Does anyone understand the proposal to require banks to report accounts over $600?

[Anonymous]

Because I have questions.

Is it transactions over $600 or accounts with over $600? I've read some saying it's one, and some saying it's the other.

Would they be counting everything that goes into your account as income? What if, for instance, you have a roommate that sends you their portion of the bills? Or if you loaned someone money and they're paying you back?

Are we no longer entitled to privacy?

Updates

+1 y

Also, how likely do you think it is that this will pass?

[demonics]

"PPPF no one cares about your porn addiction bro! The government isn't watching how much you spend!" ~What ConSpiRacY tHeoRIsts of yesteryear were told.

As is understand it, its single transactions above $600. Its kinda like civil asset forfeiture in that they'll be asking you "what are you doing with that kind of cash?" Eventually some idiot (probably women) will give them the power to straight up seize the money until you can prove there's a legitimate reason for it being spent. It'll be like NICS but for cash transactions lol! "Alright you got a proceed on that BBQ grill." "Oh, looks like you got a delay... they wanna know what you need a generator for?"

But thats AFTER the special tax on large transactions they'll implement.

[CreamySeed]

This is why the only legal tender granted by the US constitution is Gold and Silver coin. They had paper notes back then just like we do today and they knew it can fuck a nation up having a printing press. Soon even the relative privacy of cash will be eliminated, checking accounts were a small step in the direction of a digital coin with ZERO privacy. Probably within my generation paper cash will be illegal and the only form of private transactions will be barter. Always fear government power no matter how benevolent they may seem.

[Y2KxD]

420 grains.900 silver = $1, as stated in the Constitution

[BCA6010]

Tip of the iceberg, pretty overtly meant to act as a foot in the door for the nationalization of the US banking system.

Privacy was never an entitlement, nor does the proposal have anything to do with "making billionaires pay their fair share."

[Goforit1010]

"Are we no longer entitled to privacy?"

According to this "heads up their asses" administration, no - we're not entitled to ANY privacy!

This is the bullshit Democrats force down everyone's throats, calling it democracy and freedom. They come up with the most idiotic ideas, thinking this is going to "help".

[exitseven]

The only one it helps is them.

[Goforit1010]

@exitseven - You're correct. But they think the rest of the country is stupid enough to believe the BS they spew. What's even more incredible is the volume of people who actually believe the stupidity of the left. You can prove beyond any doubt their ideas WILL fail, and these people follow them like lemmings off the cliff. Even after the multitude of Biden's complete failures, the left still makes excuses for his stupidity. As a country, if this continues, we're all doomed.

I am SOOOOO ready to draw a line down the country somewhere and tell all the liberals, progressives, leftists, communists, socialists (whatever their pet label is they want to call themselves) to go live on one side while conservatives live on the other. I predict within 5 years they'll all destroy each other.

[exitseven]

No, I want to take the country back and fix it. I am not ready to give up on it.

[exitseven]

It is a way to increase the powers of the IRS so they can squeeze every last dime out of taxpayers to fund the democrats 3.5 trillion dollar giveaway program for illegal aliens.

[bolverk]

I take it that yo are in the US.
The Democrats want the IRS to be able to track everything you have in your bank accounts so they can see if you are avoiding paying tax.
All It will do is encourage people to look at other way to protect their savings, lets face it any interest you get on monies deposited with a bank would be marginal at best. If I were still living in the US I'd be looking for something that gives a better rate than the banks and preferably out of the reach of the IRS.

[rcljr]

Current savings interest is.1 %, but you can bet your ass babbling biden wants to tax that.1% at 30%

[BeMuse]

Just buy a safe and put cash in it. The banks don’t pay interest these days anyway and most charge fees. You might as well become your own bank.

[Asker]

If this passes, that is exactly what I will do.

[Y2KxD]

You should buy silver bars. Money only loses its value, silver keeps it. Also, silver is undervalued rn. If you don't have that much space, gold will due. When you buy and sell the gold, a 20% loss from the spread can happen, but that's way better than it losing over half its value when stored in cash.

[Dargil]

There's no decent interest now anyway, so I will be using a safe-deposit box and live more in a cash world. We will be watched even more in the future and many believe the democrat government will take money from our accounts.

[joeldalton]

According to the piece of shit democrats we do not deserve privacy

[rcljr]

Transactions, just withdraw $599, 3 times to stay under the radar, fuck biden.

[Anonymous]

I don't know as I'm not in the US but I don't trust the banks
Hence I have 10-fold of my current combined bank balences (3 accounts) in loose change on a shelf

[Y2KxD]

Is the metal in those coins worth more than the money they represent?

[Opinion Owner]

Not those eventually I'll transfer them for useable paper currency, my other cache is the intrinsic value silver from 200 year old English crowns to 40% Kennedy's

[Lunatic1]

My understanding is it is transactions over $600, it seems like a lowering of the law for trying to track money laundering.

[Anonymous]

I don't know of any that require $600 for an account minimum. Highest I knew of was Wells Fargo, at $500, but now it's $300. Most of my accounts have no minimum, and the ones that do are some8 like $10.

All I do know is that transactions over $10000 send up red flags, and are scrutinized by the bank, and I believe that the government is aware of these transactions as well.

[CuriousAZ]

Socialism preperation

[Anonymous]

It infuriates me.