This is incorrect. Here's what Politifact says: " . . . Neither proposal changes the taxes you are expected to pay. The Rescue Plan measure only applies to commercial transactions that are already considered taxable income — not Venmo transactions between friends for, say, happy hour drinks. And not commercial transactions that may not be considered taxable after expenses are deducted. The Treasury proposal calls for financial institutions, including cash apps, to track total deposits and withdrawals to find major tax reporting discrepancies. The Biden administration’s proposal The Treasury proposal, which came out in May 2021 and is subject to congressional approval, is aimed at getting better information to find tax cheats. Banks would report only the aggregate inflows and outflows that exceed $600, not details on individual transactions. "Banks already report directly to the IRS the interest that they pay on accounts when it exceeds $10," Treasury Secretary Janet Yellen said in a Sept. 28 Senate hearing. "And this is not a proposal to provide detailed transaction-level data by banks to the IRS." The Treasury Department clarified further in an emailed statement to PolitiFact: "The Administration’s bank reporting proposal does not track transactions in your bank account, or payments you make on Venmo, Paypal, or with any other payment service provider. The proposal adds two additional boxes to existing information reports that banks send to the IRS already. Specifically, total deposits and total withdrawals in a year." The government says that having summary information about annual aggregate deposits and withdrawals (the Treasury Department describes them as inflows and outflows) will help flag when high-income people under-report their income and under-pay their tax obligations. The new rules aren’t a new tax, as some people have suggested, but they do make it easier for the IRS to identify people who might not be paying their proper share of federal taxes." Neither proposal changes the taxes you are expected to pay. The Rescue Plan measure only applies to commercial transactions that are already considered taxable income — not Venmo transactions between friends for, say, happy hour drinks. And not commercial transactions that may not be considered taxable after expenses are deducted. The Treasury proposal calls for financial institutions, including cash apps, to track total deposits and withdrawals to find major tax reporting discrepancies. The Biden administration’s proposal The Treasury proposal, which came out in May 2021 and is subject to congressional approval, is aimed at getting better information to find tax cheats. Banks would report only the aggregate inflows and outflows that exceed $600, not details on individual transactions. "Banks already report directly to the IRS the interest that they pay on accounts when it exceeds $10," Treasury Secretary Janet Yellen said in a Sept. 28 Senate hearing. "And this is not a proposal to provide detailed transaction-level data by banks to the IRS." The Treasury Department clarified further in an emailed statement to PolitiFact: "The Administration’s bank reporting proposal does not track transactions in your bank account, or payments you make on Venmo, Paypal, or with any other payment service provider. The proposal adds two additional boxes to existing information reports that banks send to the IRS already. Specifically, total deposits and total withdrawals in a year. The government says that having summary information about annual aggregate deposits and withdrawals (the Treasury Department describes them as inflows and outflows) will help flag when high-income people under-report their income and under-pay their tax obligations. The new rules aren’t a new tax, as some people have suggested, but they do make it easier for the IRS to identify people who might not be paying their proper share of federal taxes. . . . We rate this Mostly False." https://www.politifact.com/factchec...rs-track-every-venmo-transaction-fact-checki/ Please don't make me do your research for you.
If Hillary hadnt run Trump would not have won. Anyone else would of beat Trump. It was more of we dont want Hillary versus we want Trump.
You do your research pretty poorly. The quote said: "Biden plan would give IRS power to track bank accounts with $600 or more." Nothing about venmo, individual deposits, and withdrawals. Just the power to track bank accounts.
Tucker Carlson is bent out of shape because Transportation Secretary Pete Butttigieg took parental leave, asking mockingly if Buttigieg needs to learn how to breast feed. Along with their stringent vaccine requirements, Fox News also grants paternity leave and many employees have used it. But they weren't gay Democrats.
I read this on twitter, not 100% sure it's true but it's certainly plausible: In 1991, the 22-year old Tucker Carlson described himself in his college yearbook as a member of the Dan White Society. White was the homophobe who in 1978 assassinated San Francisco Mayor George Moscone and Supervisor Harvey Milk. barfo
The reporter said "tracking of transactions that are greater than $600". Maybe that includes deposits? Did the reporter have it wrong?
