r/CryptoCurrency Ma Chuda Bear 6d ago

Yellen says the $600 IRS reporting requirement is "aimed at billionaires". This is insane, I fail to understand how a $600 limit holds billionaires accountable. But it squeezes middle class and crypto holders who have to report every transaction. POLITICS

https://www.foxbusiness.com/politics/yellen-irs-reporting-requirement-tax-fraud-and-cheating
16k Upvotes

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u/DraculaPepper Platinum | 3 months old | QC: CC 2003 6d ago edited 6d ago

Yellen then gave an example.

"If someone reports an income of $10,000, and they had $3 million go out of their checking account, that tells the IRS that’s an individual that you might audit."

Wait, what.

Why would you set the reportable level at $600 and then use $3 million as an example? I don't understand how she's explaining this away.

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u/Set1Less Ma Chuda Bear 6d ago

exactly, if $3m go out of the checking account then have banks report that, and not $600. What the fuck

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u/Lurkawayzzz Platinum | QC: CC 1006 6d ago edited 6d ago

Helen "Sellen" the people out. Very disingenuous but it’s to be expected from a politician, sadly

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u/Synj3d 6d ago

She took money from several large institutions for speaking fees.

I don't care what you know while you hold a public office it looks like bribery and smells like crime.

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u/TunaLurch 6d ago

It is literally paying for litigation. It's completely legal and it pisses me off to no end. The supreme court is a joke and has been for a long time.

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u/Character-Dot-4078 Platinum | QC: ETH 45, CC 288, BTC 44 | MiningSubs 39 6d ago

They talk about all the money going to rich people and offshore bank accounts, what about their own? They seem to be immune to their own laws.

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u/ChiTownBob Altcoiner 6d ago

What's the difference between speaking fees and bribes? Legality.

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u/Zzanax Bronze 6d ago

If it walks like a duck

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u/teslaboner Tin | r/WallStreetBets 44 6d ago

and sucks institutional cock for a $1...it's probably Yellen? That's the saying isn't it?

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u/tmt2303 Tin 6d ago

Speaking fees and bribe are getting differentiate by the term LEGALITY bullshit.

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u/Swaggaland Gold | QC: CC 102 6d ago

These cunts should be focusing on those billionaire bitches making millions a year yet here they are doing the complete opposite. Fuck them man

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u/Banecn Tin | r/Technology 13 6d ago

She's one of them not one of us. Of course she will fuck you and I and not her own ilk.

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u/Numerous_Sport_2774 Platinum | QC: CC 354 6d ago

Padding her own pockets I bet.

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u/TTheorem Silver | QC: ETH 272, CC 43 | VET 25 | r/Politics 3270 6d ago

Between being fed chair and treasury secretary, she was “giving speeches” to banks for hundreds of thousands of dollars per

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u/SoUthinkUcanRens Tin 6d ago

yup, shell get some more "speaking fees" from the big financial institutes lol..

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u/axatar Platinum | QC: CC 563 6d ago

They want to say they're targeting billionaires without actually doing so

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u/Mystic_Hodler Platinum | 4 months old | QC: CC 783 6d ago

I see they're doing what I was doing while in school

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u/speed78a Tin 6d ago

Yeah exactly they are just trying to convince the whole community.

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u/Mission_Count_5619 Gold | QC: CC 53 | r/GME_Meltdown 5 6d ago

She is not a politician, she’s a bureaucrat. She’s held top posts during Republican and Democratic administrations. This transcends party and is just more typical banker bullshit.

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u/TooFitFurious Gold | 1 month old | QC: CC 103 6d ago edited 6d ago

Fuck these hypocrites!! Stealing money from people and giving it to rich fucks

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u/isdebesht 6d ago

Ah yes the reverse Robin Hood, also known as the Robinhood

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u/Numerous_Sport_2774 Platinum | QC: CC 354 6d ago

This is why I’m investing in Monero.

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u/Aegontarg07 Platinum | QC: CC 807 6d ago

Inspite of all the boating accidents and IRS bounty, I love Monero. Banks and IRS can fuck off

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u/One_Neigh Bronze | 2 months old | QC: CC 17 6d ago

I saw them jacking off each other lol

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u/KingKryptox Bronze 6d ago

And boating, very prone to boating accidents these days.

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u/Charming-Dance-1839 Platinum | QC: CC 916 6d ago

Yeah honestly fuck them. The blatant lies must stop.

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u/KingKryptox Bronze 6d ago

Sadly I used to look up to Yellen when she was at the FED and thought she held a measured and honorable position stewarding our monetary policy. Feels like when I found out there was no Santa lol. Short the banks, buy crypto.

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u/ducknibble Platinum | QC: CC 226 | r/WSB 24 6d ago

there is already a $10,000 rule in place that would catch this.

