Now We Know Who "The Rich" Are

[TC Shuts Up]

"The Rich" are those who have >$6OO in their account.

They will soon find that the biggest transfers and withdrawals for the 99% are to pay myriad taxes. They should've known.

https://www.infowars.com/posts/bidens-t ... -over-600/

I hope our banker administrator here gets used to salary stagnation to comply with this new draconian bureaucracy.

Pure Authoritarian Communism.

[BME]

"The Rich" are those who have >$6OO in their account.

They will soon find that the biggest transfers and withdrawals for the 99% are to pay myriad taxes. They should've known.

https://www.infowars.com/posts/bidens-t ... -over-600/

I hope our banker administrator here gets used to salary stagnation to comply with this new draconian bureaucracy.

Pure Authoritarian Communism.

Another Infowars link? C'mon.

[MWmetalhead]

It is indeed true that the $3.5 trillion stimulus bill includes such a provision, which is supposedly aimed to give the IRS increased tools to investigate possible tax fraud:

https://www.bankingexchange.com/news-fe ... g-proposal

https://www.atr.org/biden-s-600-financi ... rights?amp

https://www.dailymail.co.uk/news/articl ... ounts.html

I definitely oppose the proposal.

Flow of funds out of the country into tax havens to dodge income taxes is indeed a problem. The best way to confront that problem is to impose new reporting regulations on funds that leave the U.S. and on digital currency companies.

Having a data warehouse on transactions originated from any & all traditional bank accounts and digital accounts that have a balance of $600 or more is just going to create a massive payload of largely useless data while exposing account holders to heightened data breach risk.

Under a worst case scenario, the IRS could conceivably develop software designed to analyze the data in automated fashion in an effort to flag potential fraud, much like the horrendous system the Michigan UIA used during the Snyder years. That would be a very bad outcome.

[TC Shuts Up]

All the small businesses and more independent contractors and individuals not employed should make a list of all their largest expenses and transfers.

Recently, in the last month or so, that might include summer property taxes, tax estimates, mortgage payments, car payments and leases and insurance premiums, medical premiums, house and business insurance premiums, etc. Most or all of those are already easily available or reported to the government.

Oh, and replacing equipment that has failed, and replacement parts are not available due to the pandemic, labor shortages and the resulting supply chain problems and way back orders. Even new replacements can't be obtained because of all this. Car dealers have had to lay off many workers, because their inventory and sales are WAY DOWN because THEY CAN'T GET CARS. THE PLANTS ARE SHUT DOWN.

Most of these people already have accountants and lawyers who help them stay out of trouble. That can cost thousands per year. They don't use TURBOTAX you know.

Amass this information to stop this BS NOW!

For those who have depreciation on businesses, they have to already pay back the taxes on the capital gains, plus on the depreciation, when they sell their businesses and properties. Which they will soon try to dump because of all this. It's a tax DEFERMENT.

Have you been following the vaccine related deaths and decreasing efficacy and new booster requirements and recommendations in Europe, Australia, and Israel? That ARE being reported?

All vaccines in the past which had even a few deaths were terminated.

This wrecking machine of a regime must be replaced before the whole world economy collapses. Now it looks like the DJIA and other similar indices are starting to collapse. And do you really think the FDIC is going to pay out on a massive wholesale rash of bank failures?

These politicians have never had to deal with any of these normal things people have to do in their life.

I do blame TRUMP for rushing this vaccine. He didn't know and neither did BIDEN, HARRIS, OBAMA, CLINTONS, PELOSI, SCHUMER, or ANYBODY in this regime. They trusted FAUCI, and he's totally compromised.

[MWmetalhead]

Now it looks like the DJIA and other similar indices are starting to collapse.

You are delusional. The DJIA is up nearly 14% YTD and 36% over the trailing 12 months. In the last 30 days, it is down 2.5%. That is hardly a "collapse."

Might more rough waters be in store for the DOW? Sure. But history has shown it is resilient and that big market declines can usually be fully recovered within a year or two afterward.

All the small businesses and more independent contractors and individuals not employed should make a list of all their largest expenses and transfers.

Recently, in the last month or so, that might include summer property taxes, tax estimates, mortgage payments, car payments and leases and insurance premiums, medical premiums, house and business insurance premiums, etc. Most or all of those are already easily available or reported to the government.

Most of these people already have accountants and lawyers who help them stay out of trouble. That can cost thousands per year. They don't use TURBOTAX you know.

Amass this information to stop this BS NOW!

All businesses, including proprietorships, should be keeping proper financial records. That won't help in stopping banking regulations but definitely could be of use if audited.

Have you been following the vaccine related deaths and decreasing efficacy and new booster requirements and recommendations in Europe, Australia, and Israel? That ARE being reported?

Many have said from the get-go that the vaccine formula would need to be refined over time as data on new variants is gathered and that periodic boosters would likely be required.

Depending on the study, here in the U.S., the unvaccinated are 10x to 15x more likely to wind up in the hospital from COVID versus the vaccinated.

