Along with offering all this additional “free stuff” to any one in the world who can get on our soil!
450 billion in 2006.
Recent studies project that the tax gap will be a cumulative $7,500,000,000,000 between 2020 and 2029.
https://www.congress.gov/bill/116th-congress/house-bill/6076/text?r=2&s=1
So how much of that will the 93,000 new auditors capture?
20% would be break even, so it’s definitely feasible.
I think you’re supposed to pay taxes on any purchase you make and bring into your state. Or should I say, NJ. I can’t do it with a car. As soon as I register it, they’ll charge me the taxes. Same with online purchases. I never paid those taxes. Even now, only Amazon and a few places charge tax.
Granted, but they will be monitoring your account activity as you meet the threshold. That leaves many things open for them to review. Many of which is none of their damn business.
Your employer already reports your income in many different ways to the feds. They are now looking for a tent to stick their nose under in regards to the other side.
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Helluva time for those Pandora papers to release.
I do, it’s just more the invasion of privacy in regards to your financial accounts. If they can’t catch tax cheats any other way than nosing their way through everyone single citizens personal finances with a fine tooth comb maybe they need to simplify how taxes are calculated and collected.
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No, they are only asking for the total of deposits made for a calendar year, no details whatsoever. Same as is reported on a W-2 form for hourly and salaried employees.
And if they choose to pretty sure they can see whatever they want. They already get this information from the employers. Why do you think they need it again from the other side? My deposits and my checks don’t have to match and if they don’t I’m automatically ■■■■■■■ over the IRS? Is that the new standard? There Can be many reason why what goes in an account is not equal to a paycheck if there is not direct deposit involved.
Face it, it’s govt overreach into personal lives and finances and some people are fine with it because they think the “right” kind of people are going to pay for whatever sins they think they committed. Thing is govt doesn’t care for anyone but themselves. They will protect themselves while forcing everyone else to hold to the rule of law. This isn’t new. It’s just seems it’s more palatable for some people now than in the past.
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Because of people like me. Millions of them. Like I said earlier, I got caught and owe more than a hundred thousand to the IRS and I know half a dozen other people in the same boat, some who lost homes and expensive cars etc. They cleaned out my bank account only, as I displayed full cooperation once they showed up at my door, literally at my house one day. I didn’t talk about it here out of an abundance of caution for years, but it’s all out in the open now, so it no longer matters.
The only way they can get more details than total money run through the account is if there are red flags and that then triggers an investigation.
And self employed don’t have employers, it’s an honor system easily beaten.
The rest of the country should not have to pay for your dishonesty. That’s on you. Seems they also found out without this draconian ■■■■■■■■ they are pulling now.
They know how much I make. My employer already tells them. How much of it is in my account and where it goes is not their damn business.
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Now!
They are increasing their ability to look into our financial life…at the same time the socialists are asking for a massive increase in spending, aka a massive increase for the need to acquire more of our money…
So what happens when they want reporting of transactions of $400 or just simple copies of our bank statements every month?
The bureaucrats never want less…they always want more.
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What a great point!
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If you work for somebody, you are not even subject to this, it is only for self employed people.
I’m paying it, nobody else.
We would have been paying for it had you not been caught.
I m not honestly sure why I m supposed to see that person as credible…I m both self employed and have a job…never been in that position.
The “I cheated and got caught so you all should face greater irs scrutiny” argument is certainly a novel approach though!
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You’ll get no scorn from me. Like I said before, I avoid taxes as much as possible. When people buy a used car for a dollar, what do you think that means?
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