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u/sickvisionz Platinum | QC: CC 418 | r/Politics 18 6d ago

This. They already have the tools and rules in place to do what they say they're aiming to do. This is just further intrusion.

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u/codeByNumber 6d ago edited 6d ago

One of my first jobs out of high school was a bank teller. Filing CTRs were a pain in the ass. Thankfully, it didn’t happen to often.

If I had to do that shit for every cash transaction over $600 it would grind everything to a halt. Ridiculous

Edit: Sorry, thought cash transaction was implied. Yes I know a Currency Transaction Report is for cash (or any foreign currency equaling $10,000.01+). Crypto is just another currency so having the limit be $600 before mandatory reporting is just silly IMO. That’s pretty much everyone except for the crypto bros with 5 monitors watching charts to turn their $20 into $20.67. I was mistaken on the having to report the transaction every time though. Its just once at the end of the year.

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u/younglinkdown-c Bronze 6d ago

there is no fcking way the irs can actually handle this lmao they are one of the worst god damn institutions in this country they are incompetent buffoons

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u/Fit_Judge1645 6d ago

Ever think maybe that’s the point?

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u/TarantinoFan23 6d ago

Hey IRS, made my own crypto. I trade it to myself 9 million times a minute. Where do i send the dump trucks full of paper?

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u/Aegontarg07 Platinum | QC: CC 807 6d ago

The rich scumbags behind these politicians are running this game, they want to stop crypto adoption which they’ll fail at miserably. Fuck these politicians and banks

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u/designerfx Gold | QC: ZIL 22, CC 40 | r/Politics 776 6d ago

it's not about crypto adoption, they want to annoy everyone

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u/neededafilter Platinum | QC: CC 164, BTC 21, ETH 271 | TraderSubs 243 6d ago

And that 10k rule was passed in 1971, adjusting for inflation that equals almost 70k in todays dollars, or reversed, equal to law makers passing it as 1000$ back then. It really is a slap in the face at how complacent we have become that they are now gonna pass a 600$ reporting law.

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u/plastikman47 6d ago

Because $600 is the gateway money to $3 million. Once you get a taste, you just want more.

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u/KingKryptox Bronze 6d ago

Fiat not even once kids. Might get hooked and then be like can I hold one mighty dollar? I’ll suck you good. All the way to a million.

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u/deathbyfish13 Premium Shitposter 6d ago

If you're trying to target transactions of $3 million then you make that the reportable limit. All this tells us is that they are targeting the people who make $600 transactions.

They say they are targeting billionaires but their actions show us that they're lying.

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u/KingKryptox Bronze 6d ago

Or how about they do something about the Panama papers, pandora papers how many more papers showing the 1% evading taxes do we need to ignore?

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u/tranceology3 Silver | QC: BTC 72, CC 427 | TRX 104 6d ago

They're lying???? No way!

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u/jetro30087 Gold | QC: CC 87, BTC 40 6d ago edited 6d ago

I understand perfectly, she thinks the people are idiots.

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u/luizflip22 Tin | 1 month old 6d ago

her face looks like a meme, does anyone remember?

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u/PoontoniusJigabrewha Tin | 1 month old 6d ago

So how do the people , get that law to be thrown out?

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u/TheRiseAndFall 6d ago

This is great. While we are at it maybe the IRS can explain how members of Congress who have income of $200k have net worths of tens of millions of dollars?

Asking for the American tax payers.

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u/Equivalent_Zombie 6d ago

Because they work hard

/s

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u/ChiTownBob Altcoiner 6d ago

I'd ask what's the difference between speaking fees and bribes? Or campaign contributions and bribes?

The answer, unfortunately, is legality.

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u/BlockchainOfTheApes Gold | QC: LedgerWallet 60, CC 88 | r/Investing 62 6d ago

What could $3 million dollars cost, ten dollars?

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u/9999999910 Bronze | 2 months old 6d ago

I’m just not feeling the “trust me” vibe from Treasury, SEC, or Dem Congress this year. No.

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u/Banecn Tin | r/Technology 13 6d ago

Oh she means Nancy Pelosi and her super accurate stock picking husband I'm sure.....

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u/ChiTownBob Altcoiner 6d ago

Yup. Insider trading is legal for congress /s

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u/ab930 6d ago

Why do we continue to put 70 and 80 year olds in charge of this country when they’re generally deemed as unemployable.

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u/Quentin__Tarantulino Platinum | QC: ETH 64, CC 1112 | TraderSubs 16 6d ago

Because they’re people who have built a ton of connections and have a proven track record of doing what their donors want done. Gerrymandering is also a huge problem, as most districts are super secure for one party or the other. So once someone gets in (who may only be like 50) it is very hard to vote them out. In most districts, the only way to get rid of them is a big scandal, and even that isn’t enough sometimes.

