{"id":13286,"date":"2021-10-17T21:54:20","date_gmt":"2021-10-17T21:54:20","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/the-holding-billionaires-accountable-lie-media-big-tech-fact-checkers-mischaracterize-angst-toward-bidens-tax-proposal\/"},"modified":"2021-10-17T21:54:20","modified_gmt":"2021-10-17T21:54:20","slug":"the-holding-billionaires-accountable-lie-media-big-tech-fact-checkers-mischaracterize-angst-toward-bidens-tax-proposal","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/the-holding-billionaires-accountable-lie-media-big-tech-fact-checkers-mischaracterize-angst-toward-bidens-tax-proposal\/","title":{"rendered":"The \u2018Holding Billionaires Accountable\u2019 Lie \u2014 Media, Big Tech Fact Checkers Mischaracterize Angst Toward Biden\u2019s Tax Proposal"},"content":{"rendered":"

U.S. citizens and financial institutions are concerned about the Biden administration\u2019s goals to get banks to report to the Internal Revenue Service (IRS) aggregate inflows from a customer\u2019s bank account annually that exceed $600. Mainstream media is reporting and Big Tech\u2019s swarm of fact-checkers have said that some lawmakers are mischaracterizing the proposal.<\/strong><\/p>\n

Biden Administration\u2019s $600 Tax Proposal Ignites Heated Debate and So-Called Fact-Checking<\/h2>\n

In May, it was reported<\/a> that Biden\u2019s IRS planned to add more staff and focus on cryptocurrency exchange. The accounts stemmed from a Treasury Department report, and the department\u2019s officials projected that during the next decade it could net $700 billion from tax offenders. The following decade later, the Treasury expects the plan to net $1.6 trillion, and the Federal entity believes those estimates are conservative. At the time of writing, the tax proposal dubbed the \u201cAmerican Families Plan Tax Compliance Agenda<\/a>\u201d is still being debated.<\/p>\n

So no one else thinks it\u2019s odd the IRS wants to track bank accounts and transaction of $600 dollars or more to go after the 1%? Seems oddly misdirected. This is why #bitcoin<\/a><\/p>\n

\u2014 Jason Nelson (@dragonwolftech) October 16, 2021<\/a><\/p>\n<\/p>\n

There\u2019s a lot of confusion surrounding this proposal and if users post about it on Facebook, usually a fact-checker is assigned to the post that says lawmakers are mischaracterizing the rule. Twitter\u2019s news feed<\/a> says the exact same thing as it claims skeptics are conflating the definitions of the proposal in an attempt to say the IRS can view all transactions over $600.<\/p>\n

\u201cMost of the money [generated by the tax enforcement plan] \u2014$460 billion\u2014would come from the second big piece,\u201d explains<\/a> the Wall Street Journal. \u201cThat plan increases the government\u2019s ability to see into a current blind spot\u2014business income where there is no independent verification to the IRS, as there is for wages where W-2 forms go to workers and the government. Banks and payment providers would be required to report inflows and outflows from accounts each year, starting in 2023.\u201d<\/p>\n

So if I make 600 dollars from a garage sale and deposit that into the bank, will the IRS then ask to know where it came from? Will I be asked to pay taxes on that? This is a dangerous slippery slope. A major invasion of privacy.<\/p>\n

\u2014 Brooke Tramble (@Brooke21181) October 13, 2021<\/a><\/p>\n<\/p>\n

Janet Yellen, the Treasury secretary, has been urging lawmakers<\/a> to agree on the IRS proposal. \u201cThere\u2019s a lot of tax fraud and cheating that\u2019s going on,\u201d Yellen explained<\/a> to CBS reporter Norah O\u2019Donnell. Furthermore, Yellen noted that the new requirement for financial institutions is \u201cabsolutely not\u201d a way for the government to poke around into the financial affairs of average Americans.<\/p>\n

Liberty Activist Asks: \u2018Why Is the IRS Allowed to See Any of My Bank Transactions Without a Warrant?\u2019<\/h2>\n

