$3.5T Not As Big As You Might Think

[Lesh]

Nope. Total bank borrowings from the Fed are only about $500 million.

Banks, on the other hand, are lending the Fed trillions.

Banks lend the Fed trillions. Tell us about that

 

[themirrorthief]

Yea...except the taxes would be raised on the people who have done exceptionally WELL during that pandemic...while ordinary Americans have gotten screwed

you have to have money to give someone a job who do you know on welfare that is hiring

 

[themirrorthief]

Actually, the claim isn't that it COSTs zero, the actual claim is that it simply adds zero, to the deficit/ national debt.

man people believe that fantasy then why not borrow a hundred trillion

 

[g5000]

Don't be stupid. I know you know better than that

*sigh*

 

[Lesh]

you have to have money to give someone a job who do you know on welfare that is hiring

Kiss some rich ass. I'll pass

 

[Roudy]

Yea...except the taxes would be raised on the people who have done exceptionally WELL during that pandemic...while ordinary Americans have gotten screwed

Yeah, that's exactly what a brainwashed indoctrinated communist fool would say, considering the fascist, police-state loving Democrats want to allow the IRS to snoop into any bank account transaction that is $600 or over without us knowing. 'Cause billionaires most commonly engage in $600 transactions. Remember how Obama kept repeating "if you like your doctor you can keep your doctor", and you fools fell for that?

Bidenâs Proposed IRS Bank Account Snooping Authority Runs Into State Resistance

A resolution introduced in the Maine House of Representatives on September 22 urges U.S. Senators Susan Collins (R), Angus King (I), and the rest of the Maine congressional delegation to oppose President Joe Biden’s proposal to empower the IRS to more closely monitor Americans' bank accounts.

www.forbes.com

A resolution introduced in the Maine House of Representatives today, September 22, urges U.S. Senators Susan Collins (R), Angus King (I), and the rest of the Maine congressional delegation to oppose President Joe Biden’s proposal to empower the IRS to monitor aggregate transactions going into and out of personal and business bank accounts whose value or total transactions exceed $600 in value, which ensnares the majority of active bank accounts. As the new state resolution filed by Maine Representative John Andrews points out, “President Joe Biden wants the IRS to have automatic access to information about every Americans' bank account as well as every PayPal, Venmo, and CashApp account, even if without any accusations of wrongdoing.”

“This is unprecedented Federal intrusion into the financial lives of every day Americans,” said Representative Andrews. “It is an expansion of the surveillance state and it is time to pushback. As state legislators it is our duty to stand up, be proactive and protect those we represent. This resolution should be filed and supported in every statehouse in the nation. Legislators need to be bold and find ways in their state statutes to legislatively nullify this unconstitutional abuse of power.”

 

[Lesh]

*sigh*

q5000...you and I both know that what I said was basically accurate.

And Todd is a flat out liar

Federal Reserve to lend additional $1 trillion a day to large banks

The Federal Reserve has moved with unprecedented force and speed to pump huge amounts of cash into the financial system to ease disruptions that have escalated since the viral outbreak.

www.pbs.org

I had some respect for you at one point. ...

sigh...

 

[g5000]

The organizations who are claiming paying back the debt would crash the economy are really wanting the interest payment gravy train to keep going.

They also want the nanny state to always be there as a safe haven.

 

[Lesh]

The organizations who are claiming paying back the debt would crash the economy are really wanting the interest payment gravy train to keep going.

They also want the nanny state to always be there as a safe haven.

Wow. At one point you used to sound like you knew what you were talking abut.

Now you just sound like a run of the mill RW nutter.

Sad

You WANT your tax cuts huh...

 

[g5000]

Yeah, that's exactly what a brainwashed indoctrinated communist fool would say, considering the fascist, police-state loving Democrats want to allow the IRS to snoop into any bank account transaction that is $600 or over without us knowing. 'Cause billionaires most commonly engage in $600 transactions.

Actually, I misunderstood what that new rule Biden wants does, too. But after I looked into it, I found that it does not require banks report every transaction over $600.

What the reporting requirement is that banks must provide an ANNUAL report of any bank account which had a total of $600 or more in transactions for the entire year.

Apparently, some wealthy people have found a way to game the system by moving their money around between bank accounts to avoid paying taxes on their income, and this reporting requirement is intended to catch them.

The law funds the IRS to target individuals who have more than $400,000. It does not target anyone with an income below that.

This was Biden's idea. The rule has been $10,000 in total transactions until now.

The Democrats in the House left that new rule out of their budget, though.

 

[g5000]

Wow. At one point you used to sound like you knew what you were talking abut.

