Come on, you know only the 1%ers have the lofty sum of $600 of transactions in their bank accounts in a year. Almost no one makes $150 a week, or more. Just stop trying to scare the poor huddled masses living in the lower and middle class.
Even the article in the OP says that the $600 proposal is not happening but I guess that doesn’t make a good head line.
The IRS already requires reporting of any account that earns over $10 interest is proposing to now also report accounts with $10,000 in transactions a year.
The interest is simply reported on a 1099int. The reporting only shows the interest received, not the transaction history of the account on which the interest was earned. And do the math on transactions equaling $10,000 annually. That represents $193 a week. That is less than the poverty level.
I do think that a good case can be made that the threshold is too low and should be raised to above the average yearly transaction amount. I would likely come into agreement with you.
I do also appreciate the intent of the reporting in trying to see where the rich are skirting the tax laws because they don’t get a salary like you or I.
Every penny of money I make is reported by payroll to the IRS already. The same is not true of those who do not make their money selling their labor.
Hell 600 would trigger it from a single house payment. I was referring to the 10k limit, but that is irrelevant because you have no problem with the govt knowing how much I spend in a year.
This pathetic excuse about catching “tax cheaters” is just BS. They want to monitor our PERSONAL transactions now. Frightening that you agree on just the principle of it.