Yellen and Biden have continuously stressed that the goal is to have America\u2019s billionaire-class accountable. Meanwhile, there\u2019s a number of loud and vocal voices explaining that the proposal is intrusive.<\/p>\n

\u201cWhether it\u2019s $600 or $10,000, the IRS has NO business monitoring your bank account,\u201d Senator Michael Rulli tweeted<\/a> on October 15. \u201cFor real though, it doesn\u2019t matter if it\u2019s $600 or $60,000 \u2013 why is the IRS allowed to see ANY of my bank transactions without a warrant?\u201d liberty activist Naomi Mathew said<\/a> the day before. Another Twitter profile \u201cJuliesbac\u201d exclaimed:<\/p>\n

We should be completely flipping the script at this opportunity. Not only should the IRS not be able to look into $600 transactions. They need to be completely banned from looking at any transaction without a subpoena. They serve us. We don\u2019t serve them.<\/p>\n

The co-host of the broadcast \u201cBreaking Points,\u201d Saagar Enjeti, said<\/a> that the \u201cIRS is 3X more likely to audit someone making less than 25,000 than someone in the top 1%. The $600 dollar proposal would only give them even more ammunition to go after working-class Americans.\u201d<\/p>\n

Yellen should read the 4th amendment real slow:
\u201cThe right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause\u2026\u201d https:\/\/t.co\/VYb73TlQWL<\/a><\/p>\n

\u2014 David Asman (@DavidAsmanfox) October 9, 2021<\/a><\/p>\n<\/p>\n

Nancy Pelosi Says $600 Tax Proposal to Be Included in Reconciliation Bill, \u2018Hold Billionaires Accountable\u2019 Line Considered a Farce<\/h2>\n

Meanwhile, Nancy Pelosi explained<\/a> that Democratic lawmakers plan to support Biden\u2019s tax proposal. The new tax enforcement concept will be included in the Reconciliation Bill, Pelosi said.<\/p>\n

\u201cYes there are concerns that some people have but if people are breaking the law and not paying their taxes one way to track them is through the banking measure,\u201d Pelosi told<\/a> the media last week.<\/p>\n

You can\u2019t search my house without a warrant but you want to see all my bank transactions over $600?<\/p>\n

Dear IRS, you are giving people even more reason to switch to crypto.<\/p>\n

\u2014 Paul Puey (@paullinator) October 17, 2021<\/a><\/p>\n<\/p>\n

A political columnist from The Hill, Joe Concha, told<\/a> his 113,000 Twitter followers that the \u201chold billionaires accountable\u201d line Yellen and others are saying \u201cwill win [the] lie of the year.\u201d Meanwhile, there are many who simply scorned the government for the new proposal as the financial rules are consistently broken by the elite.<\/p>\n

\u201cCan\u2019t stop thinking about how the IRS wants to know what I\u2019m doing with $600 while the Pandora papers literally exposed the shadow economy and tax evasion of billionaires,\u201d one individual said<\/a> last Wednesday.<\/p>\n

What do you think about the debate over the new IRS proposal backed by the Biden administration and Treasury secretary Janet Yellen? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nTaxes, $600, agenda, American Families Plan tax reform, Biden Administration, Billionaire-Class, Billionaires, Charles Rettig, Democrats, deposits, fact-checker, fact-checkers, Inflows, Internal Revenue Service, IRS, Janet Yellen, Joe Biden, Joe Concha, Juliesbac, lawmakers, media big tech, Michael Rulli, Nancy Pelosi, Naomi Mathew, Norah O\u2019Donnell, outflows, Republicans, Saagar Enjeti, Tax, Tax agency, Tax Compliance Agenda, Withdrawals<\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. citizens and financial institutions are concerned about the Biden administration\u2019s goals to get banks to report to the Internal Revenue Service (IRS) aggregate inflows from a customer\u2019s bank account annually that exceed $600. Mainstream media is reporting and Big Tech\u2019s swarm of fact-checkers have said that some lawmakers are mischaracterizing the proposal. Biden Administration\u2019s…<\/p>\n","protected":false},"author":0,"featured_media":13287,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13286"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13286"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13286\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13287"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}