Is Biden really that bad?

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hanimmal

hanimmal

Well-Known Member
BodegaBud said:
You really don’t know about the $600 thing? That’s where he wants every $600 that comes in or out of your account documented and sent to the IRS. It’s insane! The reason they are trying to do that is because they are looking for money to pay for all these bullshit social programs in the bill.
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https://apnews.com/article/coronavirus-pandemic-science-business-ap-fact-check-media-569714f738fb7d857e93e2594777d596Screen Shot 2021-10-15 at 2.29.00 PM.png
Online posts misrepresent scope of tax proposal, policy

CLAIM:
A new tax policy allows the IRS to “monitor all transactions involving bank accounts worth more than $600.” Another new policy taxes all payments of more than $600 made through applications like PayPal and Venmo.

THE FACTS:
Current tax proposals and policies do not call for either of these actions.

As part of its efforts to crack down on tax evasion by the wealthy, the Biden administration has proposed a policy aimed at reducing the tax gap and improving tax compliance. Under this proposal, financial institutions — which are already required to report to taxpayers and the IRS when bank accounts earn interest that exceeds $10 — would also document the total amount deposited and withdrawn from personal and business accounts annually. The requirement would not extend to bank accounts that have less than $600 in transactions per year or contain a balance of less than $600.

The Biden administration argues this data may give the IRS a better sense of who might be receiving large incomes that they aren’t reporting. But claims the proposal would allow “direct access to your bank transactions” are incorrect. Banks would not be able to report individual transactions to the IRS. “The statement that has been making the rounds that the IRS will be monitoring every transaction is extremely misleading,” said Samantha Jacoby, a senior tax legal analyst at the Center on Budget and Policy Priorities. “The only thing that the IRS would have access to is two new numbers, total gross inflows and gross outflows for the whole year.” The suggested new rules remain in proposal form and are still being discussed. In recent days, House Ways and Means Committee Chairman Rep. Richard Neal, a Democrat from Massachusetts, has suggested the reporting threshold could change from $600 to $10,000.

Additionally, some social media users have made a separate false claim alleging that new taxes will be placed on people who use third-party payment apps including Zelle, Cash App, Venmo or PayPal.

This stems from a misunderstanding of a provision in the Biden administration’s American Rescue Plan Act, an economic stimulus bill that was passed in March and is set to go into effect in January 2022, according to Steven Rosenthal, a senior fellow at the Tax Policy Center. That policy requires a tax form called a 1099-K to be filed for business owners earning $600 or more a year on payments that are received through third-party applications. The rule does not apply to noncommercial payments like reimbursing someone for food or rent or other one-off transactions such as selling an old piece of furniture, Rosenthal said. “The American Rescue Plan requires Venmo and PayPal and others to report commercial transactions, those are transactions for the sale of goods or services to any seller whose receipts exceed $600,” Rosenthal told the AP. “That’s merely information reporting. It does not impose any tax liability on its own.”
 
S

schuylaar

Well-Known Member
hanimmal said:
https://apnews.com/article/coronavirus-pandemic-science-business-ap-fact-check-media-569714f738fb7d857e93e2594777d596View attachment 5010233
Online posts misrepresent scope of tax proposal, policy

CLAIM:
A new tax policy allows the IRS to “monitor all transactions involving bank accounts worth more than $600.” Another new policy taxes all payments of more than $600 made through applications like PayPal and Venmo.

THE FACTS:
Current tax proposals and policies do not call for either of these actions.

As part of its efforts to crack down on tax evasion by the wealthy, the Biden administration has proposed a policy aimed at reducing the tax gap and improving tax compliance. Under this proposal, financial institutions — which are already required to report to taxpayers and the IRS when bank accounts earn interest that exceeds $10 — would also document the total amount deposited and withdrawn from personal and business accounts annually. The requirement would not extend to bank accounts that have less than $600 in transactions per year or contain a balance of less than $600.

The Biden administration argues this data may give the IRS a better sense of who might be receiving large incomes that they aren’t reporting. But claims the proposal would allow “direct access to your bank transactions” are incorrect. Banks would not be able to report individual transactions to the IRS. “The statement that has been making the rounds that the IRS will be monitoring every transaction is extremely misleading,” said Samantha Jacoby, a senior tax legal analyst at the Center on Budget and Policy Priorities. “The only thing that the IRS would have access to is two new numbers, total gross inflows and gross outflows for the whole year.” The suggested new rules remain in proposal form and are still being discussed. In recent days, House Ways and Means Committee Chairman Rep. Richard Neal, a Democrat from Massachusetts, has suggested the reporting threshold could change from $600 to $10,000.

Additionally, some social media users have made a separate false claim alleging that new taxes will be placed on people who use third-party payment apps including Zelle, Cash App, Venmo or PayPal.

This stems from a misunderstanding of a provision in the Biden administration’s American Rescue Plan Act, an economic stimulus bill that was passed in March and is set to go into effect in January 2022, according to Steven Rosenthal, a senior fellow at the Tax Policy Center. That policy requires a tax form called a 1099-K to be filed for business owners earning $600 or more a year on payments that are received through third-party applications. The rule does not apply to noncommercial payments like reimbursing someone for food or rent or other one-off transactions such as selling an old piece of furniture, Rosenthal said. “The American Rescue Plan requires Venmo and PayPal and others to report commercial transactions, those are transactions for the sale of goods or services to any seller whose receipts exceed $600,” Rosenthal told the AP. “That’s merely information reporting. It does not impose any tax liability on its own.”
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wasn't two berries worried SNAP (that he doesn't get) would find out?
 
