, and so will either pass the compliance costs on to the customer or just jettison clients altogether. The 2010 Foreign Account Tax Compliance Act (FATCA), sold as a way to close the "tax gap" by soaking fatcats, instead brought in meager revenue while incentivizing record numbers of Americans to renounce their U.S. citizenship.

The Biden/Pelosi/Warren plan does not as of yet impose such steep self-reporting costs on individual taxpayers. To the extent that there are any details—many are being kicked down the road to future regulators—they have involved requiring banks and other third parties to cough up an annual number for inflows and outflows. But the negotiators have already agreed to Biden's basic setup of giving the IRS an extra $80 billion over the next decade to hire 87,000 new employees and build out a "comprehensive financial account reporting regime" that would intrude into previously untrodden territory (such as Venmo accounts and cryptocurrency), so I'd take the over on regular Joes and Janes seeing a noticeable increase in scrutiny.

Republicans are doing their best to sound the alarm (while the news media are doing their best to stress the "Republicans pounce" angle), but the fact is that without significant outcry about a complicated and hellaciously expensive must-pass monstrosity, some version of this vast new financial surveillance state is likely to get built. Those who value financial privacy are best off seeking it in another country.

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  1. Brotip: If they’re trying to soak the rich by soaking the poor, they’re not trying to soak the rich.

    1. OBL’s law.
      He has much to teach us.

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    2. Poor people can’t get ids and don’t know how to use the internet so they’re safe.

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    3. C’mon man poor kids are just as bright as white kids

  2. “With all due respect, the plural of anecdote is not data,” Pelosi said, disrespectfully.

    And the plural of Pelosi is Pelosi.

    1. The plural of anecdote is literally “data”.

      It wouldn’t be if an anecdote were somehow different from a datapoint, but in contemporary usage, “anecdote” is just “datapoint that is unflattering to my beliefs.”

      1. With all due respect, the plural of anecdote is not data,” Pelosi said, disrespectfully.

        visit here

    2. The plural of mediocre is politicians. And administrators, bureaucrats, and so forth.

    3. Actually, that should read ““With all due respect, the plural of anecdote is not data,” Pelosi said, erroneously.”

      https://ritholtz.com/2019/02/the-plural-of-anecdote-is-data/

  3. Sen. Elizabeth Warren (D–Mass.) claimed to The New York Times, presumably with a straight face.

    Like you would expect from a stoic Comanche chief.

    1. Pretty sure that she was supposedly Cherokee, and not Comanche. Yes, both are C tribes, but before they were moved on the Trail of Tears to OK, the Cherokee were a SE tribe, while the Comanche were a SW tribe.

      1. It was a joke you dumb fuck.

        1. Well…you sure made me laugh. Twice.

  4. Speaker Pelosi, it is none of your damn business. The problem isn’t folks using $600 transactions to skirt paying income tax but your party’s inability to say no to spending money it does not have.

  5. If they do this, you know somebody is going to start opening bank accounts all over the place with $500 in each of them.

    1. It’s $600 in total transactions in a year, so just open up a new one every week or so!

      1. Wells Fargo may have already opened them for you.

      2. No it isn’t. For every account over $600, the institution will have to provide a total of all inflows and outflows to/from that account. How is this legal without a search warrant?

        1. Ask Al Capone.

    2. Then they’ll go after you for “structured payments”.

      1. One of the most bs laws ever. If they catch you structuring payments to conceal illegal activity, they could go after you for the illegal activity. Even if that was too easy, they could make it a rider to the other charge. But no, they made it illegal not to conceal illegal activity, but to avoid being surveilled, even if you aren’t doing anything else illegal.

        1. Uh, this is already occurring. At least for those following the IRC. It’s called Forms 1099 & 1096. $600 or more in a year.

          1. They are not collecting the banking and financial details on a 1099 form. The plan for this is for the banks to turn over your private bank account numbers and your SSN to the IRS if you have inflows or outflows over $600 in one year.
            And I’m sure a lot of people receiving 1099 forms don’t turn them in with their annual tax forms.

  6. What is the “magical” minimum wage most often touted as the correct number?
    $15.00hr
    15×40=
    Drum roll
    $600.00!!!

    1. And a lot of minimum wage jobs still pay biweekly… So even if you aren’t full time cashing a single check triggers the reporting, even if you immediately drain it to pay for expenses. Lovely.

  7. The modern Democratic Party’s contempt for middle class and poor people has surprised even me. Like, if you told me one year ago that giving Democrats full control in Washington DC would cause billionaire wealth to skyrocket while the minimum wage remains unchanged, I would have replied “Of course, that’s why I’m voting for Biden.”

