According to the National Association of Federally-Insured Credit Unions, customers at some credit unions have already decided to close their accounts over "government intrusion" concerns fueled by the prospect of such new rules taking effect.
Thursday, October 21, 2021
Some Credit Unions Already Losing Accounts over Democrats’ Plan to Expand IRS Tracking
Organizations representing community banks and credit unions are blasting the Democrats' commitment to expanding IRS reporting requirements, calling the proposal a government overreach that would require financial institutions to spend more money on compliance costs at the expense of products and services for their members.
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They never want to change the laws passed by previous congressional action, something they could do without much problem....close the "loopholes" they keep whining about.
ReplyDeleteAnd ANYONE that is trying to hide income from the IRS, which is the purported reasoning for this change, is NOT going to be using financial institutions to store those funds. I mean, I suppose some dummies might, but the businesses doing part of their work in cash and not reporting it is not going to do so.
They are so friggin out of touch with any kind of reality!
Where are the Republicans!? Where are the Constitutional Conservatives!?
ReplyDeleteNo one who supports the PATRIOT Act will tolerate these KGB attacks against the citizenry!
"Where are the Republicans!? Where are the Constitutional Conservatives!?"
DeleteSupporting the power of the nobility and royals to lord it over you miserable peasants, that's where!
- Republicans and Constitutional Conservatives
When Georgie boy dreamed up and congress legislated the patriot act they ALL knew it was unconstitutional,. but did it anyway because they "HAD" to do something about 9/11. To make matters worse they re-instated it just recently, knowing full well most citizens wanted it done away with. These ass munches did it anyway. Rem=voe every damn one to the traitorous bastards from office, preferably on the end of a very short plank halfway between here and the Azores.
DeleteDemocommies are the leaders of socialism and the republitards are the enablers and supporters, with Constitutional conservatives not knowing whether to punt or pass.Burn it down. We'd be better of with Western Justice.
We of course all know that Congress will be exempt of this. And the Clinton's of course.
ReplyDeleteIrish Democracy - move $601 in and out of your account once a week. Multiply this by a couple of million accounts, no point in making it easy to track, correct?
ReplyDeleteThey want EVERY transaction for accounts that have $600 or more, not $600+ transactions.
DeleteBetter be transferring all of it to a good attorney. The IRS will just seize your account(s) and worry about the niceties later.
DeleteWhat I want to know, will the movement of funds over $10k or $600 also cover all accounts belinging to congress crooks and all members of the executive and the legislative branch?
ReplyDeleteThat would be . . . interesting.
The Chase Bank safe deposit box agreement is almost as evil as a Microsoft license agreement.
ReplyDeleteIt prohibits the storage of cash, money, and non-collectible coins, and gives the bank, in their sole discretion, authority to declare your property forfeit, and turn your property over to a government or law enforcement agency without any recourse or liability on the part of the Bank.
See: www.chase.com and search there. The doc is a PDF, but may be opened online.
John in Indy
Wow. Just wow. Good to know that this type of thing exists. Thank you, kind sir, for enlightening me.
DeleteBlame Bush
DeleteFuck Chase bank.
DeleteMadMarlin
Reporting cash transactions over $10K already places a burden on banks. Now for $600 reporting, the banks will be swamped making reports and the IRS will be swamped with this reported data.
ReplyDeleteNow we all know why grandma buried coffee tins of cash in the garden. And grandpa converted his cash into liquor bottles and kept them in the closet.
ReplyDeleteIt’s all about control....
ReplyDeletethey forced us to wear masks and take shots....
Now they want to look at your bank transactions....
of each one if over $600 or all your total transactions if over $10,000....
Be the sand in the machine.
Ed357
Wannabe FDR's coming after our gold.
ReplyDeleteWho gets the assets of family's wiped out by the chinkin pox poison vax?
Maybe you should read the PROPOSED bill. It asks banks to report totals of cash transactions over $600 dollars, as AN AGGREGATE. No one's personal transactions would be reported. Jeez, you all should read and stop listening to liars like Tucker, Sean and Trump.
ReplyDeleteThis $600 thing is about being able to use the IRS as a secret police harassing agency to go after ANY person who is not a good communist democrat. Any promising politician who might look like they could take down one of their chosen? Here comes an audit. Any person with an online presence who makes headway against their agenda? Crushed with legal fees. Parents speaking up against globo-homo school boards? You don't even need the FBI. Crush that soccer mom with an audit so the rest learn to not get out of line. Sure, it's about tax collection also, but a simple one-button push way to destroy all your political opposition is pretty handy!
ReplyDeleteHazeGray
Search 'IRS' along with 'PDT' <- THIS is what WE need to become.
ReplyDeleteBetcha didn't even know IRS had this name for those they 'serve'.
'Potentially Dangerous Tax-Payer', a designation created by 'Dangerously-Incompetent Tax-Burners'.
Delete