in

New IRS rule will allow government to track all banking transactions over $600. Will this make Bitcoin and other crypto even more attractive?

Every transaction over $600 will automatically trigger a report to the IRS. So every time you pay your mortgage, have a medium priced car repair, or make a mid sized co-pay for medical, the IRS will know about it instantly. Is this the kind of country you want to live in? Bitcoin really is the future if the IRS is going to do this.

[https://www.ksn.com/news/local/so-called-tax-gap-plan-could-let-the-irs-look-into-any-account-with-as-little-as-600/](https://www.ksn.com/news/local/so-called-tax-gap-plan-could-let-the-irs-look-into-any-account-with-as-little-as-600/)

View Reddit by Extremely-Bad-IdeaView Source

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

45 Comments

  1. Why do you guys keep getting this story wrong?

    It’s not *transactions* over $600, it’s **any account with $600 balance.**

    If you have a bank account with at least $600 in it, EVERY SINGLE TRANSACTION IS MONITORED.

    It’s not per transaction, it’s BLANKET SURVEILLANCE.

  2. The supposed reason for all of these resources at the IRS is to fight big corp. Good thing they only deal in $600 transactions… no reason to be suspicious as to why that amount is specified.

  3. Maybe.. but If you buy crypto with fiat this is a new avenue for the man to track you down. This seems like it’s at least partially aimed at crypto folks who want to avoid taxes.

    Non KYC exchange transactions would be able to be tracked by uncle Sam because they can see the outflow of funds from your fiat bank account to the exchange without any reporting info from the exchange.

    Previously without the damning evidence from the exchange they can’t take you down as easily but with this they can directly trace your fiat to crypto transactions without a third party.

    Big brother is watching.

  4. This is is a privacy nightmare.

    Don’t believe this justification at all. They want to track and control every aspect of your life. Assign you a carbon consumption score and seize their global carbon consumption tax. They want to shut you off if you are not obedient.

    Resist this invasion of your life and privacy.

  5. everything govt does highlights the advantages of bitcoin.

    not only do their unconstitutional mandates make bitcoin look attractive for its censorship resistance and confiscation resistance, but literally every thing govt does is paid for by counterfeiting our money to steal our wealth as a hidden tax. so while the courts may continue saying it’s not *actually* taxation without representation (*obvious conflict of interest since appointees and appointers are all paid by those very same illicit funds. you have to therefore agree implicitly at least, and before you take the job, that those funds are legit. and because nobody who appoints judges would appoint someone intent on reducing or eliminating the major contributor to govts budgets. in short the idea that judges can be impartial to something as insidious and persistent as govt’s own power and corruption is 100% bullshit on its face*), everyone knows that’s a lie.

    and they have been able to hold off the angry mobs until now because they pump the stock markets with *some* of that printed cash as appeasement. but as bitcoin grows, whether that be slowly or quickly, the amount of wealth they can steal via counterfeiting our currency is degraded. the financial elite certainly understand this. and everyone else is going to figure it out eventually too. bitcoin enables a new world to be discovered, and it’s just barely getting started.

  6. I don’t know why americans are complaining about more surveillance, you already have it deep in your asses since the Patriot Act. You should be used to big government cock by now. People say China is bad, but I have my doubts about the effectiveness of the chinese government compared to the NSA. I would not be surprised if chinese citizens have more privacy than american citizens.

  7. Imagine this future if you would. The government has deemed your political party to be a threat to the system and all members to be domestic terrorists. To combat this threat ALL bank accounts will be monitored with AI algorithms to see who is secretly a threat to the state. If you have had any financial contact in anyway with a “person of interest” your account will be frozen pending a review.

  8. FYI, for good reason, there was actually a call to action (Congressional) from some investment group (I think a gold related IRA group) on this issue.

    I’m glad I saw it, but I am waiting for such a call to action (click the button and contact Congress thing) from someone – EFF, crypto exchanges, someone in this community, hello? I’m not seeing it.

    Edit: Found it. This landed in my e-mail: [https://gsiexchange.com/take-action-tell-congress-to-oppose-new-irs-reporting-provisions/](https://gsiexchange.com/take-action-tell-congress-to-oppose-new-irs-reporting-provisions/)

    I followed the link and it took me to CUNA (a Credit Union group that actually launched the take action page that allowed me to contact Congress on this issue): https://www.cuna.org/advocacy/actions/grassroot-action-center.html?vvsrc=%2Fcampaigns%2F87852%2Frespond

    Why didn’t this come from EFF or the crypto exchanges or Coin Center or just anyone in the actual crypto community? Instead it landed in my inbox from GSIExchange. Come on, folks. We can do better! Let’s get on this stuff.

  9. Real bitcoiners have less than $600 in the bank lol. Banks keeps records regardless, if the IRS asks for client data then they will comply. Bitcoin was always the obvious way to opt out of this nightmare

  10. I don’t see the point and I can’t understand what they plan to do with this inflow of data. They can’t even keep up with collecting taxes. There’s no way they’ll be able to do much with this new data collection. I’m not concerned about this at all.

  11. Been a rule for a while. It’s super annoying in real estate. So now we jump through hoops to not take any money from landlord on their behalf, otherwise they have to sign a w-9.

    In total, the experience is annoying. Like it’s my companies job to do the irs’s job for them. Screw that.

    With that said, this already exists.

  12. I don’t like this rule but this just creates an ocean of more data the IRS won’r be able to make sense of. They don’t have enough people to do their work now, with more data it’ll just be harder for them to keep tabs on anything.

    And if the press helps our market, terrific!

  13. Don’t you think that when you send cash to a crypto exchange that will be reported by the bank to the IRS? The IRS will know anyway. Also, exchanges will probably report too. Once you take it off the exchange then it won’t trigger any more reports, but at that point they know how much you have in crypto

  14. Likely the same requirement are coming soon for Crypto. It’s totalitarianism! Government should keep its nose out of crypto. But that is hard to control when the government is acting without the consensus of the people. Invasions of privacy. Taxation without representation.

  15. Counterpoint—this could actually be bullish for crypto.
    If government is monitoring and taxing for small personal transactions such as venmo, paypal etc people will have less reason to not just go crypto route as you would already have to do taxes on it all anyways.

    Long live crypto, but i fear the cashless society

What do you think?

Central Banks Look To Two-Tier Retail CBDC Model Amid Disruption Fears

Central Banks Look To Two-Tier Retail CBDC Model Amid Disruption Fears

Bitcoin roller coaster meme zoomed out.