U.S. Senate Finance Committee Chairman Ron Wyden on Tuesday said the new $10,000 Internal Revenue Service reporting threshold, to be included in Democrats' sweeping "reconciliation" social spending and tax hike legislation, was chosen after consultations with the U.S. Treasury because it is a level frequently used in other bank reporting requirements.
The proposal does not identify individual transactions, but gross annual inflows or outflows to help the IRS identify where wealthy taxpayers who do not rely on regular "W2" wage income may be hiding opaque source of business or investment income. "This is about wealthy business owners at the tippy top of the top. That's where the unpaid taxes are," he told reporters on a conference call.U.S. Treasury Secretary Janet Yellen on Tuesday endorsed the proposal, saying it would make it harder for wealthy Americans to hide sources of income from taxation, allowing the IRS to target them for audits.
well that's what they say..
A year? Lmao. Even a minimum wage job at part time hours nets you more than $10,000 a year.
10K a transaction, not 10K per year.
Why are these creeps so hell bent on spying on regular people?
Democrats are all about owning you. Vote them all out!
Do you agree with this policy?
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pentagon could receive $10 billion more than requested amid infrastructure fightSenator Jon Tester said the proposed spending increase 'strengthens our military' in the face of adversaries like China. Yes, let’s throw more money at military. The answer to all life’s problems. Wow
Source: Newsweek - 🏆 468. / 52 Read more »
WHO-led program aims to buy antiviral Covid-19 pills for $10A World Health Organization-led program to ensure poorer countries get fair access to Covid-19 vaccines, tests and treatments aims to secure antiviral drugs for patients with mild symptoms for as little as $10 per course, a draft document seen by Reuters says.
Source: CNN - 🏆 4. / 95 Read more »
Yellen says Democrats raise proposed IRS bank reporting threshold to $10,000WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen said on Tuesday she welcomed a revised proposal from congressional Democrats to raise a bank account tax reporting threshold to $10,000 in annual transactions from a proposed $600 level, with an exemption for wage earners. The change was made after major opposition https://www.reuters.com/business/finance/us-banking-lobby-groups-oppose-proposed-tax-reporting-law-2021-09-17 from banking and other lobbying groups who charged that initial proposal would raise financial privacy concerns by requiring financial firms to track and submit to the Internal Revenue Service data on aggregate inflows and outflows from every bank account above a minimum threshold of $600 a year. Stay out of our bank accounts . Use $10,000 then say after the big money give me a break I did not just fall off the back end of a turnip truck. STOP BIG BROTHER! When i am going too get my 3 stimulus check i am in ssa disability and i filed my 1040 6 mouth ago when i am going to get it .. Its sad that the irs is stillig the stimulus check fron the disable people and you guys haven't done nothing about that... They own you whatchu talking bout
Source: YahooNews - 🏆 380. / 59 Read more »
Fintech firm N26 is now worth more than Germany’s second-largest bankGerman digital bank N26 said on Tuesday it has raised $900 million in a new funding round that values the firm at $9 billion.
Source: CNBC - 🏆 12. / 72 Read more »
China's reported hypersonic weapon test raises security concernsReports that China may have tested a new hypersonic weapon have grabbed the world's attention and divided national security experts about its strategic significance and whether the U.S. was falling behind in a new arms race. Pose a threat to the world, especially the United States.
Source: ABC - 🏆 471. / 51 Read more »
No economic package? No problem: Even without a budget deal, parties already shaping their messagesRepublicans are casting Democrats as 'tax and spend' elites; Democrats plan to stress specific programs ranging from child care to community college Blame the two undercover Republicans. They along with the rest of the GOP are walls across the road of progress. The only thing massive about the Democratic Party right now is how massively they are f-ing up the country. BidensAmerica Democrats will loose. Instead of $2000, they gave out a heavily means tested $1400. They didn’t give us $15 min wage, no student debt cancellation, they let the rent moratorium expire, covid is still getting spread around.
Source: YahooNews - 🏆 380. / 59 Read more »