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12 Trillion in retirement money is alot of money to redistribute. Same for non retirement money. It could be 'redistributed' to pay off government debt or to fund government programs. They need more information to formulate their redistribution agenda.
Also suprised not too much to say on Biden bringing up the fact the many corporations have paid zero taxes via accounting, loopholes etc. That tells you right he wants more to pay more.
Back in 2008 it was suggested that all that money be invested in "special government bonds".
You know what that means ? The Fed takes all your money and issues non-negotiable bonds that cannot be sold just like SS. And in 2008 the suggestion was a 3% annual return.
If anyone has retirement money socked away they need to follow this woman and see if she gets into a committee hearing again.
The last one was 3 days long with many banks, investment firms attending.
The last safe place may be......
First National Bank of the Mattress
Don't think it will ever happen ? FDR and Executive Order 6102.
It wasn't a law like under the Patriot Act. It is only 10K to trigger govt report and it is criminal to intentionally deposit smaller amounts to avoid it. This isn't like millions suddenly popping up out of thin air, it doesn't take a whole lot of money to make the "list". Same if you want to withdraw. wth.
Actually its less. Banks also look for deposits that are structured intentionally to stay under the 10k or over amount
e.g. 4k one day 6k a few days or a week later.
Back in 2008 it was suggested that all that money be invested in "special government bonds".
You know what that means ? The Fed takes all your money and issues non-negotiable bonds that cannot be sold just like SS. And in 2008 the suggestion was a 3% annual return.
If anyone has retirement money socked away they need to follow this woman and see if she gets into a committee hearing again.
The last one was 3 days long with many banks, investment firms attending.
The last safe place may be......
First National Bank of the Mattress
Don't think it will ever happen ? FDR and Executive Order 6102.
Until they eliminate cash. Since Covid I've been seeing more retailers refusing it.
Ultimately this is where we are headed along with a social credit score. Refuse to get the vax, make a pro gun rights post, etc. and you'll find your state issued digital currency is restricted or isn't spendable.
Its also why every covid restriction needs to be fought tooth and nail
"In President Biden’s first address to a joint session of Congress on Wednesday night, he laid out his ambitious, expansive agenda for getting the country past the economic wreckage associated with the coronavirus pandemic, mostly under the rubric of what his administration is calling the “American Families Plan” (some of the details of which we spelled out here).
For one thing, Biden wants to expand the federal tax credit that provides for up to $3,600 per eligible child in stimulus checks, spread out over monthly payments (starting this July). Instead of the current 1-year expansion that’s already underway, though, Biden now wants to stretch that out through 2025. Meantime, the American Families Plan also calls for everything from the tax credit expansion to greater access to Medicaid, paid family leave, free community college tuition, and much more. The big question — how will all of this be paid for? Answer: Partly by taxing the rich, and to help that process along, Biden’s plan wants to give an extraordinary amount of new power to the IRS."
I'll be one of those ordinary taxpayers that gets targeted for audit every year.
Child tax credits need to be reduced or ended. All they do is encourage those who can neither afford them nor know how to be good parents to have them. You don’t need credits for responsible adults to have kids. They will have the kids anyway.
How do they know the money in the account is taxable?
Every year I receive from my bank the "interest income" form that tells the IRS the income I gained from my checking/savings that I deposited in the bank. The interest gained is taxable on all bank accounts as well as investments which are a 1099 form received. So what the hell more do they want. It's deposits from a few years ago they already know about. This is nuts!! Brick and Mortar banks could lose money when people stop depositing money in them because of this. Is he trying to create another great depression?
Child tax credits need to be reduced or ended. All they do is encourage those who can neither afford them nor know how to be good parents to have them. You don’t need credits for responsible adults to have kids. They will have the kids anyway.
They'll have kids when they can afford it anyway. Or not. Either way, it's none of anyone's business.
And no, I don't think I should be forced against my will to subsidize other people's kids, especially when many of these people are dual income and make more money than I do.
This spendfest is more of the government getting in its own way and manufacturing problems to solve.
TBH I think at this point, aggregate taxation greater than 5% of GDP (defined as the lesser of the immediate past year's GDP or the average of the past 5 years' GDP) needs to be banned. Actually, forget that. Repeal the 16th Amendment and replace it with an amendment specifically prohibiting any form of taxation other than a consumption tax no greater than 10% and deficit spending of any kind. And it should be illegal without exception for the IRS to look at your bank accounts. You have suspicion of a crime? Get a ****ing warrant.
They don't. taxable income has a paper trail. Untaxed gains (profit from selling home) has a paper trail.
Don't believe everything you are told.
Not necessarily. For an example, let's say someone builds a race car. Started out with an $800 shell, bought parts (cash) from places like FB market place, Craigslist etc. Does all the fabrication work themselves, or barters for work they couldn't do. Gets the car running, has a successful season with it then sells it for $50k. The buyer pays cash. That money for the seller is pretty much untraceable, wouldn't it be ? With this new policy, if that money gets deposited into a bank account , it can now be taxed.
I wonder if this policy is targeted at the grow facilities ? Since marijuana is not legal at the Federal level, businesses related to it work with cash. I'm sure many of those in that business have a lot of money flowing in and out of their accounts that has no paper trail. This would be a way to tax it.
For one thing, Biden wants to expand the federal tax credit that provides for up to $3,600 per eligible child in stimulus checks, spread out over monthly payments (starting this July). Instead of the current 1-year expansion that’s already underway, though, Biden now wants to stretch that out through 2025. Meantime, the American Families Plan also calls for everything from the tax credit expansion to greater access to Medicaid, paid family leave, free community college tuition, and much more. The big question — how will all of this be paid for? Answer: Partly by taxing the rich, and to help that process along, Biden’s plan wants to give an extraordinary amount of new power to the IRS."
I'll be one of those ordinary taxpayers that gets targeted for audit every year.
I thought these child tax credits got taken out of people's end of year tax returns? It's not really extra money, it's just a prepayment on what they would've gotten at the end of the year.
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