Anyone heard of Bidens proposal for community banks?

[BugI02]

Will the people that voted Democrat EVER learn?

Makes me wonder how (if!?) they ever learned not to touch fire/hot things

 

[BugI02]

I get what you’re saying, the example of an irs refund check is maybe not the best one. They already know they gave that one to you and they know it’s not taxable. It’s in no way under the table and they’re trying to stop under the table. That kind of goes to my previous point of who deals in cash anymore, in a big way? I guess there probably are plenty, but none comes my way.

One quibble. I believe you have to report a refund as income on the subsequent years taxes, so it does eventually get exposed to taxation

 

[ditcherman]

Kind of like emissions regulations in the automotive and trucking industries.

The politicians just don't give a rip about the impact to industry. They are often proud of their ignorance about what is actually feasible and how much it will cost companies to implement their grand ideas.

Related, you ever notice how many trucks are broke down on side of road? So much hassle, that the people that make the laws never have to deal with.
Glad my stuffs old.
Or deleted.

 

[BugI02]

And I think the irs doesn’t need to watch them. Blood out of a turnip thing.

Every article I’ve read focuses on how anyone that’s not a w2 employee is on the “honor system” and that is just not good enough! Guilty until proven innocent.

Well, we know that many in leftist government have no idea what 'honor' is or means

 

[BugI02]

Seems like more of a political contribution enhancement thing. Banks will make major campaign contributions to fight this assuming it will cost them $$$ to provide all of this info.

If they do provide it, we will pay for it through receiving lower interest/higher fees/lower levels of service.

Ha ha ha ha ha. Most banks will have to go below zero in those areas to get any lower

 

[printcraft]

This would create such an onerous burden on banking it boggles my mind. Biden is an idiot not to realize this.

There is going to be a cost associated as well, guess who is going to be paying increased "transaction fees" shortly?
That or service is going to be limited to x number of transactions per week etc.

 

[BugI02]

It is definitely every transaction on every account over $600:

https://home.treasury.gov/system/files/131/General-Explanations-FY2022.pdf

A lot of money in tax deferred accounts, esp. in brokerage houses. Yellen has talked about the desire to tax paper gains on investment accounts. Perhaps the plan is to eventually tax gains even in the deferred accounts and they are installing the necessary infrastructure to monitor the exits prior to actually triggering the fire alarm

 

[ditcherman]

A lot of money in tax deferred accounts, esp. in brokerage houses. Yellen has talked about the desire to tax paper gains on investment accounts. Perhaps the plan is to eventually tax gains even in the deferred accounts and they are installing the necessary infrastructure to monitor the exits prior to actually triggering the fire alarm

Good deal.
They’re helping us burn it down.

 

[BehindBlueI's]

One quibble. I believe you have to report a refund as income on the subsequent years taxes, so it does eventually get exposed to taxation

Refunds are generally not income but since state taxes are often a deduction for federal taxes a state refund can impact your federal taxes since the refund means your deduction is smaller by the refund amount.

 

[Jaybird1980]

There is going to be a cost associated as well, guess who is going to be paying increased "transaction fees" shortly?
That or service is going to be limited to x number of transactions per week etc.

Haha ^^^^^ This guy gets it.

We always pay for it.

 

[spec4]

Banks pay a ton of money to comply with the usually ridiculous regulations. When I held a meeting with my staff going over regs, I would hear a lot of groaning. I would proceed to tell them which Dems sponsored the bills that created this crap. Some were unhappy about that.

 

[AtTheMurph]

My wife just read about Bidens proposal for Community Banks, etc being required to report all transactions over $600 to the IRS. There were links but neither of us click on them just because.

The proposal would require reporting of all transactions in accounts that have over $600.

Not to report transactions over $600.

And it would affect all banks, credit unions, paypal, venmo, etc where $600 or more is in the account.

I guess that Democrats do not care about privacy rights.

 

[phylodog]

I guess that Democrats do not care about privacy rights.

They will ban privacy if they can. Except for themselves of course.

 

[Mikey1911]

They will ban privacy if they can. Except for themselves of course.

“Privacy” to Democrats means unrestricted government-funded abortion services, and all non-heterosexual sex acts.

 

[jsx1043]

This would create such an onerous burden on banking it boggles my mind. Biden is an idiot not to realize this.

Biden had nothing to do with this. It’s literally the people pulling his strings arunning the government.