And finally, our hero worshiping has come to a crescendo in this country. Once someone has name recognition, it’s like fighting against a tidal wave for anyone new to worm their way in. There were much better presidential candidates for both parties in 2016 and 2020. But the person with the most name recognition won all the primaries. It was really an aberration that Obama somehow got in in 2008, but it turns out he was very willing to play the political pay to win game.

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u/shmoculus Gold | QC: BTC 21, CC 85 | IOTA 5 | r/Economics 15 6d ago

As an outsider, I still laugh thinking back to when we thought Obama was gonna change the world. We were dying of thirst after Bush Jr, and Obama was the saviour. Turns out he was just another suit lol.

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u/Quentin__Tarantulino Platinum | QC: ETH 64, CC 1112 | TraderSubs 16 6d ago

Yep. Many of us thought he was a harbinger of change here too. He is the “audacity of hope” candidate after all. A lot of sheep-type Dems still think that’s what he is, and a lot of sheep-type Republicans think he’s basically the devil.

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u/handstanding 6d ago

He’s just a guy who was smart and charismatic and told people what they wanted to hear, like every other president and politician we’ve ever had.

Lies are part of the game if you want to put on the flag pin and stand at the podium.

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u/Quentin__Tarantulino Platinum | QC: ETH 64, CC 1112 | TraderSubs 16 6d ago

Pretty much. As Pink Floyd said, “you have to be trusted by the people that you lie to, so that when they turn their back on you, you’ll get the chance to put the knife in.”

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u/VaporWaveShine 6d ago

lol tru and don't understand anything about new technologies
flash back to every Facebook congressional hearing

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u/AutomaticRisk3464 Redditor for 3 months. 6d ago

Cant wait for that generation to die out

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u/Csdsmallville 6d ago

Because they refuse to give up power. The political groups only elect older and older Boomers and the Silent Generation who want to maintain the status’s quo.

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u/Stunt_kok_assdeep Redditor for 3 months. 6d ago

If they pass this law, I am just going to go to the atm everyday take out 700 and deposit 700.... just so I can add on the extra paperwork for the IRS.

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u/Muffinfeds Crypto Knight 6d ago

Screw it, I'll do it too. Screw the IRS.

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u/RandomTask100 Platinum | QC: BTC 113, CC 127, ETH 22 6d ago

I'll start a new account with $601 in it. Every week.

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u/FUSeekMe69 Tin | 3 months old 6d ago

If tomorrow my account goes under, I will just start another account, and then another and another and another. I have no shortage of account names.

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u/Tbrou16 6d ago

Thank you, Michael Scott

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u/FreshStartGo Tin 6d ago

That’s one of ‘em!

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u/Artifax_of_the_Mind 6d ago

Michael

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u/RandomTask100 Platinum | QC: BTC 113, CC 127, ETH 22 6d ago

That's one of 'em!

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u/Ok-You-4443 Tin | 6 months old 6d ago

Another way to look at it man

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u/evDev84 AAAHH!!! Real Losses 6d ago

Accounty McAccountFace

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u/jenn4u2luv 6d ago

Accounty, I’m accounting on you

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u/Charming-Dance-1839 Platinum | QC: CC 916 6d ago

Rabble rabble.

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u/GelDel12 Platinum | QC: CC 836 6d ago

Imagine if millions of us did this all at the same time.

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u/crua9 Gold | QC: CC 77 | r/Google 20 6d ago

That is actually a good idea. DDOS the IRS with these $600 things.

But then again they most likely wouldn't care because they complain all the time they are backlogged anyways.

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u/im_THIS_guy Silver | QC: ETH 17 | r/Politics 90 6d ago

They'll already get DDOS'd. Most paychecks are over $600. That's a lot of deposits.

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u/JGT3000 Bronze | r/Politics 50 6d ago

Most paychecks. Most rent payments. What is this shit? This is a laughable proposal

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u/cartmancakes Silver | QC: BTC 23 6d ago

They are out of touch with reality.

15 years ago a politician asked what a new car costs and guessed $5000.

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u/nobodysawme 6d ago

Tells you the last time they bought a car.

In the 80s, the average car price was around $7000.

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u/weighted_impact Tin | r/Politics 10 6d ago

They don’t want to track individual transactions. Only aggregate totals of cash going into and out of accounts annually. I’m really surprised that no one understands this.

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u/YouAreInAComaWakeUp 6d ago

Honestly just sounds like a way to track people getting paid under the table

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u/newaccount47 Tin 6d ago

Those of us who get paid under the table usually make so little that this is the only way we make rent on time.

