McRae states in his column that Democrats announced a plan that would allow the IRS to more closely monitor any deposit or withdrawal over $600 that you make from your bank account.
This has to do with “income” only, not expenses as in buying a new set of tires. This new rule applies to business transactions and sellers of services.
The reason: Some apps allow you to pay in cash and the IRS cannot trace it. When this occurs, the IRS is asking you to identify the transaction by filling out a form so they can tax it.
McRae also states, as does Sid Salter, that the Democrats are doing this to pay for a $3.5 trillion spending bill.
Since this bill is not a law yet, it could be used to pay off our debt that increased 39% under Trump, from $19.95 trillion to $27.5 trillion, mostly because of tax cuts to the wealthy and corporations.
Both Salter and McRae think it will be a financial strain on the banks.
After looking at my checking account, the bank paid me on 29 interest bearing days a whopping 0.03% interest.
A more timely article by far in The Dispatch was while the nation sinks deeper into debt, the rich keep evading taxes.
James Hodges, Steens