We’re All ‘Billionaires’ Now

 

Treasury Secretary Janet Yellen explains why the Biden Administration wants to snoop on every bank account with $600 or more in transactions.

“There’s a lot of tax fraud and cheating that’s going on.” Treasury @SecYellen tells @NorahODonnell the proposed $600 IRS reporting requirement for banks is “absolutely not” a way for the government to peek into American’s pocketbooks but to hold billionaires accountable.

Right, because everyone is well aware of that trick billionaires use to hide their earnings by splitting them among two million $500 bank accounts.

I mean, come on, can you even imagine how you would keep track of that many passwords?

This is an administration that sent at least $800 million in stimulus checks to people serving time in prison, but rather than audit or control the Government’s only irresponsible spending, they want to add $3.5 trillion more of it and go after all those “billionaires” with $600 bank accounts.

Just to clarify: 1. This proposal isn’t about billionaires, it’s about finding tradesmen who work off the books and waiters/waitresses underreporting their tips. And incidentally, giving the Feds another authoritarian tool to wield against those they designate as “domestic terrorists” for speaking out at school board meetings or engaging in some other form of political opposition to the ruling party. 2. The Democrats know most of their base is so stupid that they can justify almost any policy on the basis of “we’re going after billionaires” and their voters will lap it up like 81 million Pavlov’s dogs.

Published in Finance
This post was promoted to the Main Feed by a Ricochet Editor at the recommendation of Ricochet members. Like this post? Want to comment? Join Ricochet’s community of conservatives and be part of the conversation. Get your first month free.

There are 23 comments.

Become a member to join the conversation. Or sign in if you're already a member.
  1. Jimmy Carter Member
    Jimmy Carter
    @JimmyCarter

    Victor Tango Kilo: I mean, come on, can you even imagine how you would keep track of that many passwords? 

    Sure I can:

    “password”

    “password1”

    “password2”

    “password3”

    “password4”

    …..

    • #1
  2. genferei Member
    genferei
    @genferei

    Victor Tango Kilo: 81 million

    Heh. 

    • #2
  3. Nohaaj Coolidge
    Nohaaj
    @Nohaaj

    “Let’s Go Brandon!”

    • #3
  4. David Carroll Thatcher
    David Carroll
    @DavidCarroll

    Somehow my social security deposit makes me a high income individual.  

    • #4
  5. JoelB Member
    JoelB
    @JoelB

    And so the systematic ruin of our freedom continues. Has this administration done one thing that is not destructive?

    • #5
  6. Full Size Tabby Member
    Full Size Tabby
    @FullSizeTabby

    Billionaires who are seeking to avoid accountability have places other than federally regulated banks to process their money. The proposed rule will not improve their “accountability,” as they will just move their transactions away from the federally regulated banks. So, the proposed rule will have no net effect on tax fraud and cheating by billionaires. But it will create annoyances and opportunities for government oppression against tradesmen, waiters/waitresses, artists (including musicians), etc. 

    • #6
  7. Gazpacho Grande' Coolidge
    Gazpacho Grande'
    @ChrisCampion

    “There’s a lot of tax fraud going on.”

    Hey, no sh*t, Janet.  It could be that way because the tax code is 4,000 pages long.  Instead of doubling down on regulation, which will increase costs at banks that will pass those along to everyone with a dollar in their vaults (it’ll come out of somewhere, so fees, reductions in interest paid on accounts, etc), how about you simplify the code and avoid the approximately 4,000 ways by which someone might try to conceal income from the maniacs looking to confiscate earnings from everyone.

    Yellen’s an idiot.  So are 90% of the “leaders” in Congress and roughly 98% of the bureaucracy, because only in gov’t can you fail at everything, all the time, and still be able to come into work and get paid and drink free coffee and complain about one of your benefits not being enough because you’re a big fat load.

    If you’re tracking $600 transactions, you’re missing the billionaires.  The math really is that simple, yet it’s beyond her capacity to understand.

    We are “led” by idiots.

     

     

    • #7
  8. Old Bathos Moderator
    Old Bathos
    @OldBathos

    The last time I tried to smuggle another billion into my checking account using $600 deposits it took me 1,666,667 transactions which was really tedious, let me tell you.

    I guess the people much better than I am at moving and hiding money will not be affected but woe to the guy whose real income is not $19,027 but really $24,212 with the extra UNREPORTED cash from mowing lawns and fixing stuff that moves him into another bracket and subject to back taxes, interest and penalties adding up to more than a months rent.

     

    • #8
  9. EDISONPARKS Member
    EDISONPARKS
    @user_54742

    It is illuminating to see “moderate” (D)’s like Garland and Yellen exposed as hardcore Leftists.

    Thank God the (R) sat on the Garland SCOTUS nomination.

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

    This is quite a mischaracterization of what Sec. Yellen said.  The mischaracterization started with CBS News in their tweet, not with you, VTK.

    It was Norah O’Donnell who used the word “billionaires” and suggested that this proposal was targeted at billionaires.  Sec. Yellen responded by discussing “high-income individuals.”  She used an example that is functionally identical to the one that I have used to explain the proposal — a hypothetical taxpayer who reported $10,000 in income but who had $3 million flow out of his bank account, which would be a red flag that might trigger an audit.

    • #10
  11. DonG (CAGW is a hoax) Coolidge
    DonG (CAGW is a hoax)
    @DonG

    Victor Tango Kilo: This proposal isn’t about billionaires, it’s about finding tradesmen who work off the books and waiters/waitresses underreporting their tips

    Or, maybe it is about tracking down people buying to-be-banned 9mm shells and fake vaccine cards.