    But if you told me Democrats would spy on $600 transactions I would have said “Come on, there’s no way they’ll be THAT blatant.” Yet here we are. It’s great!

    #LibertariansForBiden
    #LibertariansForPelosi

    1. I have to hand it to you. You took a while to adapt your persona to the new woke reality, but have done an admirable job.

      I bet it was the competitive urge from the Babylon Bee, wasn’t it?

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    3. So long as it’s the *right* billionaires… Which are all the buddies of the democratic establishment (or part of it directly). I’m never one to claim both parties are equivalent, but they are both full of crap. Sometimes it’s just different types of crap.

  8. I’m sure the Pandora papers are full of billionaires hiding their money in US-facing accounts holding $500, right?

    Maybe, and I’m just spitballing here, we should go after the ‘loopholes’ the very rich ACTUALLY USE in order to punish the very rich?

    Meh, seems crazy when I say it out loud.

    1. The loopholes that the people passing the laws are using?

      Let’s not get ahead of ourselves.

      1. Exactly. They don’t want to tell you that they are the very ones creating these ‘loopholes’, AND the ones utilizing them!

        1. More people need to realize the people who rigged the primaries for hillary/Brandon and against Bernie are the same people who orchestrated the fraudulent Russian collusion story are the same people behind the scenes in bidens administration.

          We can only hope Durham is circling Jake Sullivan as many seem to think.

    2. Why would you go after legal behavior?

    3. “Maybe, and I’m just spitballing here, we should go after the ‘loopholes’ the very rich ACTUALLY USE in order to punish the very rich?”

      Why?

      1. If your whole schtick is ‘rich people are evading paying taxes’, then you have to look at the ways that they are actually doing that, right?

        1. If your whole schtick is class envy, you can fuck off and die.

      2. We don’t. And that’s a feature, not a bug. This is why so many corporations play at being ‘woke’.

    4. If they did that, they wouldn’t be able to enrich themselves and their cronies at the public troughs.

    5. Those are only loopholes to those who want to feel offended by those who they perceive to have more.

      To those using them, they are legal, tax deferral schemes.

      To the lawmakers that created them, they are public policies designed as tax law.

  9. This might be the stupidest domestic policy proposal I have ever seen.

    Gig economy people could be subject to the full 15% payroll withholding if it passes.

    Are Democrats trying to lose in 2022?

    1. As long as the border is wide-open and the 2020 election never gets a proper indictment and invisible mail-ballots don’t end; I don’t think the Nazi’s really care what the *real* people have to say about it.

      1. Don’t worry Plug, the Democrats will never lose another election again. 2022 will be properly fortified.

        1. Making it necessary to dispose of the democrats.

      1. Would it matter? Unions these days are more Democratic PACs thank representing their workers

      2. “How big is the gig economy union?”

        Jim Jones’ “Peoples Temple” moved from a “cult” to a “religion” to SF lefty shits when he could deliver 500 votes.
        Dunno what it takes, statewide.

  10. Just more Witch-Hunting legislation…
    Because that’s what Nazi’s do.

    If they cared about tax-skipping they’d eliminate tax-exemptions.
    All ‘corporations’ get them but working people do not.

    And let’s get real here; 90% of what working people buy they use to be working people and 90% of what corporations write off they use personally. Housing, Food, Shelter – Corporations should’ve never been granted Crony Tax-Free Deductions.

    But when the Nazi-Regime is STEALING 90% of the working people’s earnings ILLEGALLY; I guess deductions are just pebbles in the Nazi-Swamp.

    1. You exhibit little understanding of the U.S. tax code as it applies to corporations and individuals. Given the code’s utter complexity, it is no wonder that myths get spread by ignorant journalists and “gimme your money” activists.

      1. Yeah that 90% shit is utter bullshit. You wanna know what my company writes off? The salaries of its employees. Their benefits. Their 401k contributions. The cost of servers. The cost of data centers.

        I’m not naive- the CEOs get rich packages, and extravagant expense accounts. But in a Billion dollar company, those are rounding errors. I don’t agree with them, but it is closer to 1 – 2% of our company’s expenses.

        1. 99% Revenue is Profit? That’s pretty rich.

          1. No, pay attention. 99% of our expenses is salaries, benefits, capital costs for infrastructure, office buildings, etc. The expenses that you could even legitimately suggest are “personal expenses” of some executive are rounding errors. Can they take an employee or client out to a fancy restaurant? Sure. But they can’t expense a personal lunch with the family or at home.

            1. And my point was; If ‘corporations’ can deduct — salaries (i.e. labor), capitol costs for infrastructure (i.e. Food, Furniture?), office buildings (i.e. Rent/Mortgage) then why aren’t Individuals allowed those same deductions?