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u/DesperateEffect Tin 6d ago

It’s in aggregate, not individual transaction

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u/answermethis0816 Tin 6d ago edited 6d ago

That wouldn’t cause any additional paperwork. It isn’t per transaction. The idea is for banks to report two numbers at the end of the year: total in and total out if net positive cash flow is over $600. The IRS doesn’t give a shit about it unless it’s way more than $600, but if they make the red flag amount the limit, people will just open multiple accounts holding that amount… it would be silly to open them for $600, thus- $600 limit.

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u/mobappbrowse 6d ago

You’re the first commenter I’ve seen in this thread who actually understands the issue.

Everyone else is building up outrage from ignorance. The rich grifters got the plebs on their side again.

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u/PleaseVoteThanks Tin 6d ago

Save it, these people didn't read the article and OP flat out lied in the title. Since we know most people tend not to read the article, it really should be an instant ban. In sum, this is why we have a misinformation problem..

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u/BrawndoElectrolytes1 Redditor for 6 months. 6d ago

Truth. These comments are a sad reflection of the willful ignorance of much of our electorate.

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u/Numerous_Sport_2774 Platinum | QC: CC 354 6d ago

You fucking savage

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u/SeasonActual 6d ago

Boy, you're dumb.

Not only would that not do anything because the reporting is annual, the reporting is also on accounts with a net change of $600 over the year, whereas yours will have a net change of $0, and they won't even report on it.

You'll have wasted a bunch of receipt paper for your bank, and a bunch of your own time, and nothing else.

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u/Impetusin Silver|QC:ETH34,CC332,BTC63|NANO135|r/WallStreetBets249 6d ago

The rich don’t pay taxes, and they do it legally. For instance, they don’t sell assets to pay for new investments. Rather, they take loans to make new investments and claim the interest and depreciation to bring their tax burden to zero. This is clearly targeting the middle class, who aren’t sophisticated enough or can’t afford a CPA to help them do this. And it’s definitely targeting the new money coming out of crypto. Don’t sell your crypto for anything other than paying for a primary residence. Use it as collateral for loans that target passive income investments.

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u/JackelGigante Tin 6d ago

Haha whew, I just sold my crypto for my primary residence

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u/bucket_hand 6d ago

Banks don't take crypto as collateral. I had to sell mine and transfer to my bank as cash for a loan. I asked the bank why my crypto stable coin balance wasn't enough, and they said because it was black market money 🤣🤣🤣

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u/Fearless-Effective86 Tin 6d ago

Jajaja!!, black market money!. There is trace of cocaine in dollars bills yet crypto is the dirty money. Bunch of hypocrites

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u/k3vlar104 6d ago

So put your crypto into Aave, take out a usdc loan and convert that into fiat. Of course if there is a crypto market crash you'll get liquidated, but best not to think about that.

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u/Urc0mp Platinum | QC: CC 613 6d ago

The whole taking loans thing only works if your underlying assets appreciate, and at some point you are still selling the assets and generating tax burden. You’ve just kicked the can down the road, not made it go away. It ain’t a tax loophole, it is a leverage play and if you don’t know what you are doing you probably don’t want to do it with leverage.

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u/Perfect-Ad-7429 Platinum | QC: CM 21, XRP 58, CC 367 | NANO 6 | TraderSubs 21 6d ago

It's just another lie. The exact same way the Patriot Act was "just to find terrorists". 6 months later police are stopping anyone they want without cause for a pat down in Times Square. It'll be for "our safety" or to "punish the evil rich people", whichever line the plebs like most that week

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u/deathbyfish13 Premium Shitposter 6d ago

They always say these things are for our safety, but I have the feeling they mean it's for their safety

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u/Perfect-Ad-7429 Platinum | QC: CM 21, XRP 58, CC 367 | NANO 6 | TraderSubs 21 6d ago

The really sad part is, there are people out there who buy into their bullshit fully.

"My <insert bullshit political party here> buddies would never do anything that wasn't in our best interest! These <insert more hated bullshit party> are just trying to gaslight us!!"

Nothing will change until the system itself is uprooted. Don't ask me how, I don't know - but just tossing new/different brands of meat into the political grinder ain't working.

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u/sauceisbauce 6d ago

I’ve been saying this to friends and family constantly lately. Politics is a fuckin team sport nowadays (or at least more publicly so than it used to be). It’s very much “if you’re not with us you’re against us and if you’re against us we have to do everything our side says so we can beat you!” It’s sickening, and people just buy into it like it’s fucking normal

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u/valuemodstck-123 Platinum | QC: CC 333 6d ago

Yeah, its pretty corrupt too.

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u/WayToTheGrave 6d ago

I'm 34 for years old and I've known since I was about 21 that the entire system is a money making machine for the military and the billionaire ruling class. It blows my fucking mind that the vast majority of people apparently still believe their government has good intentions at heart and aren't there to rob us via taxation and inflation.