    • #11
  12. Old Bathos Moderator
    Old Bathos
    @OldBathos

    DonG (CAGW is a hoax) (View Comment):

    Victor Tango Kilo: This proposal isn’t about billionaires, it’s about finding tradesmen who work off the books and waiters/waitresses underreporting their tips

    Or, maybe it is about tracking down people buying to-be-banned 9mm shells and fake vaccine cards.

    And Ricochet subscriptions.

    • #12
  13. Judge Mental Member
    Judge Mental
    @JudgeMental

    I wonder how they would react to a run on the banks.  Can’t track your bank account if there is nothing in it.

    • #13
  14. Skyler Coolidge
    Skyler
    @Skyler

    Victor Tango Kilo: “There’s a lot of tax fraud and cheating that’s going on.

    There was once a time when people were considered innocent until proven guilty, and you needed a warrant to do a search.  We have allowed the government to control banks and now they are using that to control us.  It’s high time we wake up and see what all this regulation does to us:  It enslaves us.

    • #14
  15. CarolJoy, Not So Easy To Kill Coolidge
    CarolJoy, Not So Easy To Kill
    @CarolJoy

    I believe this is an attempt to find out about all business owners, so that each and every one of us can be seen as “employers” even if the only employees on  site are we the business owners.

    What is not to like about a 700,000 penalty that slams each and every business in America should  even one employee remain unvaxxed? Think about the money that will be generated.

    It would take our small business about 50.8 years to come up with this $ 700,000 penalty, even if every dollar of profit was handed over to Uncle Sam. So of course, we would close down prior to  beginning penalty payments.

    Maybe that is the plan to further knock out small businesses across America.

     

    ####

    • #15
  16. Russ Schnitzer Member
    Russ Schnitzer
    @RussSchnitzer

    The eventual goal is to fully audit everyone, every year.  No matter what the cost.

    • #16
  17. Old Bathos Moderator
    Old Bathos
    @OldBathos

    Russ Schnitzer (View Comment):

    The eventual goal is to fully audit everyone, every year. No matter what the cost.

    …in real time.

    • #17
  18. CarolJoy, Not So Easy To Kill Coolidge
    CarolJoy, Not So Easy To Kill
    @CarolJoy

    Russ Schnitzer (View Comment):

    The eventual goal is to fully audit everyone, every year. No matter what the cost.

    Well, c’mon now, be honest.

    If you are a loyal Dem, and especially if you are a big muckey muck in the D Party, you will have no worries.

    It is just the other 58% of us that must be concerned.

    • #18
  19. Doctor Robert Member
    Doctor Robert
    @DoctorRobert

    JoelB (View Comment):

    And so the systematic ruin of our freedom continues. Has this administration done one thing that is not destructive?

    Nope.

    And it’s deliberate.

    • #19
  20. RufusRJones Member
    RufusRJones
    @RufusRJones

    Gazpacho Grande' (View Comment):

    “There’s a lot of tax fraud going on.”

    Hey, no sh*t, Janet.  It could be that way because the tax code is 4,000 pages long.

    There is no value added by the IRS and the tax code. It should be a flat tax and one deduction for procreating more tax slaves. 

    • #20
  21. Gazpacho Grande' Coolidge
    Gazpacho Grande'
    @ChrisCampion

    Jerry Giordano (Arizona Patrio… (View Comment):

    This is quite a mischaracterization of what Sec. Yellen said. The mischaracterization started with CBS News in their tweet, not with you, VTK.

    It was Norah O’Donnell who used the word “billionaires” and suggested that this proposal was targeted at billionaires. Sec. Yellen responded by discussing “high-income individuals.” She used an example that is functionally identical to the one that I have used to explain the proposal — a hypothetical taxpayer who reported $10,000 in income but who had $3 million flow out of his bank account, which would be a red flag that might trigger an audit.

    Yabbut – she’s not denying the $600 bucks.

    Talking about billionaire transactions where the IRS can’t see it on a W2 is disingenuous, too – for stock trades, asset selling, etc, especially for big-ticket items, there already existing reporting on that to the IRS.  

    All she’s seeing is a big estimated tax amount that’ll make Fed policies look less disastrous if they can just collect them.  It’s literally the opposite of policy, it’s the mix of fiscal and monetary that are blowing the economy up.  As always, it’s the spending, stupid.  It’s not the taxing.

    https://www.msn.com/en-us/money/taxes/janet-yellen-denies-irs-monitoring-600-transactions-is-spying-on-americans/ar-AAPtrDg?ocid=uxbndlbing

    • #21
  22. EDISONPARKS Member
    EDISONPARKS
    @user_54742

    It appears to me an excuse for Big Brother to legally monitor your every financial banking transaction without probable cause that anything is amiss.

    I would call it a nationwide mass data mining operation in search of crimes.

    • #22
  23. Skyler Coolidge
    Skyler
    @Skyler

    EDISONPARKS (View Comment):

    It appears to me an excuse for Big Brother to legally monitor your every financial banking transaction without probable cause that anything is amiss.

    I would call it a nationwide mass data mining operation in search of crimes.

    Exactly.  The camel got his nose under the door when they used the war on terror or drugs or whatever to justify them reporting large transactions.  Whenever you grant a premise that violates your freedom, we can be sure they will jam that camel into the tent, onto your bed and on top of your wife.  

    • #23