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Thread: Tell us why anyone should agree...

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    Default Re: Tell us why anyone should agree...

    Quote Originally Posted by Chuck Naill View Post
    I donít like that a person who owns a company can write off a $80k pickup and someone who doesnít canít.

    Itís time either everyone or no one can write off stuff.
    Like Trump said, only suckers pay taxes

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    Default Re: Tell us why anyone should agree...

    Quote Originally Posted by TSherbs View Post
    Quote Originally Posted by Chuck Naill View Post
    I donít like that a person who owns a company can write off a $80k pickup and someone who doesnít canít.

    Itís time either everyone or no one can write off stuff.
    Like Trump said, only suckers pay taxes

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    ROTFLMAO

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    Default Re: Tell us why anyone should agree...

    Quote Originally Posted by welch View Post
    Ah. Here is the section that worries Kaz, found, as he said, at Page 88... *snip*
    If only someone would have posted that earlier...
    Be your own tenth man.

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    Default Re: Tell us why anyone should agree...

    Quote Originally Posted by Chuck Naill View Post
    Quote Originally Posted by dneal View Post
    Quote Originally Posted by Chuck Naill View Post
    Quote Originally Posted by dneal View Post
    ďYes, there are concerns that some people have. But if people are breaking the law and not paying their taxes, one way to track them is through the banking measure.Ē - Nancy Pelosi

    Thatís not how our system works. It is the burden of the prosecution to establish probable cause in order to obtain a warrant or subpoena from a judge. This proposal turns that long established principle on its head.
    So when it pleases you or suits your perogative you want our system to work? Ha!!
    More banal assertions with no substance. Try again.
    Why?
    "Try again" was rhetorical, but "Why" is the question I often ask myself when I see the haphazard stuff you post.

    So you tell us, Chuck. Why?
    Be your own tenth man.

  5. #45
    Senior Member welch's Avatar
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    Default Re: Tell us why anyone should agree...

    Quote Originally Posted by Chip View Post
    The notion that reports need to be written is quaint. Our bank already has a automated tracking system that flags transactions that seem "unusual" by standards to which I have no access. My credit card has been blocked unnecessarily as a result more than once. I also have to notify the banks when I travel or make a larger than usual purchase.

    We gave money to my sister-in-law who hit a bad patch and had to file all manner of stuff to do a simple bank-to-bank transfer.

    So it seems that the tracking system is already in place.
    Most banks have software that pops out suspicious transactions. Consider it "reputational risk": no bank wants to be named as having held funds for a drug cartel. That's different. Reporting small transactions to the Treasury Department is a different thing. It might be possible to pull a copy of each transaction out of ACH.

  6. #46
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    Default Re: Tell us why anyone should agree...

    Quote Originally Posted by welch View Post
    Consider it "reputational risk": no bank wants to be named as having held funds for a drug cartel.
    They don't want to be named, but quite a few do it. Deutsche Bank seems to be a frequent offender and there are banks in London that actively court shady money. As long as it's big.

    Last edited by Chip; October 13th, 2021 at 11:29 PM.

  7. #47
    Senior Member welch's Avatar
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    Default Re: Tell us why anyone should agree...

    Well, yes, Chip. I was quoting a common saying in banking. It's why banks have "know your customer" software. All that is usually focused small accounts. All over the world, poor people travel to jobs and want to wire money home. Banks have wanted to get into the "wire it home" business, but often the customer "back home" has no bank account. As best I remember, that business was called Workers' Remittances, but I don't have much documentation anymore.

    The other business is called Anti-Money Laundering (AML). That's pretty much what the name would suggest: a large piece of software by which a bank runs a "black-list" of known-bad "entities" and a "white-list" of the known-good.

    All of that is involved in Electronic Bank Account Management (eBAM). My old company, SWIFT, developed the message standards by which banks operate an eBAM system. It is a tricky operation: banks want to open accounts electronically, as a way to reduce the staff-cost of having prospective customers open accounts at a bank brank, but banks, also, do not want to be found to have opened accounts for a collection of heroin suppliers hiding in the mountains of Southeast Asia. Greed meets caution.

    See https://en.wikipedia.org/wiki/EBAM

    Banks, though, may tolerate crooked deals if they are huge. See the sort of thinking that drove the world financial system off a cliff in 2008, as described by Michael Lewis in "The Big Short", or his essay, on which the book (and its movie) were based: "The End of Wall Street As We Know It": https://www.gatsby.ucl.ac.uk/~pel/mi...eets-Boom.html

  8. #48
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    Default Re: Tell us why anyone should agree...

    The Post says that Democrats will modify the bill to focus more narrowly on rich people who make their money OUTSIDE of drawing a salary.

    Senate Democrats on Tuesday will unveil a scaled-back version of a Biden administration proposal to crack down on wealthy tax cheats after conservative groups and the bank industry raised major privacy concerns, three people with knowledge of the coming announcement said.

    Initially, the Department of Treasury and Senate Democrats had proposed requiring financial institutions to provide the Internal Revenue Service with additional information on bank accounts with more than $600 in annual deposits or withdrawals.

    After a backlash, the new proposal will instead require the provision of additional information for accounts with more than $10,000 in annual deposits or withdrawals, a measure Democrats have been considering for weeks but have not formally endorsed, the people said.

