I received a link from my bank to sign a petition to - oppose this. Banks are against Posted: Sep 27th, 2021 - 11:47 am In Reply to: Biden's tax proposal targets bank accounts with more than $600. 'That's - NOT for the wealthy. That's for EVERYONE.
this. They know what is means. People will be taking their money out of banks.
And YES, they really do mean $600. This has been a long term dream of the Washington elites. They want to see every business transaction, and every personal transaction people make.
A few years ago they were trying to make businesses file 1099 forms for every payment they made, even to other businesses. That idea luckily was defeated by Republicans. If it had passed every business in the country would have had to send out 1099 forms to the IRS and the other businesses for everything they bought. Imagine the accounting nightmare that would have been. You would have to figure out in January how much money your business spent in total (subtracting any credits or returns of course) with Staples, United Airlines, Home Depot, McDonalds, the corner hardware store, etc. And then gather their taxpayer ID numbers and the exact corporate identity that you ended up paying. But that's not so simple. In the case of the McDonalds restaurants where you bought coffee for your crew on the way to the job the owner might be a franchisee, or some LLC, or McDonalds corporate. Each would get a separate 1099.
This scheme is trying to directly get that information from banks. It puts a big burden on them, and on businesses and individuals. Everyone will need to track and keep records for every deposit they make.
At some point structuring transactions to be under the limit will become illegal, and then you'll have to be able to prove that you didn't deposit $570 from your yard sale that brought in $610 because you were trying to avoid depositing $610. You'll need the receipt for the $40.00 tip to the guy who hauled away the trash after the yard sale for that.
This kind of scheme is unlikely to do anything useful other than unfairly burden businesses and individuals.
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