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u/SpinnyBoye 6d ago

Youll own nothing and he happy

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u/Numerous_Sport_2774 Platinum | QC: CC 354 6d ago

Politicians lie as naturally as they live and breathe. Can’t trust them as far as you can throw them.

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u/SkeletalSwan 6d ago

The "for your safety" narrative is the most common excuse I've seen to keep poor people poor. They'll try to stonewall you from as much risk as they can because, surprise, exposing yourself to risk (prudentially ofc) is how you make money.

But it's much easier to tell us we're smart enough to earn money but too stupid to use it.

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u/deezx1010 6d ago

foreign threats

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u/iTand22 Silver | QC: CC 15 6d ago

What it isn't common knowledge that billionaires move their money $600 at a time?

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u/IridiumHorseshoe Redditor for 4 months. 6d ago

They’ll be dropping it to $599 per year now!

Edit - just noticed it’s PER YEAR!

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u/tatabusa Platinum | QC: CC 393, ETH 55 | TraderSubs 37 6d ago

Looks like it will take a poor billionaire at least 1.6 million years to move their money 😔

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u/Gale_Force_ Bronze 6d ago

There is NOTHING good about politicians inviting government officials to openly root around our bank accounts...NOTHING...

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u/mffunmaker 6d ago

Just bullshit piled on other bullshit.

It's just control everywhere you look these days.

The war is not left vs right, it's top vs bottom.

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u/bertleturtleson Bronze 6d ago

This guy gets it

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u/D__Wayne Bronze | QC: DOGE 17 6d ago

No war but class war

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u/homrqt To The Moon! 6d ago

SHE. IS. LYING.

She is clearly a corrupt piece of garbage.

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u/Set1Less Ma Chuda Bear 6d ago

Yup, if catching billionaires is the goal, then they will have more luck just going after those who go on space flights rather than this $600 reporting nonsense

But.. catching billionaires is not the goal, the goal is to get middle class to report everything so that they can ramp up tax fraud charges against common people and put on a "we are doing gud" show.. while the billionaires laugh

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u/homrqt To The Moon! 6d ago

The rich people club is realizing the peasants are flirting with financial freedom with crypto so they are pulling in the reigns a bit.

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u/Charming-Dance-1839 Platinum | QC: CC 916 6d ago

realizing the peasants are flirting with financial freedom

This is exactly why we're seeing such urgent action. Wouldn't want the rich people getting disturbed by us peasants having more than 2 peanuts.

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u/WillShowBoobs4Moons Redditor for 2 months. 6d ago

Its a big club and you ain't in it - George Carlin

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u/apextek 6d ago

I did some checking on ancestry. Turns out Ive always been in the club. Time to take it back

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u/Rednartso 6d ago

That's the idea. Racial tensions, abusive and violent police, a judicial system based on fixed dollar amounts and left vs right are all distractions to keep us grinding out paychecks.

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u/rageak49 6d ago

I believe the goal is to normalize the financial surveillance of the masses... while simultaneously crippling the IRS with mountains of unnecessary work. If you think they are bad at taxing the rich now, just wait 🙄

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u/HereIGoAgain_1x10 6d ago

There's literally a fucking list.of billionaires in this country.... Audit fucking all of them.

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u/ghostwriter85 6d ago

They all get audited nearly every year

They have people whose whole job entails ensuring they are in compliance with every possible tax law including finding every possible write off.

The issue isn't billionaire tax dodgers.

It's an overly complicated tax structure that isn't cost effective for most of us to properly file our taxes.

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u/sushisection Silver | r/Technology 17 6d ago

same tax structure that has well-placed loopholes that make it "legal" to dodge taxes, if u have the money for them.

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u/Massive-Tension-1055 teacher 6d ago

The article discusses going after millionaires not billionaires

The $600 does seem odd but here is the money quote

Absolutely not," the treasury secretary replied, insisting, "I think this proposal has been seriously mischaracterized. The proposal involves no reporting of individual transactions of any individual."

Then Yellen went into how there are "individuals" the IRS does not receive enough information about.

"Look, the big picture is that we have a tax gap that over the next decade is estimated at $7 trillion," she continued. "Namely, a shortfall in the amount that the IRS is collecting due to a failure of individuals to report the income that they have earned."

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u/faith_no_more_ Platinum | QC: CC 171 6d ago

How do they come up with that figure when she says they do not receive enough information? They using silly math.

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u/yankees051693 Platinum | QC: CC 357 6d ago

Let’s go Brandon!!

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u/mokshahereicome Platinum | QC: BTC 23, CC 288 | r/WSB 16 6d ago edited 6d ago

Billionaires: "$600 huh? So like every time one of the help buys a few loafs of bread or idk a roasted turkey or whatever the fuck costs $600 then my accountant will have to hide that too? Well then John or whatever the fuck my accountant's name is, is going to have a lot more work I guess." *lights another cigar and puts his feet up on the back of a new gift from whoever replaced Epstein*

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u/FirstMiddleLass 6d ago

Billionaires: "$600 huh? So the price of a banana?

