You do realize the value of all sales in investment accounts and distributions from annuities and IRAs are already reported to the IRS. I guess you have never had to list the purchase and sale date of securities to determine gain or loss and then if long term or short term for the IRS as part of your tax return. This isn’t meant to catch big money. It is meant to capture the cash gig economy that goes un-taxed right now. The higher income crowd are not running a cash only operation.
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I do… and they already know what shlubs like us pretty much owe because our income is already reported to the IRS. Tax compliance for the middle and lower class is in the high 90% range.
The wealthy though… not so much. Their compliance is in the 50% range. That is because they have at their disposal more ways to hide their income.
How so?
For no other reason than to go after political enemies. It is a way to squelch free speech. Say something that offends the system, they will go through your records very meticulously.
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You dumb ass Conan…I could swear I voted no.
Must be that voting machine that’s switching votes on us.
They don’t hide it. They use the tax code to legally shield it. This has nothing to do with the wealthy, it is about an economy of scale effort to capture the cash gig economy and get the taxes on it.
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They’re about to hire 87000 new IRS agents and will use them to do exactly that. They will gain the ability to weaponize the IRS against ordinary citizens who criticize the current regime. If they really want to capture rich tax cheats, start with John Kerry. He parks his yacht in another state to avoid paying taxes in his…. Guarantee you won’t hear the name of one single solitary rich Lib being investigated for not paying their fair share.
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Oh BS…
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You haven’t voted that I can see.
That is not true.
LOL OK, Thought I did.
Must be Ohio air that’s getting to me. 
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Wage and salary deposits won’t count.
Of course not.
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So how they going to track wage income in your account? If I have wage income of 1,400 every two weeks (2800 a month). But my bills are only 1700 a month . . . how will they know if I’ve saved up the extra 1100 a month for 5 months and then have an outflow at 4,999 dollars for a new toy? do they count only 2800 of the 4999 as wages?
It is deposits and/or withdraws, what every the level would be set at. I guess they think enough people have learned the new math to be able to slip this past us.
They not going to even try to track it. You will have to prove to them that you don’t have unreported income.
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Arithmetic.
You know when the law was made that all transaction over 10,000 had to be reported to the IRS, they did not tie that amount to inflation. Back then 10K is probably worth 100k now. See how creeping tyranny works. Looks like they tied the same with 600$.
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I do nearly all my purchases on a particular credit card to crank up the cash-back benefit. Many months are over $4000, never mind $600. Or if they go with $10K/year, I hit that in a quarter with just my mortgage payments. Even a typical renter who pays $900/month by check would have 10K in transactions on that account from rent alone.
Another classic.
Lefties got caught. The plan was revealed. They retreated and said “oh no… we don’t agree with that idea.”
(And pay no attention to the fact that they always vote for the very people who thought up this control-freak nonsense")
It’s called maintaining “plausible denial”.
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