              It’s an unjust tax-code by those carrying the ‘corporate’ card. Don’t get me wrong; I don’t think Business nor Individuals should have to pay anywhere near the amount of taxing they are; but I do notice the ‘corporate’ card does have massive advantage over the non card holders.

              1. Again, as I note below, you actually can deduct costs that have no personal use that are required to sell your labor. For example, I have deducted the costs of my home office for decades. When I did freelance work as a second gig, I tracked the mileage used for driving between clients, and deducted that. These were direct costs of doing business.

                It is just important to understand that selling your labor is actually a high margin business- which is why pretty much 90% of the population does it. Illegal immigrants show just how high margin it can be- they sleep 10 to an apartment, walk or carpool to work, eat swill out of a food truck, and refrain from partying all night long. The actual expenses necessary to sell labor are remarkably low.

                Oh, you say you don’t LIKE the idea of sleeping with 9 other sweaty men in a flat? You want extra room to spread out- maybe even have some personal relationships and a kid? Well that is all personal expenses- above and beyond what is necessary to run a business (selling your labor). In a company, if they provide an Employee housing above and beyond what is minimally needed to run a business, they call this a FRINGE BENEFIT, and they tax the employee for those additional costs as income. Likewise, if you use the proceeds of selling your labor to buy housing for your sole employee (you), he (you) gets taxed for those expenses as income.

                1. You are right, except for your disparaging remark about food trucks. Those are the best breakfast tacos to be had.

      2. Being a Sole-Proprietor who does his own taxes and works with large corporations all the time; You’d have to supply some other evidence than just a statement of “little understanding”.

        From where I sit; Company property is tax-free, any item used by the company is tax-free, Desks, Computers, Vehicles, etc, etc, etc… All ‘deducted’. Only the cash profit is taxed. Then there’s Individual Income which apparently doesn’t care to write off rent, property, any item, food or anything else.

        Perhaps my specific situation is an exception; but I don’t understand why a ‘corporate’ card automatically exempts everything it buys.

        1. “ Company property is tax-free, any item used by the company is tax-free, Desks, Computers, Vehicles, etc, etc, etc… All ‘deducted’. ”

          Presumably they paid sales tax on these items and property taxes on an annual basis.

          “ I don’t understand why a ‘corporate’ card automatically exempts everything it buys.”

          Because it is a *profit* tax not a *revenue* tax.

          Simple example. I buy $100,000 in chairs and pay $100,000 in wages to sell these chairs for $200,000. How much tax should I owe?

          1. And an Individuals “profit” tax? If I have to buy an alarm clock, food, housing, heat/AC, vehicle, insurance in order to go-to-work every day then why aren’t those things all corporate ‘deducted’?

            You should pay taxes for $200,000. Just as an Individual would if he/she bought $100,000 worth of chairs and $100,000 worth of labor installment charges would.

            The only exception I can think of would be banks who don’t actually do a product transaction.

            1. This is what the personal exemption is for. You know that, right? It is the expenses necessary to make your labor saleable.

              And if you don’t want to do the standard deduction, many of the things you call out SPECIFICALLY for the purpose of earning a wage are actually deductible. For example, you can deduct a percentage of your rent and utilities dedicated to your home office. You can deduct uniforms you had to buy, and mileage for a job that requires you to travel. As long as they are not expenses required for your job (i.e. the cost of selling your labor) used for personal reasons, you can deduct them.

              On top of that, the Government gives out a bunch of deductions that aren’t based on the cost of selling your labor: that includes the interest expenses on a residence, the costs of raising a kid or having a spouse who doesn’t work.

              All this said, it is worth noting that this is the problem with an Income Tax- defining what income is. And pretty much the hardest thing about determining income is determining what a legitimate expense is for subtracting off the income.

            2. If you are right. Businesses get to deduct certain parts of running the business that wage earners don’t. But corporations why should corporations even pay income tax. In theory, all the c-corporation’s profits go to owners/investors that are then taxed on that dividend or gain from the sale. So the profit has essentially been taxed twice.

              I agree there are some deduction advantages to running your own business that is an s-corp or reported on schedule C. They aren’t actually as much as people think if done the right way, but if you have been working from home this past year as your own business you can deduct the home office. If you have been doing it while getting a w-2 you can’t. But on the flip side, the w-2 company was paying half your social security and medicare, while the sole proprietor is paying it all on their own.

              So yes there is some truth to the deduction discrepancy but when factor in other personal deductions on the tax return and if a business is legal and accurately qualifying expenses the discrepancy is as large as you are potraying it.

