At least the government has already gone after the big fish and common loopholes that corporations and the ultra-wealthy perpetually exploit to maintain single digits tax liabilities. Oh, wait....
Treasury Dept. Seeks to Track Transactions of Personal Bank Accounts over $600
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Re: Treasury Dept. Seeks to Track Transactions of Personal Bank Accounts over $600
#22I wonder how this could work in practice. A Gov entity will have to connect to some bank APIs to streamline the monitoring? Most banks don't have APIs to connect to. It would pretty wild if the Gov had to ask people to share their bank passwords and then had to screen-scrape the data from their accounts to "establish a connection".
I would think the law would require financial institutions to report cash flow in whatever format the gov't demanded
Re: Treasury Dept. Seeks to Track Transactions of Personal Bank Accounts over $600
#23There may eventually be a slowdown of small business activity as ever increasing Panopticon-type surveillance proves a drag on innovation and profitability.
Yes according to Coase.
Firms exist to economize on the cost of coordinating economic activity.
Firms are characterized by the absence of the price mechanism.
https://www.kellogg.northwestern.edu/faculty/hubbard/htm/res...
Re: Treasury Dept. Seeks to Track Transactions of Personal Bank Accounts over $600
#24I wonder how this could work in practice. A Gov entity will have to connect to some bank APIs to streamline the monitoring? Most banks don't have APIs to connect to. It would pretty wild if the Gov had to ask people to share their bank passwords and then had to screen-scrape the data from their accounts to "establish a connection".
It could simply go the way of the Payment Services Directive (PSD) from Europe, which has spurred (and mandated) the development of open APIs at financial institutions.
Lots of fine details to work out there though.
Re: Treasury Dept. Seeks to Track Transactions of Personal Bank Accounts over $600
#25Re: Treasury Dept. Seeks to Track Transactions of Personal Bank Accounts over $600
#26I wonder how this could work in practice. A Gov entity will have to connect to some bank APIs to streamline the monitoring? Most banks don't have APIs to connect to. It would pretty wild if the Gov had to ask people to share their bank passwords and then had to screen-scrape the data from their accounts to "establish a connection".
Generally with this sort of thing it’s up to the bank to file reports to comply with the regulation. I don’t know the specifics for how the current $10k+ transaction reports work, but usually I think the government doesn’t bother trying to integrate with the myriad software systems out there, instead they just have an XML API of some sort that you can send machine readable versions of paper forms to.
Re: Treasury Dept. Seeks to Track Transactions of Personal Bank Accounts over $600
#27We would (almost) all of us be better off if we had a financial transaction tax, and the IRS focused on THAT.
That's ridiculous. Why should I be taxed on every transaction? I get taxed when I make money and then everytime I purchase something/move money?
He is probably talking about instead of income tax...
Re: Treasury Dept. Seeks to Track Transactions of Personal Bank Accounts over $600
#28[deleted]
Re: Treasury Dept. Seeks to Track Transactions of Personal Bank Accounts over $600
#29This is interesting. With enough computing power, and that is already dead cheap, the potential to spy is enormous.
As much as I am a fan of Bitcoin, is it not possible to create an alternative currency, where the value of the currency is pegged to the state currency, but transactions are encrypted and untraceable. Sorr of like an underground banking system.
Re: Treasury Dept. Seeks to Track Transactions of Personal Bank Accounts over $600
#30this feels so icky. there's probably many good reasons but i hate seeing an administration i want to do good increasing the survelliance state in such a critical, serious way.
> I hate seeing an administration i want to do good
They call it a democracy, but both sides work toward one goal: give more power to the Government.