It hasn't passed yet - Financially challenged Posted: Sep 27th, 2021 - 12:20 pm In Reply to: Even House Democrats Think Emperor Biden’s - $600 IRS Bank Spying Plan Is
I haven't read very much about this, mostly what I've seen posted here. One article on line said that this would affect gig workers like Grub Hub and Door Dash and targets people who make money on the side and don't report it. Banks and credit unions oppose it because it requires them to upgrade their systems and install expensive software. Big data already sells so much of our information and I bet Big Brother already knows plenty of things we don't want to know. I still don't understand the part about reporting transactions - you need to take money from your account to buy personal stuff like groceries and pay rent, I don't know how that violates any IRS law. Would the stores have to report how much we spend? Yes, the whole thing sounds outrageous, which is why I think there must be more to this story.
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