        2. Perhaps my specific situation is an exception; but I don’t understand why a ‘corporate’ card automatically exempts everything it buys.

          You do not run a business.

          1. I ask for evidence of my “little understanding” and all I get in return is a bunch of personal attacks. Must of made a point.

            1. Except for the part where you fail to respond to Overt’s well reasoned rebuttals to your arguments. I don’t see any personal attack in Overt’s posts, only your pointed avoidance of them.

              1. Who upheld my original assertion in the end —

                “All this said, it is worth noting that this is the problem with an Income Tax- defining what income is. And pretty much the hardest thing about determining income is determining what a legitimate expense is for subtracting off the income.”

                Perhaps it’s time to just dismantle all the wild-variances of taxable income giving government the power to pick and choose.

                Article 1, Section 8, Clause 1
                The Congress shall have Power To lay and collect Taxes …. but all Duties, Imposts and Excises shall be uniform throughout the United States.

        3. From where I soe, you are
          Full.
          Of.
          Shit.

      3. Nailed it!

        He’s probably one of those that likes to say, “they needed the tax write off” when a corp loses money on some deal they enter into.

        Sure. Simpleton math. Spend a $1 to save a quarter. Real smart.

    2. No. As to corporations, that would be illegal. What they legally write off is the cost of doing business: salaries, rent, inventory, etc. You should look at, or even better, try filling out, a federal corporate tax return someday. And, esp if is your own business.

      1. Right; that’s exactly what I’m saying – writing off the “cost of doing business”. Yet Individuals don’t get to write off the “costs of going to work”.

        1. You don’t deduct your gas mileage, meals and purchased tools? I did that before I ever opened my business.

          1. I’ve done both; worked before and own a business and it is very nice to be able to tax-exempt all that spending as deductibles with the ‘business’ card. But why? Why isn’t it the same as a working person? Shouldn’t it be?

            In the most ‘fair’ system every person would get a standard bill; but if the government is going to play by-income tax-games at least it could treat individuals the same as individuals with ‘corporate’ cards. That’s the point I was making.

            1. If you were deducting what were really personal expenses as business expenses just because you had a business, you were joining the ranks of the millions of small business people who are doing this illegally. And yet, they cry when they get caught in and audit, claim it’s not fair, and switch the conversation about how Exxon didn’t pay any income taxes last year.

    3. “…Corporations should’ve never been granted Crony Tax-Free Deductions…”

      Doing your damnedest to prove you’re a fucking ignoramus, aren’t you?

      1. Apparently; seeing an injustice even though it would add cost makes me an ignoramus. Frankly; unless someone can properly counter that position it stands.

        Income tax code that varies widely across the spectrum has been used as a tool of witch-hunting for quite sometime. A standard government bill for everyone would be far more just.

        1. Take it from a tax professional, you don’t know shit about taxes, write offs or, the cost of doing business.

          There is actually a logic, although one may not agree with it, in the most complicated minutia of tax laws.

          People just refuse to even try to understand this. They prefer to pretend that the other guy is getting away with something that they are not.

  11. DERMEGAWD!!!THE PRICE OF THINGS IS UP 5% FROM LAST YEAR, WHEN WE WERE ALL LOCKED UP PLAYING PARCHEESI WITH OURSELVES. HEAD FOR THE HILLS!!! THE DOLLAR IS REALLY WORTH $0.00. SELL!!! SELL!!! SELL!!!

    1. When home mortgage rates hit 6% (to cover the 5% inflation plus a risk premium), do you think people will be freaking out when housing crashes worse than it did in 2008?

      1. Shit didn’t pay his mortgage when they were dirt cheap. Like every parasitic lefty asshole, he let the honest folks clean up his mess.
        Pretty infantile lot, wouldn’t you say?

      2. The housing crash of 2008 was due to a financial crises created by economic policies. The main driver was variable rate and teaser rate mortgages given to people who should have never qualified, when they reset at the end of the first five years.

        The crash had little to do with housing and everything to do with policy.

        Supply and demand dufus. That’s all that matters.

    2. commie-shit needs help with that strawman. Paging turd.

      1. “Commie-shit” is turd, Sevo.

        He outed himself a while ago:
        https://reason.com/2021/08/31/americas-longest-war-is-over/#comment-9076679

        1. Disagreed.
          Two lefty shits using “peanuts” =/= the same lefty shit.
          turd is a pathological liar simply because he’s entirely too stupid to recognize that he is. For reasons which might have chemical causes, he does not even understand the lie he’s repeating today was the lie he was called on yesterday.
          commie-shit is ‘clever’; he assumes he can shuck and jive such that most people won’t realize what a fucking piece of lying lefty shit he is. Of course he is equally full of shit, but from another direction.
          turd, being the abysmally stupid lefty shit he is, doesn’t even know he was busted. Commie-shit is surprised to be called on his bullshit, assholish pile of shit that he is, amazed someone saw though huis lies.
          Equally, but distinctly, steaming piles of lefty shit.

