The media is at it again!
(This is where “Critical Theories” start – this one is Critical of Wealth and wants to make everyone think it is only Wealthy people who are cheating the IRS)
The Biden control proposal for Banks to submit a document to the IRS showing customer balances and include inflow and outflows greater than $600.
The media says there is $7 Trillion in taxes uncollected. But the Times article (linked here) says it may find $450billion.
The writer states: The money will come from the wealthiest.
Is that correct?
Let’s think about this – if you are working in a “Cash” job – you may deposit or withdraw more than $600 – but you have no documents going to the IRS for income taxes. Think about this! – How many “Cash” jobs are there? – And – who has most of them?
Now – lets see – who are the wealthy?
If a person is on salary and receives a W2 from their employer – but doesn’t report their income – the IRS will knock on their door very soon.
If a Business has employees (and pays them and gives them a W2) – sure there are ways to adjust expenses etc – but the reality is – most businesses are legit and report their income. (If they want to stay in business – they do this!)
Now, where is the “real” money? – Who gets to use large amounts of money and doesn’t need to report it? How about Politicians – transferring money from their “PACs?” How much did Ocatez (Ocasio-Cortez) report when she wore a Designer Gown for the Met gala? (not to mention the donation of tickets to attend – even as a guest!)
How about “Foreigners” – These are people who receive large amounts of money from overseas. If they deposit into a Bank – the Biden Admin wants to “tax” them on this money – but it was created overseas – not in the US. This should be tax free (as they will likely spend it in the US)
Seriously where are the $7 Trillion in uncollected Taxes?
Solution: Get rid of the Tax Benefits for companies who inflate charges in order to have “uncollected income.” Who does this? – How about every medical facility in the US! They should only be able to claim what Insurance pays for services. Nothing more!
And they should provide every person with a “shopping receipt” of every item they are charging – and how much! And if they collect from insurance – then they only charge the patient what Insurance will pay.
NO more gouging working folks – there is prejudice by medical facilities against people who have money. They will charge them inflated prices and if they don’t pay – send the bills off to collections (after they already collected from the patient’s insurance)
If they are not sending balances off to collections – then they are “adjusting” the amount for “uncollected” – which means and expense of business – and reduction in income – which means massively reduced tax liability.
Anyway – If I move $600 from one bank to another – will Biden want to tax me for “moving money”
Lets consider – double taxation – we already have this on Capital gains – and inheritance (Death Tax)
But – going back to the start of this – who actually will suffer due to this CONTROL monitoring of people’s private funds? I say it will be the masses who work for extra cash, as well as those in the Cash Jobs (Drugs, Prostitution) – Or how about the independent GIG economy – which is paid through things like venmo? How about the VRBO and other industries that rent out homes/cars/boats/ etc.
Yes there is a huge cash economy – (The illegal industries are paid the most) – but the average American is going to suffer – not the wealthy.
But this is also a ploy by politicians to control the banking industry – guess they donated to the “other guy’s” election.
Southern Cajun Catholic Gentleman 