22 thoughts on “Forbes post, “Here’s Why, Actually, The IRS $600 Bank Reporting Proposal Is Entirely Reasonable

  1. You are an insane big government statist if you do not see this as a complete intrusion into your life more than any free citizen should be subjected to.

  2. Your Ivory tower is so bright it’s hard to look at. As someone who has three jobs just to afford to live in a big California city, I feel like your take is so out of touch with reality it makes my head spin. You can’t actually believe that people working under the table are going to be better off losing 30% of their already meager income. This will literally put people on the streets. Second, no government outreach programs make it any better, they simply drive people right to the edge of the welfare cliff, where someone has to stay on government benefits indefinitely or find a job that pays double. Maybe if you actually talked to poor and struggling people instead of just speculating from your home office in your 5 bed 2 1/2 bath McMansion you might just change your tune.

    1. I am going to go down to the bank and withdraw $600, then tomorrow redeposit it. The following day I will withdraw it again, just to redeposit it the day after. I’m going to do my part to clog the system.
      Big Brother says it is to clamp down on the wealthy, which to the liberals means anybody with a job.
      $600 to the “one percenters” is a happy meal. This is not aimed at them.
      Whether you take it with a gun or a government, YOU’RE STILL A THIEF

  3. I agree that the target of this proposal is the underground economy. But having had a nanny, and having paid ALL of the 14% because my nanny really couldn’t afford her 7%, I think it’s really difficult to expect the self employed to be taking such a big chunk out of their wages. And I also think that the administration is disingenuous to think we won’t see what they are trying to do…

  4. I think if you are trying to make the “underground” economy pay their fair share than the politicians should pay their fair share too. Please talk to the people whose hours were cut during the pandemic and were told they need to make less than 200 a week to qualify for unemployment for a family of four. Meanwhile people get government money in the form of upwards of 20 grand. That secondary income can pay for food.

  5. “taxes aren’t somehow optional”

    Uhhhh yes they are, that is the entire focus of the last election. The rich get special rules to avoid paying a single dollar in taxes while anyone who makes $600 has to give 3 slices of the pie to Joe. It’s backwards.

  6. This is what happens to a person who just studies the statistical part of everyday human life. I won’t attack you with a human vs machine syory, instead I will say to you.stay where u feel comfortable at. Talking about this over reach is not your best story. You come across as a cold person.

  7. I have had 5 businesses so far in my life and have felt the so called self employment tax very regressive having to pay out 15% of your first year salary can be very hard on a fledgling business with in most cases show no profit. I think there should be a tier approach based on income. That being said I know people who are part of the underground economy who have reached retirement age and didn’t know they wouldn’t be eligible for social security. SS requires having to pay in which they didn’t. My tax guy thinks this $600. reporting proposal will blow up the IRS’s computers.

  8. This is the thinking of a typical pro government person. If it was up to her the government would control every part of our daily life’s. She can find rationale for any government mandate to control more of our life’s to be good for this country. It’s rediculas to think the government has any reason to monitor our bank accounts for any reason. There are plenty of country’s she can live in if she wants the government to monitor her money and everything else in her life. Please feel free to go.

  9. This is a pretty bad take. You start by implying that the criticism of the plan may not be warranted, admit that the criticism is because of the $600 limit (and so not about high earners), then go on to justify it by saying low earners aren’t being tracked.
    I have no interest in justifying deceit. But, if you’re going to write an “actually…” story, maybe be consistent, or, better yet, maybe write about all the better ways there are to make the necessary parts of government solvent than an income tax.

  10. Incredibly self-destructive Democratic policy position worthy of a Darwin Award. Dems aren’t targeting the Top 1% – they are targeting the very people who they complained could not qualify for PPP Loans because they did not have legit. banking relationships. Expect a significant percentage of marginalized persons in the underground cash economy (= sub/urban + soon to be former-Democratic voters) to avoid compliance by simply hoarding cash in pillow-cases, the value of which will continue to be devoured by inflation and/or stolen by untrustworthy relatives & roommates.

  11. We do not need more government control. We do not want our financial institutions burdened with another paper mill. Cryptocurrency will win sooner!

  12. In the case of a nanny- If I hire a nanny, he/she/they are providing a service. I do not become an “employer” and have to create a corporation, TIN, etc. just to hire someone to watch my kids. That is solely on the back of the nanny, who is 100% self-employed, and required to report earning and have payroll, FICA, etc. withheld or paid into the government. I don’t “employ” my lawn maintenance or pool person, so why should I be required to “employ” my nanny? Employers are business to make profits and none of the aformentioned jobs qualify as employment but solely services.

    The IRS rule of tracking transactions of $600 or more is only going to hurt low-income people because it will prevent them from opening bank accounts. They will be worried about losing their benefits if they have any inflows or outflows above this amount. This will in turn prevent them from getting financing for cars, homes, personal loans, etc.

  13. It is time to ABOLISH the IRS! Time for the Treasury and Congress to do their job and TAKE OVER ALL OPERATIONS OF THE FEDERAL RESERVE! Why is an outside corporation in charge of OUR money! Imagine if we the people could borrow money and pay reasonable interest instead of 100% or more making billions for the banks and the Fed! Our government needs to stop spending OUR money! Billions in debt! The Democrats are using the Covid to steal everything from the people!

  14. Janet your commentary is right on, but I have to admit $600.00 is so minuscule that the taxation on it may not be worth all the trouble to the banks because they would probably have to higher additional personal just to keep the Accounting nightmare it would create. Here’s another take while this money is not taxed to the receiver it has already been taxed by the giver and in many cases the receiver is so poor to begin with that this creates a gap need to other income that they are probably already reporting. You of all people must know the need of a college student having a babysitter job just to try and get a little income while in college just to help with some basic needs, you need to put yourself in this persons shoes they may or may not already have another job that reports the income so this becomes a little more income that really just goes back into system to be spent to make the wheel go round sort of speak and they are probably going to pay some form of tax when it is spent anyway.

  15. What a complete load of garage. It’s a complete invasion of privacy, hurts the poor and is a complete waste of bank and government time and money. Journalists really contribute nothing to society at this point and are just a puppet of whatever the government likes them to say.

  16. Do you have any idea how impossible it would be to find the manpower to process all of these transactions, audits for authenticity and addressing greivances, building the infrastructure for every bank in America to give the IRS this access etc.? Billions of dollars just to make sure babysitters and Bob the Builder pay their meager taxes

  17. IRS says gift of under $12000 no tax if it’s a gift. Well let’s all you does side work do it as a gift and get a gift of money in exchange of the service
    How many politicians have been slipped $10,000 dollars and up under the table and not pay taxes. Look a Hunter Biden getting cash under the table from Russia and probably never paid taxes.

  18. I don’t think the IRS has any business handling or being given any more information about my bank accounts then they al ready have due to their obviously unethical behavior I’ve the past 5 to 10 years. Matter of fact I may just go get an offshore account to make sure they can’t. Wonder which country Nancy Pelosi uses.

  19. Here is why this is entirely unreasonable:
    -Higher tax for lower income earners
    -Greater income gap between rich and poor
    -Wealthy people have offshore havens, poor people cannot and are being targeted

    Guessing you never participated in gig economy or side work, what a pretentious article that does a disservice to the other side.

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