[TC Shuts Up]

Have you ever looked at the numbers past the decimal point in the numerical equivalent name of your employer? Read Revelation and weep. My family pulled their money out of there a few years ago.They tried to escheat (it really means cheat) our money without even contacting us. They don't want you to know, so they put it vaguely in small print on the statements. If you still get statements. You look at the balances, deposits and withdrawals, not their yammering, usually about some new loan or new account "deals". The banks hide behind regulations, and that they "had to do it". Luckily, there were still a few good people there who helped is out. It was their mistake, jumping the gun prematurely, but older people are taken advantage of, in not being able to keep track of myriad accounts opened years ago because of FDIC limits at the time. Of course, they were soon "retired". Sure as hell isn't OKB anymore.

They used to give us toasters and TVs when you opened an account. Now you get nothing. No interest, no nothing. Fees amount to negative interest, which has even been talked about openly to do up front, fees for them to keep your money and charge for all transactions. Fees that might have made sense when you got 15%, or even 5.25% on a money market or passbook account.

The so called "rich" DO KEEP RECORDS. Most "poor" people don't have to pay these expenses out of pocket in check form because they are hidden from them in paycheck deductions, employment health benefits, and mortgage and escrow accounts. They don't know, and they don't know they don't know. But they sure add up.

Talk to an honest doctor or nurse off the record. They studied SCIENCE, and they are on the front lines. That's all I can tell you. Go to a private place, not their place of employment. And much of this crap was admittedly going on during the TRUMP administration.

[TC Shuts Up]

It is indeed true that the $3.5 trillion stimulus bill includes such a provision, which is supposedly aimed to give the IRS increased tools to investigate possible tax fraud:

https://www.bankingexchange.com/news-fe ... g-proposal

https://www.atr.org/biden-s-600-financi ... rights?amp

https://www.dailymail.co.uk/news/articl ... ounts.html

I definitely oppose the proposal.

Flow of funds out of the country into tax havens to dodge income taxes is indeed a problem. The best way to confront that problem is to impose new reporting regulations on funds that leave the U.S. and on digital currency companies.

Having a data warehouse on transactions originated from any & all traditional bank accounts and digital accounts that have a balance of $600 or more is just going to create a massive payload of largely useless data while exposing account holders to heightened data breach risk.

Under a worst case scenario, the IRS could conceivably develop software designed to analyze the data in automated fashion in an effort to flag potential fraud, much like the horrendous system the Michigan UIA used during the Snyder years. That would be a very bad outcome.

The people with $600 in their account, or even $600,000 in an IRA Retirement Account, are not "offshoring" their money to Swiss Banks. It is the rich entertainers and political office holders and their staff who pull such shenanigans. They are easy to track, with much less hassle. Start with Hunter Biden.

[MWmetalhead]

It is the rich entertainers and political office holders and their staff who pull such shenanigans.

Agreed; that's one reason why I feel the proposed regulation is ridiculous.

Very sorry to hear you had a bad experience. Consumer banking, especially operations back office staff, are loaded with employees who aren't paid particularly well and often have no more than associates degrees. Luck of the draw enters the equation. Training can be lacking, too, which is unfortunate. Many of these employees are good at what they do, but some aren't so good.

If you had written about this when it was ongoing, I would have advised you to lodge a complaint with the CFPB if the matter had gone unresolved for an extended length of time.

Very, very important to have payable on death beneficiaries named on all savings and investment accounts. Capital One for a while did not permit POD beneficiaries to be named on its digital savings accounts. I withdrew much of money, and on a customer survey form, I specifically brought up that issue. I know I was not alone in that regard. A year or so later, voila! Now, they allow PODs to be specified in a very straightforward way.

It was a mistake, but older people are taken advantage of, in not being able to keep track of myriad accounts opened years ago because of FDIC limits at the time.

Completely agree that the FDIC insurance limits were too low for too long. They are still too low today, in my opinion. Even so, I have yet to encounter a single instance of a depositor losing a dime of money due to bank failure by an FDIC-insured institution.

I do not at all agree that older people "are taken advantage of" intentionally, unless you are referring to Wells Fargo, who takes advantage of everybody.

Bank error unfortunately occurs on occasion.

My now deceased grandmothers were very happy with their bankers, and my parents were so pleased with one of those individuals that they now do business with that same individual.

They used to give us toasters and TVs when you opened an account. Now you get nothing. No interest, no nothing.

Actually, free cash promotions for newly opened savings or checking accounts, especially those with direct deposit, are quite common. I get stuff in the mail from Bank of America, Chase and Flagstar all the time. Huntington and Fifth Third, too, on occasion. The promotions generally range from $200 to $500 in value.

The largely digital banks (Capital One, Ally, Marcus by Goldman Sachs, etc.) offer similar promotions. Credit companies, too (i.e. spend $xxxx within the first y months, and earn a $xxx statement credit).

Fees amount to negative interest, which has even been talked about openly to do up front, fees for them to keep your money and charge for all transactions. Fees that might have made sense when you got 15%, or even 5.25% on a money market or passbook account.

The 15% money market rates witnessed around 1980-1981 will probably never return.

The Federal Reserve did not raise rates quite aggressively enough in the mid and late 2010s as the economy rebounded, in my opinion.

Trump for a time advocated for negative interest rates, similar to some European countries. Extremely horrible idea, in my opinion, especially given the fact the economy was already performing very well when he advocated for that.