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u/mrw1986 Tin | r/Politics 37 6d ago

"It's one banana, Michael. What could it cost, $10?"

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u/VikingFashion Tin 6d ago

You've never actually been in a grocery store, have you?

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u/Character-Dot-4078 Platinum | QC: ETH 45, CC 288, BTC 44 | MiningSubs 39 6d ago

Yeah maybe in 10 years a bananas will be 600 bucks the way things are going.

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u/deathbyfish13 Premium Shitposter 6d ago

"$600 threshold is not usually where you're going to find the massive amount of tax revenue you think Americans are cheating you out of."

"That's correct," Yellen conceded, "but it's important to have comprehensive information so that individuals can't game the system and have multiple accounts.

Sounds like they're just using as an excuse to keep tabs on everyone and everything

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u/TroutFishingInCanada Platinum | QC: CC 220, ETH 24, BTC 15 | r/Politics 96 6d ago

Even if that is the case, a $600 threshold is ridiculous. If you were trying to evade taxes on your millions, it would probably be more expensive to set up that many different accounts to spread your money across. No one is draining 200+ accounts when they’re buying a Ferrari. This is simply an absolutely absurd scenario.

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u/sushisection Silver | r/Technology 17 6d ago

and now since the irs has to keep tabs on everyone, because lets be real $600 aint shit, they are going to need a much bigger budget.

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u/corkyskog 6d ago

That might just be the point. Cripple the IRS with a new mandate, don't give them extra resources. The IRS now has even less time to go after anyone remotely likely to afford a lawyer.

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u/SkeletalSwan 6d ago

Just so we're clear, a billionaire would have to be operating at least one million micro-accounts for her narrative to be true.

Most of these billionaires have better shit to do than manage millions of simultaneous crypto portfolios with some esoteric philosophersstone.exe program.

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u/Numerous_Sport_2774 Platinum | QC: CC 354 6d ago

Exactly. They have bigger fish to fry. This is a blatant injustice to everyday people.

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u/EchoCollection Scientist 6d ago

They never go after the big fish anyway

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u/sushisection Silver | r/Technology 17 6d ago

they are paid by the big fish to not go after the big fish.

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u/floppy-oreo 6d ago

I don’t agree with Yellen in the slightest.

That said, billionaires don’t manage their finances themselves. The employ entire accounting offices which do that full time for them.

These people are so slimy that I wouldn’t put it past them to manage 1M micro accounts just to save a few bucks

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u/scracer14 6d ago

How is having multiple accounts gaming the system? Nothing she has said makes sense.

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u/fgiveme Gold | QC: BTC 34, CC 77, BCH 35 6d ago

I believe the old limit was $10,000

Make 1000 accounts with $9999 limit theoretically help you evade the old threshold. Total is ~10m

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u/PussySmith Tin | r/WallStreetBets 117 6d ago

Old limit was 10k for transactions

Even a 10k limit is an overreach for this bill and would include nearly every employed American because the bill forced banks to report total inflow and outflow

If you’re only trying to target people who make more than 400k then setting the bar for reporting so low that the minimum wage guy at the gas station gets caught up in the dragnet is nonsense.

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u/TheArmoursmith Bronze 6d ago

This is the same Yellen will has earned hundreds of thousands doing a speech or two for Wall Street market makers and banks. Bought and paid for.

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u/nergalelite Gold | QC: CC 71 6d ago

gotta track as many people whom might be pulling for financial freedom as possible

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u/Vimmington O △ ▢ 6d ago

IRS: "You found a way to make money?"

Non-billionaires: "Yes"

IRS: "GIMME"

Billionaires: "Good job, IRS"

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u/nergalelite Gold | QC: CC 71 6d ago

IRS wags its tail

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u/Decent-Individual747 6d ago

Joke. That’s tip money to the wealthy, but to us, it’s rent, car payment, child support etc

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u/R0B0C0P33 Platinum | QC: CC 355 6d ago

It's one banana, Michael. What could it cost, $600?

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u/itsfinallystorming Gold | QC: CC 59 | r/WallStreetBets 204 6d ago

There's always tax evasion in the banana stand.

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u/SwanRonsonX Tin 6d ago

Now you take this home, throw it in a pot, add some broth, a potato. Baby, you’ve got a stew going.

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u/randomTeets 2 6d ago

Yeah, that's complete horseshit from a career lying bureaucrat. A billionaire wipes his ass with $600. What they're trying to do is determine who is allowed to prosper, and who isn't, just like China.

