Maybe banks will loose all their customers.

[Rustytigwire]

Bad part we will have to pay for the monitoring too.

 

[montesa]

Bad part we will have to pay for the monitoring too.

Adding insult to injury.

 

[HFS]

So what kind of loophole will the rich folks have to be exempt from this (maybe special 'investment' accounts that don't meet the definition of regular bank accounts used by ordinary people)?

 

[Rod Snell]

“In practice, the IRS’ task would be daunting and, in fact, bury the agency in a sea of unproductive information.”
And require additional tax forms, increase the size and cost of government, which would then need to be paid for
by taxing bank accounts. TAX AND SPEND.

 

[ForsakenConservative]

So what kind of loophole will the rich folks have to be exempt from this (maybe special 'investment' accounts that don't meet the definition of regular bank accounts used by ordinary people)?

It’s referred to as being a demoncrat in congress......

 

[trekrok]

So, you just get many bank accounts and manage them as one via an app. I smell opportunity .

Like the irs could do anything with the amount of info the would be flooded with.

With AI plugged into it, they'd be able to flag people for audits by comparing their tax returns to their payment history.

I'd be interested in seeing the audit stats on people who checked the box on their return that indicated they had bitcoins.

 

[SlugSlinger]

“In practice, the IRS’ task would be daunting and, in fact, bury the agency in a sea of unproductive information.”
And require additional tax forms, increase the size and cost of government, which would then need to be paid for
by taxing bank accounts. TAX AND SPEND.

Probably why the IRS is hiring 80,000 more agents under byeden.

 

[El Pablo]

With AI plugged into it, they'd be able to flag people for audits by comparing their tax returns to their payment history.

I'd be interested in seeing the audit stats on people who checked the box on their return that indicated they had bitcoins.

That goes both ways, AI that is. I doubt the irs can afford the competent people.

 

[El Pablo]

Good to see banks are universally fighting this. Search everyone’s accounts so you can find the self employed folks that under report… A massive overreach.

 

[Shadowrider]

“In practice, the IRS’ task would be daunting and, in fact, bury the agency in a sea of unproductive information.”

To add another tangent, I filed my return on time this year as did my daughter. CPA filed mine electronically and is set up for direct deposit. Neither of us have even had our returns processed yet much less got our refunds. Just imagine!

OBTW, I had my state refund in my account in 7 days....