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
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  1. The Reticulator Member
    The Reticulator
    @TheReticulator

    Victor Tango Kilo: Aren’t you insulted that they think you are dumb enough to buy this? 

    Yeah, like their lame excuse for why they don’t want to release the videos of the January 6 incident.  

    • #1
  2. Hoyacon Member
    Hoyacon
    @Hoyacon

    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.

    • #2
  3. Nohaaj Coolidge
    Nohaaj
    @Nohaaj

    Victor Tango Kilo: Aren’t you insulted that they think you are dumb enough to buy this? 

    I am saddened that the vast majority of Americans are both oblivious to this  happening, and if aware, are dumb enough to buy this. 

    • #3
  4. Fake John/Jane Galt Coolidge
    Fake John/Jane Galt
    @FakeJohnJaneGalt

    Nohaaj (View Comment):

    Victor Tango Kilo: Aren’t you insulted that they think you are dumb enough to buy this?

    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.  

    • #4
  5. Nohaaj Coolidge
    Nohaaj
    @Nohaaj

    Hoyacon (View Comment):

    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.

    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.

    • #5
  6. Victor Tango Kilo Member
    Victor Tango Kilo
    @VtheK

    Nohaaj (View Comment):
    It is my understanding that it is not the balance that needs to be reported, rather, individual transactions that exceed the threshold of $600.

    That’s what I thought, but that was not the way the article explained it. 

    The Treasury proposed requiring financial institutions to annually report the total amount of money that went in and out of bank, loan and investment accounts if those accounts hold a value of at least $600, or if the total is at least $600 in a year.

    • #6
  7. Bob Thompson Member
    Bob Thompson
    @BobThompson

    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.

    • #7
  8. philo Member
    philo
    @philo

    Victor Tango Kilo: Aren’t you insulted that they think you are dumb enough to buy this?

    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.)

    • #8
  9. MarciN Member
    MarciN
    @MarciN

    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.” :-) 

    • #9
  10. Jerry Giordano (Arizona Patriot) Member
    Jerry Giordano (Arizona Patriot)
    @ArizonaPatriot

    Victor Tango Kilo (View Comment):

    Nohaaj (View Comment):
    It is my understanding that it is not the balance that needs to be reported, rather, individual transactions that exceed the threshold of $600.

    That’s what I thought, but that was not the way the article explained it.

    The Treasury proposed requiring financial institutions to annually report the total amount of money that went in and out of bank, loan and investment accounts if those accounts hold a value of at least $600, or if the total is at least $600 in a year.

    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.

     

    • #10
  11. philo Member
    philo
    @philo

    MarciN (View Comment): …if the state legislatures and the Congress had responded…

    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…

    • #11
  12. Basil Fawlty Member
    Basil Fawlty
    @BasilFawlty

    Nohaaj (View Comment):

    Hoyacon (View Comment):

    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.

    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.

    Nope. That would be the felony of “structuring” that sent Denny Hastert to prison.

    • #12
  13. iWe Coolidge
    iWe
    @iWe

    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.

    • #13
  14. WillowSpring Member
    WillowSpring
    @WillowSpring

    Most administrations seem happy getting the camel’s nose under the tent.  With this administration, its the other end they start with.

    • #14
  15. Bob Thompson Member
    Bob Thompson
    @BobThompson

    Jerry Giordano (Arizona Patrio… (View Comment):

    Victor Tango Kilo (View Comment):

    Nohaaj (View Comment):
    It is my understanding that it is not the balance that needs to be reported, rather, individual transactions that exceed the threshold of $600.

    That’s what I thought, but that was not the way the article explained it.

    The Treasury proposed requiring financial institutions to annually report the total amount of money that went in and out of bank, loan and investment accounts if those accounts hold a value of at least $600, or if the total is at least $600 in a year.

    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.

     

    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.

    • #15
  16. Jerry Giordano (Arizona Patriot) Member
    Jerry Giordano (Arizona Patriot)
    @ArizonaPatriot

    Bob Thompson (View Comment):

    Jerry Giordano (Arizona Patrio… (View Comment):

    Victor Tango Kilo (View Comment):

    Nohaaj (View Comment):
    It is my understanding that it is not the balance that needs to be reported, rather, individual transactions that exceed the threshold of $600.

    That’s what I thought, but that was not the way the article explained it.

    The Treasury proposed requiring financial institutions to annually report the total amount of money that went in and out of bank, loan and investment accounts if those accounts hold a value of at least $600, or if the total is at least $600 in a year.

    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.

     

    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.

    • #16
  17. Fake John/Jane Galt Coolidge
    Fake John/Jane Galt
    @FakeJohnJaneGalt

    Basil Fawlty (View Comment):

    Nohaaj (View Comment):

    Hoyacon (View Comment):

    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.

    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.

    Nope. That would be the felony of “structuring” that sent Denny Hastert to prison.

    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.  

    • #17
  18. RufusRJones Member
    RufusRJones
    @RufusRJones

    OCC Nominee Envisions ‘Deliberately Radical’ Redesign of US Banking System

     

    And in anticipation of what might happen, Omarova has been termed an “outspoken critic” of traditional banking and of cryptocurrencies. At a high level, she has advocated for the government to play a more active role within financial services — and, per her own statements, “end banking as we know it.”

     

    Drilling down into that sentiment, one way to do that would be to upend the very ways in which bank accounts are created and maintained.

     

    And, as she wrote, “it takes a system to beat a system” — and as she added, her proposal is “deliberately radical in scope and substance.” In her proposal, central bank accounts fully replace — rather than compete with — private bank deposits tied to the issuance of general purpose central bank digital currencies (CBDCs, aka “digital dollars”).

    As for the CBDC itself: The “direct CBDC” option enables the Fed to “internalize all payments,” according to the paper, by simultaneously crediting and debiting transacting parties’ accounts on its own digital ledger — “just like it currently does with respect to interbank payments.”

    “The core idea here is simply to allow all U.S. citizens and lawful residents, local governments, non-banking firms and non-business entities to open transactional accounts directly with the Federal Reserve, thus bypassing private depository institutions,” she wrote. “In this sense, it is a variation on the familiar FedAccounts — or FedCoin, ‘digital dollar wallets,’ etc. — theme. In principle, FedAccounts can be made available as an alternative to bank deposit accounts, upon a person’s request.”

    But the more effective option, she said, would be to transform all deposits to the Fed.

    The proposed FedAccounts would be identical, she wrote, and the accounts would earn interest, and the interest rates on those accounts would serve as a tool within monetary policy, setting a “floor” in interest rate policy.

     

    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. 

    • #18
  19. RufusRJones Member
    RufusRJones
    @RufusRJones

    This is really short, so definitely read it. 

     

     

     

    • #19
  20. The Reticulator Member
    The Reticulator
    @TheReticulator

    RufusRJones (View Comment):

    This is really short, so definitely read it.

     

    I like the 7-word commentary.

     

     

     

    • #20
  21. RufusRJones Member
    RufusRJones
    @RufusRJones

    Comrades! Support the GOSPLAN!

     

     

     

    • #21
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