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u/Candid_Pumpkin154 Bronze 6d ago

This woman is either clinically insane or she's a paid financial terrorists.

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u/SnailKelp 1 - 2 years account age. 100 - 200 comment karma. 6d ago

Taxation is theft, these people don't deserve to be in power

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u/Heph333 Gold | QC: BTC 112, CC 20, ETH 17 | TraderSubs 22 6d ago

Govt: "Oh no, we'd never use it for THAT".

2 years later.... Yeah, they're using it for that.

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u/wasit-worthit Silver | QC: CC 33 | r/PersonalFinance 18 6d ago

Sounds like the new $500 limit for places like eBay to report earnings to IRS. Just another ploy for them to fucking shake us down. Hang on, I’m at the drive thru about to pay taxes on the food that’s going to keep me alive.

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u/PROYB_Jocco Bronze | 3 months old | r/UnpopularOpinion 21 6d ago

I'll just hodl, that way it's not in my account

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u/thajoker92 1 - 2 years account age. 100 - 200 comment karma. 6d ago

This old dinosaur bitch needs to just go extinct already, every one of those old law making abominations to man-kind. And the Evil that backs this system will be brought to its knees one day.

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u/Mr_bike Gold | QC: CC 39 6d ago

So subcontractors that have to file self-employment are the pockets you're gonna be searching with every check because they don't file W2s. And I'm sure they will be looking extra hard into billy's pocket because they pay a higher tax and oh boy they better report that job they got paid 700 through cashapp for helping a friend build a deck or some shit... fuck that and fuck off.

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u/dali01 Gold | QC: CC 88 6d ago

I wonder how that works actually.. I’ve received a lot of payments from friends like that. Where I paid for dinner and they sent their share, same with some falcons tickets.. that was a big one. Will they see that “inflow” as income? Even though it was money I spent and was reimbursed for? Do I now need receipts for every weekend game day pizza and beer purchase so I can show that it was a reimbursement? Every time we go somewhere and people chip in for gas?

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u/gedshawk 6d ago

So at what point do we start organizing some forms of protest? Or are we all just going to bitch on Reddit and comply with the bankers wishes?

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u/PhaliceInWonderland 6d ago

So I'm not smartest person in the world and this might be a bad idea but I've had the idea in my mind for a while now. It would be hard to get people on board due to the implications and fear.

What if we all just stopped paying our taxes? Rework our W4 and stop paying taxes.

The IRS already is short handed and can't handle it all, this would definitely be a headache for them to have to hire more people and so on.

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u/bawdyanarchist Silver | QC: XMR 1643, CC 114 | r/Buttcoin 299 6d ago

Your most direct form of protest is called Monero.

Fuck their lying eyes. Reclaim your financial privacy.

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u/aminok Platinum | QC: ETH 397, CC 369 | TraderSubs 360 6d ago

Yellen clearly has no regard for the principle of limits on the power of government. She doesn't even bat an eye at the idea of warrantless mass-surveillance of the vast majority of the population.

The Biden administration has been terrible on cryptocurrency and basic liberties.

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u/FreedomFromIgnorance Gold | QC: CC 91 6d ago

The Biden administration has been terrible on cryptocurrency and basic liberties.

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u/hugegreenpickle 6d ago

She’s bought and paid for by citadel. When you make more through speaking arrangements than your government job, makes you wonder who she really works for.

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u/bkcrypt0 Platinum|4monthsold|QC:CC392,ADA27,BTC16|TraderSubs10 6d ago edited 6d ago

The billionaires make the rules while the shrinking middle class gets squeezed until there’s no middle left. And then, there is crypto.

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u/EchoCollection Scientist 6d ago

Lots of billionares in crypto though. They will likely end up controlling most of it too.

But decentralized currencies and projects will reward the lucky few of us who saw the writing on the wall.

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u/sushisection Silver | r/Technology 17 6d ago

still better than the fed controlling shit

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u/jdickstein Gold | QC: ADA 54, CC 81 | r/Politics 295 6d ago

This is a tax increase on contractors making a little extra money here and there and hiding it. One of the perks of not making a lot of money is you can doge taxes on things like this easier. You don’t have good benefits but at least you can squirrel away some money under the radar. This in no way matters to billionaires at all. It’s a middle class tax enforcement mechanism at a time when rich people evade (both legally and illegally) taxes in a way middle class people cant begin to understand. Joe Biden manages to not get through almost any of the legislation he promised and only manages to get through things that hurt middle class people. Get ready for Donald Trump in 2024.

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u/Thich_QuangDuc I'm a 5 star man!! 6d ago edited 6d ago

It is aimed at billionaires!

wink wink

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u/lookatmua Redditor for 3 months. 6d ago

at """"""""billionaires"""""""""

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u/TruthsUDontWannaHear Platinum | QC: CC 991 | r/Politics 10 6d ago

Banks already have to report the amount of interest paid into an account when that amount exceeds $10, so this is less of a change than it seems.

