Proposal to allow IRS to audit all bank accounts with over $600

The Sandbox Political Topics
41

Is anyone claiming it will help banks?

What exactly is being required of them? Report the total cash inflows and outflows over the course of the year?

If the IRS allowed them to simply add two more fields onto the 1099-INT form, then I don’t think this will end up costing banks a whole lot. Some up front costs as they pay IT folk to deal with the new requirements, and a little more postage as more people will now need to get form 1099-INTs sent to them. Hey that would slightly help tax revenue as more $3 and $7 interest amounts would get reported. Extremely slight impact, of course.

42

I agree. I also think the US gov’t can do a lot of things at one time.

43

No, that’s not what he claims. And, that claim is not in your link.

According to Biden the extra revenue we get from reducing tax evasion will more than offset the cost of extra enforcement.

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44

Using the nickname that the losing candidate of 2020 came up with to describe his opponent adds credibility to whatever point you are making.

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45

Trump might have gotten fewer votes than Sleepy Joe, Crazy Uncle Joe, Lying Biden, Xiden, (pick your favorite nickname, there are plenty), but the USA was the real loser in the 2020 POTUS election.

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46

I’ll go with “Joe Biden” or “Biden”.

Maybe if you weren’t distracting yourself with nicknames you’d have the time to report what he said accurately.

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47

You realize Trump lied just about everything starting from his inaugural crowd size to the outcome of the 2020 election, right? And the USA is the lower because you don’t think a Biden comment is accurate or honest?

Whew.

48

Now you’re putting your thoughts in my head and your words in my mouth and pretending I’m thinking those thoughts and saying those words.

49

You realize that this is an extreme stretch of a conclusion? One that does nothing to promote civil discourse by inferring irrelevant information not present in this discussion?

I don’t think the US had any good choice for POTUS in the 2020 election; and as a result, the US is not in a better place in general.

I am happy to see Democrat politicians looking at overall costs for these packages being pushed by Biden’s administration; and wish that more would look toward finding compromise about moving forward rather than taking the “all or nothing” stance that some seem to be making.

50

This summarizes just about every argument against non-liberal ideology in this forum.

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51

To be fair, that would be true regardless of who won.

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52

Girl, we started losing in 2016

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53

I’d go back to 2012.

54

I’d go back to 1492

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55

I’ll take 1980. We could have had a normal social welfare system, like every other successful country. But we decided not to around then.

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56

Actually I would bet the vast majority of tax fraud is being committed by small business owners. I don’t think the rich commit tax fraud, they leverage tax loopholes to their advantage. Every single small business owner I know commits tax fraud on some level. The more cash their business brings in the more tax fraud they commit.

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57

I know one who does and one who doesn’t. I agree that revenue in greenbacks is a big opportunity.

I’d think the IRS knows how much fraud it turns up on random audits, but they don’t see it all even then.

They think this bank reporting thing would help.

58

What happened in the USA (or, say, its current geography) back then?

59

I think a lot really do try to be honest. But I also see the ones who claim 15,000 miles a year, every year.

Now if it was an Uber driver who claims 16,839 miles in 2020 and 14,703 in 2019 and 15,412 in 2018… sure, fine.

But when I have a “Consultant” with $8,000 of revenue every year and precisely 15,000.00 miles each and every year plus thousands of other expenses for negative income every year… I smell a rat.

60

Yeah, @twig93’s comment was on target for that election as well.

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