Manchin: IRS reporting requirements likely 'going to be gone' from spending bill

[Polybius]

Source: Politico

Sen. Joe Manchin (D-W.Va.) sharply criticized a proposal to force banks to report more account information to the IRS, making it much more likely that Democrats will have to drop a plan that could raise hundreds of billions of dollars for their social spending bill.

Manchin said in an interview with the Economic Club of Washington, D.C., that he had already told President Joe Biden that he was against that idea.

“Do you understand how messed up that is?” Manchin said he told the president. “This cannot happen. It’s screwed up.”

“I think that one’s going to be gone,” Manchin added.

Read more: https://www.politico.com/news/2021/10/26/joe-manchin-irs-reporting-spending-bill-517194

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I actually agree with Manchin on this. The old $600 number was way too low.

[Dawson Leery]

1. Working people/small business will be targeted by this.

And still, the billionaires will be protected.

I would increase the cash reporting requirement to 20k.

[Polybius]

5. I'd make it 100k

20k a year in banking transactions isn't a whole lot.

[Alexander Of Assyria]

2. The projected revenue is projected over 10years, so barely covers the annual military

spending on a single carrier.

Or, in other words, universal kindergarten forever.

[berni_mccoy]

3. The $600 amount was raised to $10k. But I actually agree with Manchin on this

It’s not necessary to increasing revenue. The wealth tax is though.

[Polybius]

4. Yes, but 10k a year is actually worse than the $600 per week in the old bill

I'd say most of us do 10k a year in transactions.

[obamanut2012]

6. I do not give a fuck if smaller Etsy sellers don't report taxes

That will mean nothing for the country and funding this bill. It won't snag one cent from the 1%, or even the 20%.

JFC I agree with Manchin on this.

[PSPS]

7. "drop a plan that could raise hundreds of billions of dollars"

I presume this means that there are "hundreds of billions of dollars" in owed but unpaid taxes. If so, why would President Manchin insist on protecting these tax cheats? (a rhetorical question.)

[christx30]

8. He still wants to defund the irs so the can only go after

the low hanging fruit of people that aren’t rich enough to defend themselves.
It’s leaves the very wealthy alone, and coming down on a waitress like a ton of bricks because she pocketed a $20 cash tip.

[PSPS]

10. I don't think there are "hundreds of billions of dollars" in unpaid taxes on tips.

[christx30]

13. Exactly right.

He doesn’t care about the funding. He cares about protecting the wallets of his rich friends.

[oasis]

9. A: from Karnac the Magnificent "I think that one's going to be gone".

Q: What are Joe Manchin's chances of being re-elected.

[maxsolomon]

11. As usual Manchin provides ZERO details of why it is "messed up".

Money Launderers and Tax Cheats, he's got your back.

[Polybius]

16. I don 't want the IRS asking questions and looking into my account

$600 a week (or $10,000 a year) in deposits is no one's business but my own.

[maxsolomon]

18. I don't care that much, but I don't make Polybius levels of income.

What is the purpose of information reporting?
There are two general purposes of information reporting. The first is to increase tax compliance and to
reduce money laundering and illicit financial activity. The second is to provide information to taxpayers
to allow them to accurately calculate their tax liability. When an information return is filed, a copy of the
return is sent to the IRS and a copy is sent to the taxpayer. This allows the IRS to double-check the
information reported by a taxpayer. Additionally, the IRS can use the information to flag returns for audit.
At the same time, the copy sent to taxpayers provides them with information that they may need when
completing their tax return. Taxpayers may also be more likely to accurately report their income if they
know the IRS has this information. Information returns typically must be sent to the IRS and taxpayer
early in the calendar year.

https://crsreports.congress.gov/product/pdf/IN/IN11772

[Polybius]

19. I'm sure you make more than me

Almost everyone does.

[Cryptoad]

12. O!...

Let not mess with Super Rich hidden money!

[Polybius]

15. $600 deposits a week is super-rich?

It was proposed to be changed to $10,000 a year. Not exactly super-rich either.

[Socal31]

21. This was targeted at everyone EXCEPT the wealthy.

Expanding the surveillance state is a bad idea, every time, zero exceptions.

There wil once again come a time when the whackos are in charge of deciding who is targeted with by such new powers.

[cadoman]

14. who the hell put it in to begin with?

This is what drives me nuts about these mega bills. We have all these little tricks and traps buried in them and no clue who wrote them or to what end.

[Devil Child]

17. Thank you Sen. Manchin n/t

[LastLiberal in PalmSprings]

20. Ooo-o-o, it's another Manchin "red line."

Yawn... Wake me when it's over.

[Xolodno]

22. Can't believe I'm agreeing with this.

But he's right, childless and unmarried relative passes on and after funeral costs and selling the assets, say you pocket 3k. Then you have the IRS come at you for it?! Need to go after Musk, Amazon, etc.