Yes, it’s once again republicans setting ur tax dollars on fire to virtue signal. We do that ALOT here in Florida
$600 does seem low imo but isn’t most of the banking that occurs in Nebraska done by companies that exist in more than just that one state? It seems unlikely to me that such a banking company would create multiple policies for this topic or that it would be defensible in court if they did.
*sigh* Don’t hire people to analyze transactions over $600. Hire people to audit the rich and sue them for avoiding taxes and negotiating them down.
Then the next time a republican administration is in power the first place they cut is the IRS and all those extra jobs we created. We can't be taking away their donation money.
I keep saying it but Joe is way more than I ever expected him to be. He’s got his share of disappointing shit but man I didn’t expect him to govern with progressives at all. He has to have Bernie and/or Warren in his ear constantly.
I’ve become a pretty shitty pessimist, admittedly, but I had a spell where I thought hed do this bc it’s popular. He’s not a garbage person (anymore) and moves with political wind of his times.
Pete is really no different than Sinema. Started of saying progressive shit then quickly fell down the big money donor hole.
It's not every transaction. It's total in and out on account over $600. https://amp.usatoday.com/amp/8411799002 To achieve that, the Treasury proposed requiring financial institutions to annually report the total amount of money that went in and out of bank, loan and investment accounts if those accounts hold a value of at least $600, or if the total is at least $600 in a year. That means that if the total debits (funds flowing out of the account) and credits (funds flowing into the account) equal at least $600 — including deposited paychecks or money transferred from finance apps like Cash App or PayPal — banks would have to report those figures to the IRS. However, the banks would not report details on individual transactions, like how the money was spent, only the total amount of money flowing in and out of the applicable accounts. Having that information will help the IRS flag under-reported income and target enforcement activities on tax evaders, the Treasury said.
And I'm totally OK with that. I'm in mortgages and 90% of my clients are self employed. We have bank statement programs through private lenders like Barclays for self employed clients bc we know their taxes don't show near their real income so it's pointless to even look at them. Stop and think about how fucked up that is. I'm currently doing a loan for an attorney in NY. Loan is $1.85m, house is worth $3.6m. His taxes show $90k income. Thats what he pays taxes on. He can't qualify using taxes bc it's not close to enough income. But we get 12 months bank statements and he had $2.8m in deposits. I'm sure he has a great accountant that knows every loophole and it's probably legal but it's insane that someone can pay taxes on $90k and pay for a $1.8m loan. I pay taxes on every dollar of my income and self employed people should to.
Can you ELI5 the pros and cons from both a left and right viewpoint? (Looks like you kinda did while I was typing this) I’m small town Nebraskan with a Facebook friends list that’s probably 75% Trump voting and they’re sharing it like it’s some big win. Doesn’t really move the needle either way with me and it just seems like Nebraskans trying to dunk on Joe under any means necessary.
Right wing media has completely spun it that Biden is going to be going over every transaction you make. That's a lie. They'll just be able to see "Oh this company had $2.8m in deposits into their checking account but they only claimed $90k in taxes? Hmm, maybe we should look at that." That's it. If you aren't a business owner cooking the books, how can you be against that? I deal with it every day and sometimes it's hard for me not just ask what the fuck? But when you stop for one second and think about just the fact that we have bank statement programs for self employed clients bc we KNOW their taxes don't show their real income, it's incredibly fucked up. And idk how Nebraska is going to stop federally backed banks from reporting stuff the fed tells them they have to. I'm not a lawyer but it seems like posturing by him.
Just wait till we get to businesses that were in no way affected by covid but still got funds intended for restaurants/bars/other businesses legit impacted by covid!!!! We could get the guillotines set up for well off businesses that were in no way affected by covid but still took those funds away from legit small businesses without accountants/lawyers on the payroll but bad decorum.
I mean fuck the large corporations that did this but good for the small businesses. Our economy and tax structure is a giant scam, so I don’t blame anyone for taking advantage of what everyone knew was free money.
You realize there wasn't some infinite amount of funds available right? If someone took them who didn't need them then someone else got screwed. My bad for appealing for basic decency over "got mine fuck you".
going to be amazing to watch conservatives argue a constitutional right to privacy while also trying to repeal roe v Wade
there was 700 billion allocated in the first two rounds, and after 4-months there was still 150 billion left.
Just call it what it is. Big business. It’s the only govt created jobs that even the worst righties dont shit on. The disparate locations of bases, manufacturers, etc creates an illusion of too big to fail for members whose districts rely on the military industrial complex for jobs. The fucking military knows climate change is a national security threat. Biden needs to start another military branch or agency on energy security and just start forcing companies to create green energy parts.
You know what’s infuriating? Not a single one of these piece of shit news networks will talk about this. I hope all their HQ’s get burned down fuck them.
The person in the quote tweet is a reporter for the Washington post. Pretty sure she also set a new ratio record edit: she deleted it but