Speaker Pelosi confirms IRS monitoring account deposits of $600+ will be in Reconciliation Bill.
- Thread starter Race Jones
- Start date
Disanthrope
Inconvenient truth + Necessary evil
- every black person in Amerikkka
LurkerSix
OG
It was reported a while back that the reason the IRS doesnt go ham against rich people is cuz they cant afford it. Rich people can afford to lawyer up and the IRS doesnt have the budget to keep doing lengthy court battles. So if Biden is serious he'll increase their budget and actually put people behind bars, not go after crypto and look at 600 deposit. Even tho the government already monitors all accounts that do large deposits...
The Lonious Monk
Celestial Souljah
Yeah, but you're talking about catching people like Trump who break the tax laws. I think what some of us believe is they need to start by doing something with people like Musk and Bezos who use the laws to avoid paying at all.
LurkerSix
OG
Prob need to start with people who make a million a year and up. Cuz isnt tax cheating for them super widespread because they know the IRS cant afford to go after their tax bracket?
The Lonious Monk
Celestial Souljah
Maybe, but it's my understanding that the biggest problem right now is that wealth generated from things like capital gains as opposed to paychecks are taxed at a lower rate, so a lot of super rich people build their wealth through investments so they can avoid a lot of the taxes. Conservatives always point out that most of the taxes comes from the rich, but they ignore the fact that most of those people are paying a lower effective tax rate than people in the lower and middle classes.
mike030270
Memes
I hope this doesn’t pass
Race Jones
gangster. grace. alchemy
Old Man Cain
OG
The Fed Reserve aka the banks. This shit isn't democrat and republican it's above that
Scandalust313
Unshakeable Unbreakable Victorious
Race Jones
gangster. grace. alchemy
Race Jones
gangster. grace. alchemy
Mr.LV
OG
AMC stocks going to supposedly shoot to a high number when a short squeeze happens and the government going to want that tax revenue
MOASS = Mother OF ALL Short Squeezes
deadeye
Warrior
Thing is, Trump and other rich people don't have to break tax laws at all.
They're just exploiting loopholes and weaknesses in the system.
Think about all the times he's filed for bankruptcy.........yet, somehow, he's still managed to maintain his wealth.
That was just a way to reorganize his debt.
deadeye
Warrior
They'd get it anyway as soon as stockholders sell their shares.
Well, they don't get it right away............but it would be part of the capital gains people have to pay when they do their tax returns.
They'd actually be wasting money if they're gonna check every deposit over $600.
Race Jones
gangster. grace. alchemy
konceptjones
The one between three and three.
So folks are gonna go back to hand to hand cash transactions and money orders... Then what?
If I needed to get $1k to my peoples, I can get a money order for it, mail it to them, and they can cash it at any check cashing spot. With the exception of my initial purchase of the money order, a bank doesn't need to be involved and since they're only tracking money coming into our accounts, it would go unnoticed.
If I needed to get $1k to my peoples, I can get a money order for it, mail it to them, and they can cash it at any check cashing spot. With the exception of my initial purchase of the money order, a bank doesn't need to be involved and since they're only tracking money coming into our accounts, it would go unnoticed.
The Lonious Monk
Celestial Souljah
That's true, but Trump is an idiot and breaks the rules anyway. He probably won't suffer any consequences, a Congressional group just released a report where they basically state that Trump committed a bunch of crimes while in office.