    3. Everyone remember when socialists actually PRETENDED to care about the little people, rather than whatever narrative makes their preferred big government not look so bad?

      But seriously, AmSoc, go out there and tell all the wage earners who took a 5% pay cut over the last year what whiny bitches they are. And tell them you are fighting for them too.

      1. commie shit is doing nothing other than what turd is doing; trivializing droolin’ Joe’s fuck ups in the hopes Joe somehow ends up looking better than Trump.
        And failing.

        1. Also sad that the demented geezer is now sitting at Trump’s approval / disapproval numbers. And his VP lower than Dick Cheney.

          A president that the media gives a tongue bath to daily, and fawns over how great he is and “oh mr president how can we cover you more fairly!”…in a time where COVID is on the decline and shit is opening back up…he has approval around the same that Trump did with a full scale media assault campaign on him for 4 years.

          These people can try and write off Biden / Harris blunders all day, people arent buying it. It’s why “fuck joe biden” chants spring up in almost every sporting event.

      2. That little detail is pretty jarring, but the left has absolutely surrendered any moral high ground they had.

    4. Here’s a thought, one day, wake up, and decide not to be an ignorant ass for the entire day. If you can pull it off, try two whole days, then three, four, and keep adding on.

  12. 600 dollars? Which they might raise to 10K? If they were really only going to raise taxes on “the rich”, wouldn’t they pick a number that people associate with being “rich” that is at least more than most people make in a couple of months? Maybe something like, oh I don’t, know, 400K or something? (Not that that’s Constitutional either, but at least it’s consistent.)

    I guess the 87,000 new IRS agents have to have some leads to investigate.

    1. And rest assured they will all be “aggressive “ so they can get promoted.

      1. Wait til they get their own SWAT teams to raid homes or businesses to look for incriminating paperwork.

      2. Wait til they get their own SWAT teams to raid homes or businesses to look for incriminating paperwork.

  13. Whoa whoa whoa. Pelosi wants to see my bank account? I want to see hers. Corrupt old hag probably has quite a bit of insider trading going on and she shouldn’t be covering it up.

    1. As I recall, all members of congress (and many state pols) are required to file financial statements. The trouble is, the categories are something like “Report your real estate holdings 1) $100 to $1,000,000, 2) $1,000,000 to $10,000,000, etc. ” It is almost impossible to figure out the politician’s net worth from these filings.

      1. Not sure that those disclosures show the proceeds for the insider trading (on confidential information available to her as Speaker) that he so blatantly engaged in this year – front running major news by a day or two, at least 3-4 times this year.

      2. I had to file a “Statement of Economic Interest, Form 700” every year I worked in local government. It’s a state requirement. Not a federal one.

        And yeah, I hated it. Because I had to hand it to our nosey CEO to put on file. And she loved to take a peak to see what everyone had.

        The good news was, as you surmissed, you list the name of the holdings within a value range. (And, your spouse’s as well!). The range was so broad that, if you assumed the lower levels for each of my holdings you underestimated my true, personal wealth by a factor of at least half. And, if you assumed the top level for each of my holdings, you’d think I was as rich as old Joe.

        The truth was….well, it really isn’t anybody’s business. I mean, just because I had some Apple stock in my IRA I was supposed to recuse myself from voting on any competitive bidding on computer supplies to my agency because I could be biased.

        Actually, I was anything but an Apple product fan. Overhyped and over priced by fan bois IMHO.

        But, I didn’t let my personal perception deter me from owning a solidly growing, stock investment in Apple. Only foolish investors would be that stupid.

    2. She doesn’t need insider trading when her husband wins all the gov’t construction bids.

      1. Yeah. Talk about conflict of interest…….

  14. Was this the one where she told the press they weren’t doing enough to ‘sell’ the Democrat’s agenda?

  15. $600 is the threshold at which payments for services to a non-corporate entity must be recorded on form 1099.

    There is no question that this is intended to catch homeowners and small business owners paying domestic workers, nannies, gardeners or for construction gig work off the books. They get to collect penalties from the payer if they don’t issue a 1099 and income taxes from the payee. Win-win.

    It could only be spun as a tax on the rich if you are completely ignorant, so the left has bought it for sure.

    1. Don’t forget people working for tips at small restaurants, folks doing craft businesses on the sides, and even shit like transferring money to your college kid for expenses. It all gets dragnetted up.