This is a two-pronged approach at switching to digital currency. By starting this way, it gets the populace used to the governmental oversight of money and income to such a personal level, and squeezes out that blood from a turnip. This sets the stage for tracking every purchase, which then proceeds to controlling/allowing specific purchases based on social credit. The regulations in place now with fiat currency won’t seem so bad to the general public when their dollars are turned into credits.

 

[Cameramonkey]

Biden had nothing to do with this. It’s literally the people pulling his strings arunning the government.

This is a two-pronged approach at switching to digital currency. By starting this way, it gets the populace used to the governmental oversight of money and income to such a personal level, and squeezes out that blood from a turnip. This sets the stage for tracking every purchase, which then proceeds to controlling/allowing specific purchases based on social credit. The regulations in place now with fiat currency won’t seem so bad to the general public when their dollars are turned into credits.

And sadly, many are too dense to see the forest for the trees. We already are seeing glimpses of that "credits" future and what happens when society says you misbehave and must be punished. Refuse to toe the PC line? You deserve to be cancelled and no longer allowed to work, make a living, or even exist in society. This "credits" based system will simply make it official.

Today, the woke mob has to work hard to punish anyone they disagree with to destroy them, and get everyone to go along with them to make it happen. Imagine the govt being able to make that official and literally cancel you by taking all your credits, making them (temporarily or permanently) invalid. Just imagine the devastation if these fascists that disagree with your inability to bake the cake can suspend or destroy your literal ability to survive by zeroing out your bank accounts and credit cards. ALL of them.

That "credits" system would be an absolutely perfect way to keep the people in line. Sadly, those fascists that would giggle with glee to see this kind of system possible, fail to realize that one day THEY could be on the receiving end of it as well.

Edit: And to a small extent, they have already succeeded in small part. Another small example: Just look at the gofundme drives closed because the recipient was deemed unworthy.

 

[BehindBlueI's]

And sadly, many are too dense to see the forest for the trees. We already are seeing glimpses of that "credits" future and what happens when society says you misbehave and must be punished. Refuse to toe the PC line? You deserve to be cancelled and no longer allowed to work, make a living, or even exist in society. This "credits" based system will simply make it official.

Remember when I said free access to the marketplace regardless of beliefs was a really big deal? INGO didn't seem to think it was a big deal with the "No Muslims" gun store or the whole who can buy a wedding cake debate. Then it was all about freedom of association or some such. Kind of interesting now that people are seeing the damage the ability to remove people from the marketplace can do. So which way do we want it? Businesses can select their customers based on beliefs or anyone with the economic means to do so can participate in the market. You can't have it both ways.

 

[Leadeye]

Seems strange that the reporting requirements go down like the value of the money, you would think it would work the other way. When the 10K law went into effect I would bet that 10K went a lot farther than it does today.

Financial people may need to buy more and larger computers. Probably hire more people and as was mentioned above charge more fees.

Always follow the money

 

[drillsgt]

Remember when I said free access to the marketplace regardless of beliefs was a really big deal? INGO didn't seem to think it was a big deal with the "No Muslims" gun store or the whole who can buy a wedding cake debate. Then it was all about freedom of association or some such. Kind of interesting now that people are seeing the damage the ability to remove people from the marketplace can do. So which way do we want it? Businesses can select their customers based on beliefs or anyone with the economic means to do so can participate in the market. You can't have it both ways.

There's a difference between a business making their own decisions and letting the chips fall where they may and government overreach and control of the banking system. Plenty of stores have 'no guns' signs on them, that's the same as not baking a cake for the gays. I suppose you can just keep your gun covered and not say anything about it in the no guns stores as well as if you know you are looking at cakes from a Christian baker just keep your mouth shut about being gay.

 

[Cameramonkey]

There's a difference between a business making their own decisions and letting the chips fall where they may and government overreach and control of the banking system. Plenty of stores have 'no guns' signs on them, that's the same as not baking a cake for the gays. I suppose you can just keep your gun covered and not say anything about it in the no guns stores as well as if you know you are looking at cakes from a Christian baker just keep your mouth shut about being gay.

This. If you are not free to say no, you are a slave.

And as to the gay cake thing, find a gay baker that isnt what you consider a bigoted a-hole. You're telling me gay bakers arent a thing? I'd go a pro gun baker over the "no guns in my shop" baker. This is no different.