With Friends Like These…

[Herdfan]

Don't forget the jobs created for other staffing needs: doctors to treat black lung, nursing homes workers, home health aides, etc.

Not really a thing anymore with highwalls and mountaintop removal, but yeah. Job's a job.

 

[ronntaylor]

Not really a thing anymore with highwalls and mountaintop removal, but yeah. Job's a job.

Tell that to the families (and communities) that have to still deal with it and other lung diseases/ailments and cancers due to coal work.

 

[Hrafn]

Not really a thing anymore with highwalls and mountaintop removal, but yeah. Job's a job.

Not true. https://www.reuters.com/article/us-...disease-seen-in-u-s-coal-miners-idUSKCN1L82FT

 

[Chew Toy McCoy]

Plus a multiplier of 2.25 for jobs that support mining such as equipment sales, conveyor manufacturers, etc.

The source is a pdf, but if you google WV coal mining job multiplier it will be the first hit.

Now I agree that the numbers aren't large, but in the mining counties, they are.

Good points, that I did take into consideration but didn't really know how to report, possibly just being lazy. Much like I live in Silicon Valley there are many jobs that aren't in tech but benefit from the jobs in tech. Also districts vary on industry reliance, but as you mentioned these factors aren't going to make a huge difference in the percentage.

I don't live there and from the outsider's perspective it seems like they are way over-inflating how much the state (or any state) is relying on those jobs, but also there seems to be a "this or nothing" mentality perpetuated by those who have the most money to gain or lose on the status quo coupled with over romanticizing the labor force tradition of the industry. Most people just want jobs that hopefully don't pay less than their previous job.

 

[Chew Toy McCoy]

Or maybe the fact that banks will have to provide the IRS total inflows and outflows of your bank account is a deal breaker.

??

 

[Chew Toy McCoy]

So free community college is off the bill because politicians agree a dumb electorate is a good electorate I guess. Not sure who the lobbying group for ignorance is. A triumph for Trumpism. Also child tax credits are reduced. Fuck kids. They’re not fetuses. We should reduce the child labor age to 0.

if all that is left is climate change legislation will progressives be satisfied? I’d ague the American people won’t be if they don’t feel anything in their wallet now and control will get volleyed back to Republicans as a result. Then they and moderates can get cracking on their Destroy the Middle Class and Poor bipartisan bill, codify a process that has been well underway. Let’s make it official. Having that group photo of smiling house and senate leaders will make it worth it.

 

[Herdfan]

??

One of the things in the $3.5 spending bill is a law that requires banks to report any account that either has $600+ in at any time during the year or any inflows of $600 during the year.

The administration states the purpose is to go after billionaire tax cheats, but the the threshold set so low, they get to look at your account also.

Charles Rettig, commissioner of the Internal Revenue Service, wants banks to report annual cash flows for ordinary account holders. Treasury Secretary Janet Yellen is promoting the plan, and the House Ways and Means Committee is debating whether to include this mandate in the Democrats’ $3.5 trillion spending bill.

Ms. Yellen says the reporting will help to catch wealthy tax dodgers. In a recent letter to the committee she said the plan would reveal “opaque income streams that disproportionately accrue to the top.” Treasury and congressional Democrats hope taxpayers will report income more accurately if they know the feds have their account information.

Yet the IRS plans to review every account above a $600 balance, or with more than $600 of transactions in a year. So every American with a job could get looked over. A group of 41 industry groups recently warned congressional leaders that the plan “is not remotely targeted” to detect major tax avoidance.

Opinion | The IRS Wants to Look at Your Bank Account

Its quest for missing revenue would threaten taxpayer privacy.

www.wsj.com

 

[SuperMatt]

So free community college is off the bill because politicians agree a dumb electorate is a good electorate I guess. Not sure who the lobbying group for ignorance is. A triumph for Trumpism. Also child tax credits are reduced. Fuck kids. They’re not fetuses. We should reduce the child labor age to 0.

if all that is left is climate change legislation will progressives be satisfied? I’d ague the American people won’t be if they don’t feel anything in their wallet now and control will get volleyed back to Republicans as a result. Then they and moderates can get cracking on their Destroy the Middle Class and Poor bipartisan bill, codify a process that has been well underway. Let’s make it official. Having that group photo of smiling house and senate leaders will make it worth it.

If the 2021 version of Republicans had been in charge since the beginning, we wouldn’t even have public schools or public roads.

 

[Chew Toy McCoy]

One of the things in the $3.5 spending bill is a law that requires banks to report any account that either has $600+ in at any time during the year or any inflows of $600 during the year.

The administration states the purpose is to go after billionaire tax cheats, but the the threshold set so low, they get to look at your account also.