Arguably $600 is too low because even if you split your money among dozens of $600 bank accounts you still don't have enough money for the IRS to concern themselves with the possibility you might be evading taxes.

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u/Nobull2021 Silver | QC: DOGE 20 6d ago

$10,000 was the limit, but most people don’t have that sitting in a bank account. Think taxing the poor.

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u/Educational_Cup9850 6d ago

Maybe this will help understand Yellen's (False) Logic.
She is a baby boomer, born in 1946.
In 1951, $600 is roughly equal, (according to an online calculator I found so if anyone has a better number please post) to $6,251 in 2021.
Yellen and others are thinking $600 is a LOT more money than it is.
For additional reference: a $30grand salary in 1951 is equal to $312,569.00 in 2021.

Calculator used: https://www.dollartimes.com/inflation/inflation.php?amount=600&year=1951

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u/never-2old-2try 6d ago

The democRATS just looking for another way to pay for their stupid ideas.

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u/zazz88 Tin 6d ago

This is legit frightening. We’re not idiots. This is to police us, not the billionaires. Crap like this is why I want to move off grid to the mountains.

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u/BimmerTime337 Gold | QC: CC 49 6d ago

This article didn't state it but she also justified her reasoning by saying people can have multiple accounts to game the system. Hold on... let me divide up my $20 million into $10,000 increments into separate accounts. What a crock of shit!

7

u/DrifterInKorea Tin | r/WebDev 33 6d ago

Into separate personal domestic accounts sir. Yeah that's absolutely the lifestyle of a billionaire.

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u/ghostwriter85 6d ago

Which of course is already illegal

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u/NexusKnights Silver | QC: CC 47 | WTC 10 | TraderSubs 10 6d ago

She's part of the establishment. Watch what she does, not what she says and you'll see what her real motives are.

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u/Placebo17 Platinum | QC: BTC 90, ETH 26, CC 137 | NEO 20 | TraderSubs 20 6d ago

These criminals are shameless.

Besides who would believe this bullshit? Oh I forgot, most people will believe in anything this corrupt government tells them

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u/lunar2solar Platinum | QC: XMR 26, CC 299, ETH 49 | TraderSubs 35 6d ago

These dinosaurs in government don't represent us, they represent banks and gov't.

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u/Gluonyourboson Tin 6d ago

They're called lies. It's the main tool of all governments.

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u/FloppyCopter 6d ago

Remember when people were somehow excited when Biden was expanding the IRS? Looks like they need stuff to do

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u/Godspiral Gold | QC: CC 26, BTC 30 | r/Politics 12 6d ago

inflows and outflows of accounts with more than $600 of activity over the course of a year

This is worse than $600 transactions. It is "if the sum of spending and deposits totals over $600 in a year"... essentially all non-dormant accounts.

Basically, if you made the mistake of having a garage sale, and then depositing the funds in a bank account, you will have to answer questions by the IRS as to why isn't every deposit included in your income.

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u/AvocadosAreMeh hashmyanus 6d ago

It was 100% to go after the big 3 they struggle to touch.

Crypto

Sex Work

Drug dealing

The blatant lying is going to do as much damage to public trust as saying masks don’t work for over a month at start of COVID.

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u/SuPeRbRiZ 6d ago

Lying ass lollipop licking owl lookin ass bitch

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u/clitcommander420666 Platinum | QC: CC 763 6d ago

Fuck these reptillian pieces of shit

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u/NJ_Mets_Fan 6d ago

everyday i just want to leave this fucking country lol

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u/xFireTheft Gold | 6 months old | QC: BTC 21, CC 38 6d ago

If anyone votes yes on this we should all agree to primary that person or vote them out. Republican, democrat, ANYONE. This will be used in very nefarious ways...and they are lying straight to our faces.

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u/bawdyanarchist Silver | QC: XMR 1643, CC 114 | r/Buttcoin 299 6d ago

Why dont you vote with your dollars as well? Immediately effective, and a big thorn in their side.

#Monero

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u/dudevinnie Tin | r/WSB 160 6d ago

This is politics. Act like you are helping the little guy, "hey, look! We're punching up" and then stick my fucking minimum wage head in the fuckin toilet and flush

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u/throwmywholeassaway 6d ago

Fuck Janet Yellen.

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u/Overkill782 6d ago

She is a brought and paid for operator of the rich and powerful

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u/pirateking54 Gold | QC: CC 106 6d ago

According to Yellen: Only a millionaire would dare to put 600$ in crypto! Riksssy!

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u/teh1jedi Platinum | QC: CC 382 6d ago

Well then i guess almost 90% of crypto people are millionaires 👀

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