      1. Crap, yeah. Grandma sends Timmy $1000 for college and gets a notice from the IRS to send Timmy a 1099 or has to declare all her gifts on her 1040?

        It was already a nightmare. Don’t expect this will be used any way besides arbitrarily on targeted persons.

        1. Arbitrarily is the key. It isn’t necessarily that they want to target the poor. It’s that the Poor sometimes get it in their heads that their leaders have “responsibilities”.

          The last thing an Anointed One needs is some Joe the Plumber coming out and making an inconvenient outburst that might go viral amongst the deplorables. Luckily we know that everyone breaks a law or two all the time, so when those nails stick up, these types of laws provide the information necessary to smack them down again. And if we can’t do it with an audit, a friendly IRS agent can always leak information to the press “without authorization”, right?

      2. And those who like to online sports bet and gamble. I like some recreational gambling but realize it is a mathematically losing venture. Deposit $1000 into your gambling account, and withdraw $900, that $900 is going to be flagged as income and a pain in the ass to explain.

    2. This is exactly what it is, to catch people working under the table. This isn’t going to catch rich people. This is going to catch people doing side work for extra cash.

      1. Yup. And make it even harder for poor people to improve their situations. They seem to want to build a world where the only options for the poor are corporate employment or government services. People working for themselves or each other is just too messy and hard to control.

      2. Pretty sure you have Trump, Gaetz, and MTG to thank for this. People found out about all their corruption after the fact. If something like this had been in place prior, they’d have never made it into politics to begin with. Yes, this is going to out Democrats right along with them, no party will be safe from trying to hide illegitimate expenses. Could you imagine the IRS looking over Trumps and Gaetz’s hooker transactions at the actual time of them happening vs years after the fact? Or how about all the Democrat Governor’s who were blowing piles of cash on coke? Money trails make finding illegal actions very easy, vs having to spend who knows how much money for a goon squad to sit outside their homes with surveillance vans to catch them in the act.

    3. It’s almost like Tony, shrike, and their fellow Democrats don’t care about the poor and middle class.

      1. You can add the entirety of the minorities and disadvantaged, it’s all optics.

    4. Why is that so bad? Enforcement of tax laws should apply to all. Whether they’re waiting tables or being served at a $400/plate gourmet establishment. They should report.

      When libertarians oppose enforcement, they are perceived as misguided anarchists bent on destroying the country rather than finding ways to put individualism in front of collectivism. No better than the proggies they so love to hate.

  16. Let’s make it even simpler for the IRS. Slap a ten percent withholding rate on inflows in any bank account over $600 in any one calendar year. Then the taxpayer has to prove on his 1040 that those inflows aren’t taxable income in order to get a refund of the withholdings. Aren’t withholdings awesome?

    1. Some think they already are doing it in regards elections: withhold 10% of the vote until they see which way the wind is blowing.

    2. Shut up, dude. You’ll give them ideas! Politicians don’t get sarcasm.

      I still think people should have to write tax checks themselves, rather than having them taken out a paycheck at a time. Sure would make people understand how all these taxes really hit them.

      1. People DON’T understand taxes. They talk about the income tax as if that was the only tax. Excise taxes, tariffs and sales taxes amount to a great deal more, but they aren’t as visible, by design. Property taxes are another nightmare. Take a look at your phone bill and all the taxes and fees. Most of the “fees” are really taxes.

        1. This is true. Overall tax burden is a lot more than just federal income tax. But federal income tax is a huge invasion of privacy and just an excuse to fuck with people in all kinds of ways and for that reason I think it appropriately gets a lot of focus. And should be abolished entirely. There should be no reason or means for government to know what you make or what assets you own.

      2. Absolutely agreed.

        When I had my tax practice, all that my clients ever cared about was were they getting a refund or, did they have to pay.

        They never really took a look at what they were paying. And that was just the Fed and State income tax parts. They had little idea about FICA and unemployment insurance, etc. Let alone their employer’s payments of those and some other income based assessments.

        However, my efforts to try and help my clients understand this, backfired. If I wanted to sell them on paying me to do their taxes, the best approach was to have them submit a W-4 showing single and 0 exemptions. No matter what. Then, when they got a big refund at filing time, they thought I was the most wonderful person in the world and didn’t mind paying my bill.

        Ignorance is bliss!

  17. “Republicans are doing their best to sound the alarm (while the news media are doing their best to stress the “Republicans pounce” angle),…”

    Remember when the Democrats said that dissent was the highest form of patriotism?

    The GOP are the opposition party, it is their current job to “pounce” on the excesses of the party controlling the government.

    1. Hey, Matt Welch actually wrote something positive about the Republicans without engaging in any “what-aboutism”. He must be slipping.

