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The IRS might be peeking into your bank account soon?

1981K20

Up North
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Democrats are peddling false tax narratives to sell their agenda

President Joe Biden and his fellow Democrats have been pushing tax increases to fund a large expansion of entitlement programs.

Facing resistance, Biden is now backpedaling on some of the proposed tax hikes. But the threat has not passed, and we can expect Democrats to shift their revenue-raising strategy in the weeks ahead. The problem Democrats face is that the public does not favor tax increases. Gallup polling finds that 50% of us want fewer government services with lower taxes, while just 19% want more services with higher taxes. To sidestep public resistance, Democrats are pushing two false narratives.

The first is that tax hikes will only target the rich, not the middle class. But House Democrats have already broken that pledge with a proposal to raise tobacco taxes by $97 billion over 10 years. They have also broken it with their plan for new Internal Revenue Service data gathering from bank accounts. This could target millions of middle-income households and businesses for enforcement actions over transactions that IRS computers erroneously flag as suspicious.

More broadly, Democrats are promising an expansion in cradle-to-grave welfare benefits, akin to the benefits in many European countries. But Europe finances these with a mass tax on the middle class — the value-added tax. VATs are imposed on the products that all families consume with an average VAT rate in Europe of an exorbitant 21%

If Democrats entrench new entitlements in the federal budget, the programs would likely cost more than planned, and tax hikes on the rich would collect less than planned. That would create pressure to go after the wallets of the middle class with a VAT.

The second false narrative is that rich people don’t pay their "fair share" of taxes and enjoy lower tax rates than the middle class. Such claims are repeated endlessly by Biden, House Speaker Nancy Pelosi, and Senate Majority Leader Chuck Schumer. The president, for example, recently tweeted: "I’m sick and tired of the super-wealthy … not paying their fair share in taxes."

The strategy is to frame the rich as freeloaders and target them for punishment. But the Democratic claims are false. All authoritative data sources show that high earners pay much higher effective tax rates than the rest of us. IRS data show that the average individual income tax rate on the top 1% of households is 25%, which compares to just 7% for middle-income households and 3% for the bottom half of households.

The pattern is the same when including all types of federal taxes: income, corporate, payroll, excise, and estate. Treasury data show that the top 0.1% pay an average tax rate on all taxes of 32%, while middle-income households pay an average of about 12%. Congressional Budget Office data show the top 1% pay an average rate of 32% while middle-income households pay about 14%. Finally, Joint Tax Committee data show that the top 0.01% pay an average tax rate of 33%, while middle-income households pay about 14%.

True, some rich individuals do use loopholes that Congress carved into the tax code to lower their rates. But the overall averages reveal that the wealthy generally pay a much heavier tax load than nurses and teachers. Besides, the solution to the loophole problem is to close the loopholes. Instead, the House tax bill includes dozens of new and expanded tax loopholes for the electric vehicle industry, housing developers, energy companies, ethanol producers, and many other special interests.

While carving out new loopholes, the Democrats would raise overall tax rates on individuals, small businesses, and large businesses. Contrary to Biden, such tax hikes would punish success and damage the middle class by reducing investment and growth in the economy.

Wtf? How is that even remotely acceptable or legal?
 
you dont say


:flipoff2:
 
you dont say


:flipoff2:
Yea, didn't venture into that thread much at all. Title was misleading :homer:
 
Get out of here with that! :flipoff2:

I heard they’re upping it from $600 to $10,000. But we all know every bill they present will screw us. They need to all be stopped.
Your bank already reports 10k transactions.
 
No, they’ll monitor every transaction in any account with more than $10,000 in it.

They’ve already been working on this technology and ability. It’s working and ready to go.
No, they must be reported based on 10k transactions, not total in account.
Irs.gov link
 
It will be interesting how many Republicans end up voting for this bill. My guess is there will be some token trimming then everyone will declare the bill good for the people and approve it.
 
The very concept that big businesses pay taxes is absurd. They always point to the federal taxes paid and completely ignore who it is that buys the products that is actually paying the tax. :homer:

"We just jacked the taxes on zebra gizm to 80% so those rich bastards will pay their fair share!!! Hey, why is zebra gizm $50 a gallon now? It was $30 last week..." The fucktards don't get it.
 
FEDERAL taxes. :homer:
He is talking federal dumbass.

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I call bullshit.

More than 14% is taken from my check every week and I’m no .1%.
I believe the 14% was not referring to individual tax rate but instead referred to the % of total federal income tax paid by a specific income bracket.
 
The very concept that big businesses pay taxes is absurd. They always point to the federal taxes paid and completely ignore who it is that buys the products that is actually paying the tax. :homer:

"We just jacked the taxes on zebra gizm to 80% so those rich bastards will pay their fair share!!! Hey, why is zebra gizm $50 a gallon now? It was $30 last week..." The fucktards don't get it.
Shhhh. We don't want to let the stupid in on this secret. :smokin:
 
Wait, he pays in more than is required by tax law? How generous that is of him.
His brother owns a private island in the Caribbean.

His son made millions off knowing "the big guy."

Whats Joe's net worth? Whats been his salary? He's been a public employee his whole life.

Fair share? :lmao::lmao::lmao::lmao::lmao:
 
The very concept that big businesses pay taxes is absurd. They always point to the federal taxes paid and completely ignore who it is that buys the products that is actually paying the tax. :homer:

"We just jacked the taxes on zebra gizm to 80% so those rich bastards will pay their fair share!!! Hey, why is zebra gizm $50 a gallon now? It was $30 last week..." The fucktards don't get it.
Psaki said that is "unfair and absurd".
 
Psaki said that is "unfair and absurd".
Laying the groundwork for federal price regulations.....

Let the nationalization of the private sector commence. For national security purposes, of course.


Maybe why no one has rescinded the emergency powers declaration in any of the individual states. De facto martial law.

Nevermind the fact that this is all caused by the actions of our government.
Never assume your opponent is stupid. He just has different goals than you.
 
No, they must be reported based on 10k transactions, not total in account.
Irs.gov link
Isnt it 10,000 worth of transactions on a yearly basis not individual 10,000 trans actions. Like an extra 900 per month in deposits is over the yearly 10,000 red flag.
 
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The very concept that big businesses pay taxes is absurd. They always point to the federal taxes paid and completely ignore who it is that buys the products that is actually paying the tax. :homer:

"We just jacked the taxes on zebra gizm to 80% so those rich bastards will pay their fair share!!! Hey, why is zebra gizm $50 a gallon now? It was $30 last week..." The fucktards don't get it.

Well no shit, they're not gonna jerk off zebras for free or lose money doing it... On a similarly related note, why do you think so many small dairys have gone under? No one wants to bust their asses 24/7 and end up making practically nothing at the end of the year. Everything in that business is practically federally controlled, and small dairys just cannot compete because they don't have the mass production to keep their margins low.
 
The very concept that big businesses pay taxes is absurd. They always point to the federal taxes paid and completely ignore who it is that buys the products that is actually paying the tax. :homer:

"We just jacked the taxes on zebra gizm to 80% so those rich bastards will pay their fair share!!! Hey, why is zebra gizm $50 a gallon now? It was $30 last week..." The fucktards don't get it.
Kind of like “seller pays closing costs”
 
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