    The revised version of the bank reporting proposal will also weaken its scope by exempting all wage income from counting toward the $10,000 threshold withdrawal, intending to ensure it applies to only larger account holders, the people said. The Biden administration has signed off on the changes and is expected to support the new plan, a potentially key source of new revenue to pay for Democratsí multi-trillion-dollar economic package. The people spoke on the condition of anonymity to discuss a matter not yet made public.
    The Democratic Party listens to Kaz.

    https://www.washingtonpost.com/us-po...ank-reporting/

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    Default Re: Tell us why anyone should agree...

    Lol!! $10,000 is nothing. The focus again is on middle class workers .

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    Default Re: Tell us why anyone should agree...

    Quote Originally Posted by welch View Post

    The Democratic Party listens to Kaz.

    https://www.washingtonpost.com/us-po...ank-reporting/
    >blush<


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    Default Re: Tell us why anyone should agree...

    Quote Originally Posted by Chuck Naill View Post
    Lol!! $10,000 is nothing. The focus again is on middle class workers .
    That is $10,000 from payments in or out, other than salary. See the Post article. Several things are already reported, such as dividends and payments from a 401K.

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    Default Re: Tell us why anyone should agree...

    Quote Originally Posted by welch View Post
    Quote Originally Posted by Chuck Naill View Post
    Lol!! $10,000 is nothing. The focus again is on middle class workers .
    That is $10,000 from payments in or out, other than salary. See the Post article. Several things are already reported, such as dividends and payments from a 401K.
    I immediately thought of home sales.

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    Default Re: Tell us why anyone should agree...

    cowards

    make the rich fucking pay

    someone show some balls

    our system is kind of sickening

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    Default Re: Tell us why anyone should agree...

    How much should the rich pay? Isnít equal fair?

    Is it wrong to use every legal means to keep money away from this government?
    Last edited by Bold2013; October 20th, 2021 at 11:12 PM.

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    Default Re: Tell us why anyone should agree...

    What's "wrong" is that the system is rigged in favor of those with capital against those without. The laborer who has the bulk of her taxes taken out of her paycheck, has no other income, pays all of the other fees, duties, and taxes at exactly the same rates as the wealthy, has no opportunity or resources to reinvest or save or move or hide her paltry savings or defer taxes until a more propitious time...

    is fucked compared to what the wealthy can use in the system as it is presently rigged.

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    Default Re: Tell us why anyone should agree...

    There is a reason Trump didn't release his tax reports. However, I do not blame those who can to right off losses, but when a business owner can write off an 80K pickup that is never used directly for that business and those without a business cannot, something is wrong. This is just one example. Seems like I read Jeff Bezos pays little or none.

    Ironally, the blue collar supporters of Republicans seems to be fine with having to pay more than their fair share. Crazy. At least the white collars are whinning a bit.

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    Senior Member dneal's Avatar
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    Default Re: Tell us why anyone should agree...

    Quote Originally Posted by TSherbs View Post
    What's "wrong" is that the system is rigged in favor of those with capital against those without. The laborer who has the bulk of her taxes taken out of her paycheck, has no other income, pays all of the other fees, duties, and taxes at exactly the same rates as the wealthy, has no opportunity or resources to reinvest or save or move or hide her paltry savings or defer taxes until a more propitious time...

    is fucked compared to what the wealthy can use in the system as it is presently rigged.

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    I agree that the system is indeed rigged, but I think where we diverge is in where the blame is laid - and how to correct it.

    I know he's the new "boogeyman", and I hardly think he's a role-model for anyone or anything; but what Steve Bannon gets right is his "party of Davos" thesis. If he is to toxic of a personality to consider, then there also is the liberal Eric Weinstein who identifies them as the "kleptocracy".

    In both cases, they discuss how the system is rigged. The 30,000 foot analysis is simply that the wealthy (business, banking and others) pay politicians through legal means to arrange the system to their benefit. The politicians profit from it. The media (and Victor Davis Hanson lays out clearly the "nepotistic" relationships) is part of it as well.

    One can argue that we need to increase taxes on the "rich", but those same people pay the lawyers that write the bills (see: Big Pharma and Obamacare). Those same people fund campaigns. We cannot expect some moral revelation from within the corruption to correct it - just as the bill passed to stop the congressional equivalent of "insider trading" was lip-service and a charade.
    Be your own tenth man.

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    Default Re: Tell us why anyone should agree...

    So Dneal who is the bigger problem, the politicians or those wealthy influencers?

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    Default Re: Tell us why anyone should agree...

    Quote Originally Posted by TSherbs View Post
    cowards

    make the rich fucking pay

    someone show some balls

    our system is kind of sickening
    I think we agree: this law is aimed down to your and my level, not the rich.

    What conceivable excuse justifies everyone, down to the level of those living on a monthly Social Security check, having their privacy stripped away? Are these the rich who should have to pay more?

    I never want anyone, much less the IRS and other government agencies, the freedom to riffle through my check stubs and deposit slips^^ to know who I donate money to, where I shop, the size of my house payment. tuition I pay to private schools, payments for gun permits, etc.

    The more complicated the tax code has become the more the playing field tilts to those who can hire tax accountants and lawyers to set up tax avoidance schemes.

    ^^Yes, archaic tech referred to intentionally.

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    Default Re: Tell us why anyone should agree...

    For me, I donít want to be a disciple of anyone.
    I remember listening to Rush and thinking he had the words of life, when all he was really about it complaining.

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