Maybe banks will loose all their customers.

[AKguy1985]

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....

I filed my taxes via H&R block back in May. Still nothing. The state took my whole $80 refund. Girlfriend filed her taxes in February, she still hasnt gotten hers either. I'm starting to realize why my grandpa didn't trust banks.

 

[dennishoddy]

This is just a baby step toward a VAT tax that's wanted by the liberals.


A value-added tax, or VAT, is added to a product at every point on the supply chain where value is added to it.
Advocates of VATs claim that they raise government revenues without punishing the wealthy by charging them more through an income tax. Critics say that VATs place an undue economic burden on lower-income taxpayers.
Although many industrialized countries have value-added taxation, the U.S. is not one of them.

 

[bpsooner]

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)?

I am sure Congress will be exempt from this also

 

[XYZ]

It’s all electronic now anyway. The Feds could snoop you if they wanted to.

eta: this is exactly why bartering has been and will continue.