Now you just sound like a run of the mill RW nutter.

Sad

You WANT your tax cuts huh...

I want everyone to get a tax cut and for the debt to be paid off. The debt is the single greatest threat to our national security and the future prosperity of our economy.

Lesh, you are exposing a lot of ignorance in yourself. I tried to help, but you seem really stuck in the same rut. I don't know what else to do.

 

[Roudy]

Actually, I misunderstood what that new rule Biden wants does, too. But after I looked into it, I found that it does not require banks report every transaction over $600.

What the reporting requirement is that banks must provide an ANNUAL report of any bank account which had a total of $600 or more in transactions for the entire year.

Apparently, some wealthy people have found a way to game the system by moving their money around between bank accounts to avoid paying taxes on their income, and this reporting requirement is intended to catch them.

The law funds the IRS to target individuals who have more than $400,000. It does not target anyone with an income below that.

This was Biden's idea. The rule has been $10,000 in total transactions until now.

The Democrats in the House left that new rule out of their budget, though.

Wrong:

Bidenâs Proposed IRS Bank Account Snooping Authority Runs Into State Resistance

A resolution introduced in the Maine House of Representatives on September 22 urges U.S. Senators Susan Collins (R), Angus King (I), and the rest of the Maine congressional delegation to oppose President Joe Biden’s proposal to empower the IRS to more closely monitor Americans' bank accounts.

www.forbes.com

A resolution introduced in the Maine House of Representatives today, September 22, urges U.S. Senators Susan Collins (R), Angus King (I), and the rest of the Maine congressional delegation to oppose President Joe Biden’s proposal to empower the IRS to monitor aggregate transactions going into and out of personal and business bank accounts whose value or total transactions exceed $600 in value, which ensnares the majority of active bank accounts. As the new state resolution filed by Maine Representative John Andrews points out, “President Joe Biden wants the IRS to have automatic access to information about every Americans' bank account as well as every PayPal, Venmo, and CashApp account, even if without any accusations of wrongdoing.”

“This is unprecedented Federal intrusion into the financial lives of every day Americans,” said Representative Andrews. “It is an expansion of the surveillance state and it is time to pushback. As state legislators it is our duty to stand up, be proactive and protect those we represent. This resolution should be filed and supported in every statehouse in the nation. Legislators need to be bold and find ways in their state statutes to legislatively nullify this unconstitutional abuse of power.”

***** Whatever happened to the freedom loving Democrats? These commie fascists are truly unrecognizable.

 

[Toddsterpatriot]

Banks lend the Fed trillions. Tell us about that

If you deposit $1000 in a bank, you're lending the bank your money.
If your bank deposits that money at the Fed, they're lending the Fed their money.

You really don't know shit about banking.

 

[Toddsterpatriot]

q5000...you and I both know that what I said was basically accurate.

And Todd is a flat out liar

Federal Reserve to lend additional $1 trillion a day to large banks

The Federal Reserve has moved with unprecedented force and speed to pump huge amounts of cash into the financial system to ease disruptions that have escalated since the viral outbreak.

www.pbs.org

I had some respect for you at one point. ...

sigh...

March 2020. You're a little out of date.
At the Discount Window, this week.........

FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, July 28, 2022

www.federalreserve.gov

See "Primary Credit"?
$505 million. DURR.

 

[BluesLegend]

Thanks for the new sig line.

 

[g5000]

Wrong:

Bidenâs Proposed IRS Bank Account Snooping Authority Runs Into State Resistance

A resolution introduced in the Maine House of Representatives on September 22 urges U.S. Senators Susan Collins (R), Angus King (I), and the rest of the Maine congressional delegation to oppose President Joe Biden’s proposal to empower the IRS to more closely monitor Americans' bank accounts.

www.forbes.com

A resolution introduced in the Maine House of Representatives today, September 22, urges U.S. Senators Susan Collins (R), Angus King (I), and the rest of the Maine congressional delegation to oppose President Joe Biden’s proposal to empower the IRS to monitor aggregate transactions going into and out of personal and business bank accounts whose value or total transactions exceed $600 in value, which ensnares the majority of active bank accounts. As the new state resolution filed by Maine Representative John Andrews points out, “President Joe Biden wants the IRS to have automatic access to information about every Americans' bank account as well as every PayPal, Venmo, and CashApp account, even if without any accusations of wrongdoing.”

“This is unprecedented Federal intrusion into the financial lives of every day Americans,” said Representative Andrews. “It is an expansion of the surveillance state and it is time to pushback. As state legislators it is our duty to stand up, be proactive and protect those we represent. This resolution should be filed and supported in every statehouse in the nation. Legislators need to be bold and find ways in their state statutes to legislatively nullify this unconstitutional abuse of power.”

