Biden admin backs down on tracking bank accounts with over $600 annual transactions
- Thread starter TheDan
- Start date
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With thinking like that, you could start a production studio.
Oh. Wait. That's already been done.
Serious note to folks who might not know - Yes, there's such a thing as "real estate porn." I was as surprised as anyone when that stuff started becoming popular.
As always, Rule 34 applies.
Yeah, I've heard of people renting out mansions or houses for such uses. Lot of high dollar homes that aren't primary residences get rented for that stuff. Wouldn't be surprised if a part in the film doesn't get traded for "rent" now and again.
Thought I’d share part of the latest proposal concept.
“The details are murky, but most Americans could still get ensnared in this dragnet unless they pay bills and buy goods in cash. Democrats say banks will only have to report total annual inflows and outflows, not discrete transactions. But nearly all Americans spend more than $10,000 a year.”
www.wsj.com
If that proposal goes thru almost every single adult American will be reported.
“The details are murky, but most Americans could still get ensnared in this dragnet unless they pay bills and buy goods in cash. Democrats say banks will only have to report total annual inflows and outflows, not discrete transactions. But nearly all Americans spend more than $10,000 a year.”
Opinion | The $10,000 IRS Tax Dragnet
Treasury wants to snoop on bank accounts to trigger more audits.
www.wsj.com
If that proposal goes thru almost every single adult American will be reported.
$10k in banking transactions per year and folks think they won’t be under IRS scrutiny. Common cure math must be a wonder. That’s less than $1k per month. Even if you run cash fir everything you still have to pull out if a bank account. Unless you close your bank account and do the check cashing deal and then you’re under scrutiny cause you’re using a check cashing business.
They're making a private institution their enforcement arm. I'd argue they're acting under color of law and thus subject to such things - but they're going to play that that is not the case. Needs to be thrown out in the courts if it can't be stopped in Congress.
I like it
The legal answer will be “Congress passed a law”. Arguably, there is significant difference in how the $10K threshold is applied in Anti-Money Laundering laws even vs the way it was presented in the WSJ article.