  18. Those who value financial privacy are best off seeking it another country.

    Countries that fall under (or wish to fall under) IMF and World Bank services and/or want to transact dollars with any US Affiliated bank will comply willingly. Banks and countries who are willing to forego those essential transactions tend to be risky holders of wealth.

    It is why the Afghanis can’t get $10 billion they put in some bank. Even the Proverbial Swiss secret accounts have knuckled under to US bank snooping.

    We are about to enter a painful era of social credit scores determining the access to your money and the services you can purchase.

    1. That’s one of the attractions of crypto currencies.

      Like the song, ain’t nobody’s business but my own.

  19. “Yes, there are concerns that some people have. But if people are breaking the law and not paying their taxes, one way to track them is through the banking measure. I think 600—well, that’s a negotiation that will go on as to what the amount is. But yes.”

    In other words, the old you have nothing to fear if you are not breaking the law excuse for the police state.

    1. In my experience, most people avoiding income taxes by not reporting income, are the low income earners. What they fail to comprehend, as many here seem prone to as well is, they don’t earn enough in total to pay any significant income taxes anyway.

      And, while they also are avoiding SS taxes, they are hurting themselves in the long run. You wouldn’t believe how many of my 65+ yo friends, who spent years working for cash under the table, are still working because they get no or, very little SS. They forgot that you have to report and contribute in order to receive it.

      They laughed for years and thought they were smart. Now they’re crying the blues and still working and living hand-to-mouth as they always have.

  20. “Yes, there are concerns that some people have. But if people are breaking the law and not paying their taxes, one way to track them is through the banking measure. I think 600—well, that’s a negotiation that will go on as to what the amount is. But yes.”

    For people who are MMT-adjacent, they certainly don’t sound like they can print however much money they want to.

  21. Wow, these fucking Democrats sure act like there isn’t an election coming up, what gives?

    1. They’re not worried. They will ratchet up the fraudulent mail-in voting machine in key D-controlled districts just enough to sneak out a victory.

    2. Well Trump is not helping the republicans either. The party is fractured and he just shoots down anyone he doesn’t like. He is still going around claiming he won the election. Yesterday he said republicans are not going to vote until congress admits he won. I suspect he is right about that. He is probably the most divisive public person in recent history.

      Dems are fumbling the football they have been handed.

  22. “”With all due respect, the plural of anecdote is not data,” Pelosi said, disrespectfully.”

    BUT BUT BUT …
    L I V E D E X P E R I E N C E S 111!!111!1!111!!!!!!!!!

  23. The issue is control of the population, nothing else.
    One last chance, the 2022 elections.

  24. I think deep down most Dems, at least ones like Pelosi, know that you can’t pay for everything by just taxing the rich. They just don’t want to say it.

    1. This was always the plan. I will give Bernie some minor credit, he is fucking nuts, but at least he is true to his cause. He said in the debates that he wanted radical transformation, and that everyone including the middle class would have to have a tax raise to pay for it. The only one in the whole party that admits it.

      But this was always the case. The math is right there to see. You dont get anywhere near what they want to spend without huge middle class tax increases.

      51% of the country pays 0 income tax. The dems arent going to let that money pot stay untouched.

  25. Dems Want to Soak the Rich by Snooping on the Poor

    Stop peddling the lie that Democrats want to redistribute money from the rich to the poor (not that that would be a good thing anyway). What Democrats want to do is to make voters government dependent and shovel trillions into the hands of their billionaire supporters and special interests.

    1. Disagree somewhat. They want and will take money from anyone and everyone to achieve that authoritarian/government dependent relationship they seek. They just want to say it will come from someone else.

      That someone else changes with each audience. As long as it isn’t those present, all is well.

      And, they never talk about themselves. I mean, isn’t Pelosi fucking rich?

  26. It will be a long, long time before any Dem gets any vote from me for any position. The whole party is culpable for the madness at this point, but I fear we’re too “fortified” to change.

    Fuck Joe Biden. Fuck Nancy Pelosi and all the swamp creatures. Give me that giant meteor into the House and Congress while everyone is in session.

  27. Okay, Nancy Pelosi and Elizabeth Warren go ahead and see if this will work. Why don’t we allow the IRS to investigate your deposits and money transfers for a decade. Why not include everyone whom votes for the bill.

    For the rest of us, we don’t want the government to be even more invasive into our lives. We just went through Covid-19 and now you want to make us go through Authoritarian-21.

    While I disliked Trump and have never voted for him, I truly abhor Biden and his Authoritarian tendencies. Reflecting back, we would have been better off with Trump in office because the corporate media would have dogged Trump. With Biden the corporate media are sycophantic lapdogs.

