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Least Believable Lie of the Day
Whenever a unit of the Democrat media complex publishes a “fact check,” you know what it is actually publishing is a “narrative defense.” The USA Today narrative defense of the Biden proposal to monitor every financial transaction for any account with $600 or more in the country is no different. The TLDR version is, “It’s just a proposal.” As if the government never follows through on any of its proposed schemes.
The unbelievable lie part comes when they ask why the threshold for monitoring transactions was set to $600.
Chuck Marr, senior director of federal tax policy at the Center on Budget and Policy Priorities, told USA TODAY the threshold for tracking the funds is set low, at $600, to make sure the system can’t be manipulated by the wealthy.
“You want to make sure the threshold is low enough so these people cannot divide up their money into multiple accounts.”
The wealthy do not squirrel away their money in hundreds or thousands of $599 bank accounts. That level doesn’t capture hedge fund managers, but it will scoop up a lot of waiters and waitresses who may not report all their tips.
Aren’t you insulted that they think you are dumb enough to buy this?
Published in Economics
Yeah, like their lame excuse for why they don’t want to release the videos of the January 6 incident.
Lol. I had to get my math working early today. If one has, say, 10 million bucks, one could avoid the threshold by opening 16,694 accounts.
I am saddened that the vast majority of Americans are both oblivious to this happening, and if aware, are dumb enough to buy this.
No, most Americans do not spend the effort on it because they know nothing they can do will stop or start the government from doing whatever it wants to do. They already consider half the population as Deplorables and treat them accordingly.
It is my understanding that it is not the balance that needs to be reported, rather, individual transactions that exceed the threshold of $600.
So the guy who wants to deposit his 10MM and avoid the reporting would have to make 16, 667 deposits of $599.99 each, but they could be made into a single account.
That’s what I thought, but that was not the way the article explained it.
Biden’s nominee for Comptroller of the Currency, Saule Omarova, who was educated in Russia, favors all consumer demand deposit accounts be recorded at the Federal Reserve Bank and that existing commercial banks operate as private lending institutions. She casts Wall Street bankers as A**Holes, which is difficult to argue against, but has no qualms against the same in Washington. That approach will iron out any current kinks in federal financial oversight of the people.
Unfortunately, history informs them that “we” are.
One of my favorites is when they promised not to keep all of the background check information as a de facto gun registration database but did it anyway.
Oh, wait, that wasn’t a promise. It was actually written into the law. (Note: And “we” said / did nothing about it.)
Wouldn’t it have been wonderful if the state legislatures and the Congress had responded to the pandemic lockdown proposals this way:
“Okay, you can have your lockdown, but you cannot make up for the lost tax revenue by borrowing money and adding to the national debt. And you have to declare a moratorium on all tax hikes for ten years.
“In other words, you can impose the lockdown if you want to, but you have to accept the financial losses that go with it. You will have to make up for those losses in the present, not the future, by scaling down all current government activity–cutting personnel and salaries and expenditures.
“And if you want to give everyone a stipend for staying home during the lockdown, that cash has to come out of our existing funds in our Treasury. You can’t borrow money to pay the people staying home today, and you can’t raise taxes later to compensate for those cash payments and the lost income taxes from the massive unemployment that the lockdown will cause.” :-)
It doesn’t look like there is any required reporting of individual transactions. If correct, then the statement in the OP — that this is a “Biden proposal to monitor every financial transaction for any account with $600 or more in the country” — is wrong. It’s basically a proposal to add a “gross inflow” and “gross outflow” line to the Form 1099-INT, on which banks already report interest.
If only the state legislatures still had some kind of direct control over at least part of Congress, then DC might actually give a hoot what the states thought. Alas…
Nope. That would be the felony of “structuring” that sent Denny Hastert to prison.
The whole point is to eliminate the need for human auditors. All this data, coughed up automatically, will make it easy for some program to “decide” what your “fair share” is, based on that data.
The computer systems can then automatically calculate and charge taxes, forcing 99% of Americans (who cannot afford to fight with the Feds) to buckle whenever some demand letter shows up.
Most administrations seem happy getting the camel’s nose under the tent. With this administration, its the other end they start with.
I don’t know why you would take the time to make a comment like this when, as it stands, if we don’t change from the government we have, they will have access to anything they want to know.
I guess that I’m just weird. I don’t like people spreading incorrect information, or forming opinions based on such error.
That is what got Rush Limbaugh in trouble. He was taking his walking around money in less that $10,000 so he did not have to hassle with the forms. They used that as leverage to open up investigations.
OCC Nominee Envisions ‘Deliberately Radical’ Redesign of US Banking System
https://www.pymnts.com/cbdc/2021/occ-nominee-envisions-deliberately-radical-redesign-united-states-banking-system/
Everything Moves Towards Communism All Of The Time™
The central banks have screwed this thing up and the statists know it so they are trying to shove anything they can down our throats.
She was born in the Soviet Union, and she has literally said that the Soviets had the right idea. This is a serious Biden nominee.
This is really short, so definitely read it.
I like the 7-word commentary.
Comrades! Support the GOSPLAN!