Tax the Rich: Those With More Than $600 in the Bank

“Tax The Rich” is Now Official

(Updated 01/05/2020-II)

In case you missed it, “tax the rich–those with more than $600 dollars in annual transactions” is official. The reason the U. S. is in debt is because you tax dodgers are not reporting and paying your $600 transactions. Of course, it is far less risky to the politicos to clamp down on the small entrepreneur and small businesses; their squeal is less likely to affect the left’s political pocketbook.

The good news it that this is one way to claw our way back to a cash-based business model.

Unofficial Backtrack

(Updated 11/14/2021) The IRS and Treasury have relented; now they only want to track your bank transactions if gross inflow and outflow transactions total more than $10,000 per year.

How does that decision fare for citizens? Federal minimum wage is $7.25 an hour. A work-year is roughly 2,020 hours. That works out to $14,645. If my math is right, $10,000 is less than $14,645–So who exactly would be subject to IRS surveillance? Paying cash for that car? An IRS commissar will be looking into that.

Redefining “The Rich”

You may have heard of IRS Commissioner Charles Rettig’s proposal to require banks to report transactions of all accounts that have gross inflows and outflows over $600. Naturally, Treasury Secretary Janet Yellen fully endorses Mr. Retiig’s proposal. After all, we have to go after those rich tax cheats to ensure they are paying their fair share.

If you haven’t gotten the message yet, Rettig and Yellen think the middle class are the gross tax avoiders, and they plan to go review every nickel and dime you earned to ensure you are not a tax cheat. After all, the “it won’t cost anything” OBriceklainiden $3.2 trillion (+) dollar give-away is already paid for by our nickels and dimes. All the IRS has to do is collect it.

I wonder if the IRS will collect the $500,000 owed in back taxes by our Dear Leader. Great example on civic duty, dude.

Joe’s “Pay Your Fair Share”

I just saw a clip of Bo Bo the Clown telling everyone, “to pay your fair share.” Well Bo Bo, how are your back taxes? Stop whispering in the mike, as if you were letting a secret out of the bag. The theatrics do you no good. In fact, they only serve to make you look more petulant than you are. Oh by the way, folks who have $600 in the bank are not the tax evaders.