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Only a politician could come up with annual amounts of $600/year for the bank transactions to be reported to the IRS and stand behind the decision. I would guess most Americans who have a bank account reach that threshold. Then they caught so much ridicule for the $600 they came up with $10k/year, and have the audacity to say this applies to “wealthy” Americans. Even though these amounts are non-payroll, it’s not hard to reach them. One of Yellen’s interviews on this was priceless as she gave the example of a person they want to go after as being one who reports $10k/year in income, and has over $1 million in bank transactions.
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