By: Denise Simon | Founders Code
There are countless payment platforms known as digital wallets (apps) now. PayPal, QuickBooks, Wise, Venmo, Zelle, Stripe, ApplePay, GooglePay, and Xoom are just a few. Included should also be online sales apps like Marketplace by Facebook and OfferUp. Digital money is moved there also. All digital transactions get reported… leading up to $600.00, in fact, $600.00 has nothing to do with the whole matter.
Perhaps it is a good time to quit using them and go to the old fashion cash method which would put cashiers in a panic.
Why go to cash? Well, after the Senate passed the Inflation Reduction Act of 2022 and it was revealed that the IRS would be more than double its size… perhaps they need all those people to investigate all transactions leading up to that pesky $600.00.
A proposal from the Biden Administration that would require banks to monitor personal accounts and report all financial transactions over $600 to the IRS is under fire.
On Tuesday, Treasury Secretary Janet Yellen defended the proposal on CNBC’s “Squawk Box,” calling the collection of financial information “routine” after some in the banking community criticized it as an unprecedented invasion of privacy.
“It’s just a few pieces of information about individual bank accounts,” the secretary said.
"There's an enormous tax gap in the U.S. estimated at $7T over the next 10 years in terms of a short fall of tax collections to what we believe are owed," says @SecYellen. "It comes from places where the information on income is opaque and can be hidden." pic.twitter.com/PAF0HgnP8Z
— Squawk Box (@SquawkCNBC) October 5, 2021