***** Whatever happened to the freedom loving Democrats? These commie fascists are truly unrecognizable.

Just as I said. "...empower the IRS to monitor AGGREGATE transactions..."

Investing in the IRS and Improving Tax Compliance

A well-functioning tax system requires that all taxpayers pay what they owe. An unfortunate characteristic of the current system, however, is an asymmetric adherence to tax law by the nature of income received. While roughly 99% of the taxes due on wages are remitted to the Internal Revenue...

home.treasury.gov

A recent study found that the top 1 percent failed to report 20 percent of their income and failed to pay nearly $175 billion in taxes owed annually.

[snip]

Altogether, the proposal directs roughly $80 billion to the IRS over a decade to fund an array of priorities—including overhauling technology to improve enforcement efforts, which is more effectively implemented with the assurance of a consistent funding stream. This investment will also facilitate the IRS hiring and training auditors to focus on complex investigations of large corporations, partnerships, and global high-wealth individuals. The President’s proposal directs that additional resources go toward enforcement against those with the highest incomes, rather than Americans with actual income of less than $400,000.

Reporting more account info to IRS is still just a proposal

If a Biden administration proposal now being considered is adopted, financial institutions would be required to report m

www.politifact.com

Marr said setting a low threshold of $600 would make it harder for tax dodgers to set up multiple accounts and avoid having the activity in those accounts reported to the IRS.


So the rule does not require the reporting of individual transactions. Just the total amount for a year. And only the amount of money moved around, not from or to where.

While this means anyone who has moved around more than a total of one year will be reported, only those who earn more than $400,000 will be audited.

Just about everyone in America moves more than six hundred bucks around every year, but they won't be audited unless they earn $400,000.

 

[Lesh]

View attachment 545909

March 2020. You're a little out of date.
At the Discount Window, this week.........

View attachment 545910

FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, July 28, 2022

www.federalreserve.gov

See "Primary Credit"?
$505 million. DURR.

See "1 trillion a DAY"

 

[Lesh]

Just as I said. "...empower the IRS to monitor AGGREGATE transactions..."

Investing in the IRS and Improving Tax Compliance

A well-functioning tax system requires that all taxpayers pay what they owe. An unfortunate characteristic of the current system, however, is an asymmetric adherence to tax law by the nature of income received. While roughly 99% of the taxes due on wages are remitted to the Internal Revenue...

home.treasury.gov

A recent study found that the top 1 percent failed to report 20 percent of their income and failed to pay nearly $175 billion in taxes owed annually.

[snip]

Altogether, the proposal directs roughly $80 billion to the IRS over a decade to fund an array of priorities—including overhauling technology to improve enforcement efforts, which is more effectively implemented with the assurance of a consistent funding stream. This investment will also facilitate the IRS hiring and training auditors to focus on complex investigations of large corporations, partnerships, and global high-wealth individuals. The President’s proposal directs that additional resources go toward enforcement against those with the highest incomes, rather than Americans with actual income of less than $400,000.

Reporting more account info to IRS is still just a proposal

If a Biden administration proposal now being considered is adopted, financial institutions would be required to report m

www.politifact.com

Marr said setting a low threshold of $600 would make it harder for tax dodgers to set up multiple accounts and avoid having the activity in those accounts reported to the IRS.


So the rule does not require the reporting of individual transactions. Just the total amount for a year. And only the amount of money moved around, not from or to where.

While this means anyone who has moved around more than a total of one year will be reported, only those who earn more than $400,000 will be audited.

Just about everyone in America moves more than six hundred bucks around every year, but they won't be audited unless they earn $400,000.

So an 80 billion investment will net 2 Trillion over ten years?

Sounds like a plus to me...

 

[Lesh]

If you deposit $1000 in a bank, you're lending the bank your money.
If your bank deposits that money at the Fed, they're lending the Fed their money.

You really don't know shit about banking.

An that money came from the Fed in the first place, What's your point?

 

[Lesh]

I want everyone to get a tax cut and for the debt to be paid off. The debt is the single greatest threat to our national security and the future prosperity of our economy.

Lesh, you are exposing a lot of ignorance in yourself. I tried to help, but you seem really stuck in the same rut. I don't know what else to do.

You know and I know that the debt is not that big a deal. You are a cynical bastard trying to lower the taxes on the rich (yourself) We pay ONLY the interest on the debt. Currently $378B. Well less than half our military budget, Less than 1/10 of the Federal budget..

And paying down the actual debt is deflationary and disastrous. But you think by promoting that you protect your tax cuts

Cynical and selfish