BodegaBud

BodegaBud

Well-Known Member
hanimmal said:
https://apnews.com/article/coronavirus-pandemic-science-business-ap-fact-check-media-569714f738fb7d857e93e2594777d596View attachment 5010233
Online posts misrepresent scope of tax proposal, policy

CLAIM:
A new tax policy allows the IRS to “monitor all transactions involving bank accounts worth more than $600.” Another new policy taxes all payments of more than $600 made through applications like PayPal and Venmo.

THE FACTS:
Current tax proposals and policies do not call for either of these actions.

As part of its efforts to crack down on tax evasion by the wealthy, the Biden administration has proposed a policy aimed at reducing the tax gap and improving tax compliance. Under this proposal, financial institutions — which are already required to report to taxpayers and the IRS when bank accounts earn interest that exceeds $10 — would also document the total amount deposited and withdrawn from personal and business accounts annually. The requirement would not extend to bank accounts that have less than $600 in transactions per year or contain a balance of less than $600.

The Biden administration argues this data may give the IRS a better sense of who might be receiving large incomes that they aren’t reporting. But claims the proposal would allow “direct access to your bank transactions” are incorrect. Banks would not be able to report individual transactions to the IRS. “The statement that has been making the rounds that the IRS will be monitoring every transaction is extremely misleading,” said Samantha Jacoby, a senior tax legal analyst at the Center on Budget and Policy Priorities. “The only thing that the IRS would have access to is two new numbers, total gross inflows and gross outflows for the whole year.” The suggested new rules remain in proposal form and are still being discussed. In recent days, House Ways and Means Committee Chairman Rep. Richard Neal, a Democrat from Massachusetts, has suggested the reporting threshold could change from $600 to $10,000.

Additionally, some social media users have made a separate false claim alleging that new taxes will be placed on people who use third-party payment apps including Zelle, Cash App, Venmo or PayPal.

This stems from a misunderstanding of a provision in the Biden administration’s American Rescue Plan Act, an economic stimulus bill that was passed in March and is set to go into effect in January 2022, according to Steven Rosenthal, a senior fellow at the Tax Policy Center. That policy requires a tax form called a 1099-K to be filed for business owners earning $600 or more a year on payments that are received through third-party applications. The rule does not apply to noncommercial payments like reimbursing someone for food or rent or other one-off transactions such as selling an old piece of furniture, Rosenthal said. “The American Rescue Plan requires Venmo and PayPal and others to report commercial transactions, those are transactions for the sale of goods or services to any seller whose receipts exceed $600,” Rosenthal told the AP. “That’s merely information reporting. It does not impose any tax liability on its own.”
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Yeah it’s reported like I wrote. It’s keeping an eye on you. You might argue that is doesn’t mean action will be taken but to me it’s big brother in your personal business. Very scary stuff. And why?? Because they want to steal more money from the people who earned it to give it to people that didn’t. It’s to buy votes. We have not enough people working for their money and too many people voting for a living.
 
Herb & Suds

Herb & Suds

Well-Known Member
BodegaBud said:
Yeah it’s reported like I wrote. It’s keeping an eye on you. You might argue that is doesn’t mean action will be taken but to me it’s big brother in your personal business. Very scary stuff. And why?? Because they want to steal more money from the people who earned it to give it to people that didn’t. It’s to buy votes. We have not enough people working for their money and too many people voting for a living.
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Shh I think your microwave is listening :hug:
 
Fogdog

Fogdog

Well-Known Member
BodegaBud said:
Yeah it’s reported like I wrote. It’s keeping an eye on you. You might argue that is doesn’t mean action will be taken but to me it’s big brother in your personal business. Very scary stuff. And why?? Because they want to steal more money from the people who earned it to give it to people that didn’t. It’s to buy votes. We have not enough people working for their money and too many people voting for a living.
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Why are you so worried about a measure that makes it easier for the IRS to prove tax fraud?
 
UncleBuck

UncleBuck

Well-Known Member
BodegaBud said:
Yeah it’s reported like I wrote. It’s keeping an eye on you. You might argue that is doesn’t mean action will be taken but to me it’s big brother in your personal business. Very scary stuff. And why?? Because they want to steal more money from the people who earned it to give it to people that didn’t. It’s to buy votes. We have not enough people working for their money and too many people voting for a living.
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Sounds like youve got it all figured out
 
hanimmal

hanimmal

Well-Known Member
BodegaBud said:
Yeah it’s reported like I wrote. It’s keeping an eye on you. You might argue that is doesn’t mean action will be taken but to me it’s big brother in your personal business. Very scary stuff. And why?? Because they want to steal more money from the people who earned it to give it to people that didn’t. It’s to buy votes. We have not enough people working for their money and too many people voting for a living.
Click to expand...
Guess you missed this part:


But claims the proposal would allow “direct access to your bank transactions” are incorrect. Banks would not be able to report individual transactions to the IRS. “The statement that has been making the rounds that the IRS will be monitoring every transaction is extremely misleading,”
 
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