  28. My household has a change jar we throw money in whenever we have a some in our pocket. For instance, if I use a $20 bill to pay for 6 dollars worth of stuff, then the change I receive goes into the jar. I’ll occasionally roll up he loose change and trade it in to the local dollar store for twenties (they always have a sign up asking for small bills and change).

    About every three months I’ll take it to bank and deposit it in my account. Last year, I went about 6 months before depositing it and the amount had grown to about $300. Do you think the IRS will believe me about where that money came from?

    1. As the police asked Art Carney (“Night of the Meek”, Twilight Zone), roughly, you got receipts for those toys Santa Claus? I had a vision where the police would nab me and start demanding I produce receipts for everything I owned or go to jail. A few years before Mom and Dad had taken me to the drive-in to see the 1954 version of “1984” so I guess I was a little paranoid, hunh.

    2. Expect the IRS to be at your door any day now.
      “We’d like to ask you a few questions about your bank accounts.” If we don’t get the answers we’re looking for….you will be arrested for evading taxes, you children taken to a nice foster home and you and your wife spend a little time in one of our prisons just to refresh your memory.”

  29. Everyone with a brain has been screaming to the sheep since the D’s put out their budget / spending plans. And it is happening just as predicted.

    This was always the fucking plan, you morons. When they put out a plan that would be “paid for” by taxing the wealthy, and then told you straight up that if they got every single dollar they could dream of from the rich…that only 1/6 of the spending would be covered. This was ALWAYS going to come around to taxing the middle class and lower.

    It’s only going to get worse. Just wait. Wait until the screaming children that want their lesbian studies degree for free, are told their taxes will be going up this year to pay for it. It’s a whole different ballgame when you actually have to pay the bill for those spending dreams you had.

    Guess all those poor gig economy, under the table landscapers / cleaners, and everyone else the dems claim they care about are about to get the fucking hard shaft up the ass.

    Enjoy it peons, you fucking idiots should have seen this coming, you voted for it, and its only the beginning.

  30. So, term limits on the US aristocracy, or are we going to have this dim bulb and her arrogance as a reminder of why it’s necessary each time she opens her cakehole?

  31. Keep it simple Reason. One sentence: ‘The Biden Administration is nationalizing the entire U.S. banking industry.’

  32. This is a way to get all the sports/online gambling people that don’t file. The IRS does not let you file net gains/losses. If you use the short form wins are revenue. You have to itemize to file losses. This can wreck havoc when going up against the standard deduction. Since Sports betting/online casinos don’t track SSN IRS only knows if you voluntarily file. But with $600 bank snoop, they will know and inconvenience everyone because in total across the country gambling is a net loss.

  33. Everything I do with my money is one hundred percent legal. I pay the taxes I owe on time and in a proper manner. Enforcement entities can look at my accounts all they want.
    I’m tired of the Donald Trumps of the world paying no taxes while those of us who are supposedly retired are having to still work full time because we are sustaining the system that makes them rich. It’s past time to rigorously enforce the tax code, make the cheaters pay up, and increase the corporate tax rate to at least 28 percent–which is what I pay,

  34. Like COVID restrictions are not about public health, this $600 invasion of privacy is not about taxes. It’s about control. If they have unlimited access to your bank accounts, they can see what you spend your money on – be that guns, booze, plane tickets to DC, or anything else they deem undesirable. They can also flag your account for ‘suspicious activity’ and freeze it or seize it under bogus ‘civil asset forfeiture’ laws. It’s not about catching tax cheats, it’s about controlling us. How many billionaire tax cheats even work in amounts as small as $600? No many.

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  36. I can’t imagine any American that loves America supporting this. If Americans aren’t asking for or supporting this garbage then why are they allowed to do it? People had better start waking up and voting this garbage out before they create new laws providing incentive not to. I remember governor Brown here in California referring to those of us who opposed additional gas tax as “freeloaders” while also stating that he doesn’t really care because he can “just go retire to my ranch” Funny how the politicians can afford to “just retire” while us “freeloaders” must work until we’re dead. Hard to believe that there will be some malcontents that support this government overreach. Wake up before it’s too late.

  37. I’m glad people are starting to wake up to these Democratic Socialists. I know Libertarians are on to them but we need more main stream Republicans and moderate Democrats to really push back and loudly. I’m a Libertarian but we have no media voice other than this platform. We need to enlist others to see the value of our perspectives.

  38. Red this:

    The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.

    That a clever way was found to circumvent the 4th amendment, isn’t grounds for a warrantless search; is it?

  39. It will allow them to see who the deplorables support politically. It really is all about spying on the hated working class.

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