Opinion | The IRS Wants to Look at Your Bank Account

Its quest for missing revenue would threaten taxpayer privacy.

www.wsj.com

That threshold does seem a bit low, but I'm also unsure what the issue is. Are millions of Americans running tiny scale money laundering operations they don't want the government to know about?

But I will say the IRS seems to be way more interested in going after small tax inaccuracies. So is this really a tool they will use to zero in on billionaires or just a new tool to do more of the same?

 

[SuperMatt]

That threshold does seem a bit low, but I'm also unsure what the issue is. Are millions of Americans running tiny scale money laundering operations they don't want the government to know about?

But I will say the IRS seems to be way more interested in going after small tax inaccuracies. So is this really a tool they will use to zero in on billionaires or just a new tool to do more of the same?

Republicans will come up with ANY excuse to protect billionaire cheaters. Ignore them.

Fact check: Claim about the IRS monitoring bank accounts over $600 exaggerates reality

The claim’s assertion is a proposal by the Biden administration, not a decision set in stone.

www.usatoday.com

 

[Herdfan]

Republicans will come up with ANY excuse to protect billionaire cheaters. Ignore them.

Fact check: Claim about the IRS monitoring bank accounts over $600 exaggerates reality

The claim’s assertion is a proposal by the Biden administration, not a decision set in stone.

www.usatoday.com

Did you read YOUR story?

From it:

To achieve that, the Treasury proposed requiring financial institutions to annually report the total amount of money that went in and out of bank, loan and investment accounts if those accounts hold a value of at least $600, or if the total is at least $600 in a year.

Which is exactly what I posted:

One of the things in the $3.5 spending bill is a law that requires banks to report any account that either has $600+ in at any time during the year or any inflows of $600 during the year.

I specifically did not use that source since it goes into the incorrect Infowars version of the story.

Here is an NPR story about it if that makes you feel better:

Biden's proposal to give IRS more info on bank accounts faces criticism

The Biden administration wants banks to report more information on people's accounts so it has a better idea of whom to audit.

www.npr.org

Basically the proposal requires banks to report accounts to the IRS that:

1) have over $600 in them at any point during the year, or

2) have inflows greater than $600 in the year.

Inflows and outflows will be reported in aggregate, not per transaction, which is what the Infowars story tried to imply.

So if you take home $1500 a week after tax, then your total inflows will be $78,000. That $78,000 will be reported to the IRS.

Prove me wrong.

 

[Renzatic]

Pew Research disagrees...

Given that they're the most regularly watched, longest running news outlets, that would, by definition, make them mainstream.

It's the MSM as a conspiracy that's a ton of stupid bullshit topped with a cherry.

 

[Herdfan]

Given that they're the most regularly watched, longest running news outlets, that would, by definition, make them mainstream.

It's the MSM as a conspiracy that's a ton of stupid bullshit topped with a cherry.

How would you define news organizations that have a staff, offices, cameras, printing presses vs a few people in a room writing a blog?

 

[Renzatic]

How would you define news organizations that have a staff, offices, cameras, printing presses vs a few people in a room writing a blog?

Mainstream media vs. indie hipsters.

 

[Chew Toy McCoy]

Did you read YOUR story?

From it:



Which is exactly what I posted:



I specifically did not use that source since it goes into the incorrect Infowars version of the story.

Here is an NPR story about it if that makes you feel better:

Biden's proposal to give IRS more info on bank accounts faces criticism

The Biden administration wants banks to report more information on people's accounts so it has a better idea of whom to audit.

www.npr.org

Basically the proposal requires banks to report accounts to the IRS that:

1) have over $600 in them at any point during the year, or

2) have inflows greater than $600 in the year.

Inflows and outflows will be reported in aggregate, not per transaction, which is what the Infowars story tried to imply.

So if you take home $1500 a week after tax, then your total inflows will be $78,000. That $78,000 will be reported to the IRS.

Prove me wrong.

Where did they pick that amount from is my question. To me it’s a calculated move to protect the rich that feeds into conservative fears of “if they go after them then I’m next!” so ultimately we end up doing nothing, when in reality relative nobody is close to the wealth of billionaires and hundred millionaires and there’s no excuse to be making moves that are anywhere near people below millionaire. If anything at all we could debate what level of millionaire should have more scrutiny.

 

[Chew Toy McCoy]

The Entitlement Mentality

Joe Manchin demands work requirements for child tax credits, while he benefits from and supports tax preferences for work-free income.

www.dailyposter.com

West Virginia Democratic Sen. Joe Manchin is reportedly demanding new work requirements for families to qualify for the child tax credit. At the same time, Manchin may be enjoying a windfall from loopholes that provide the idle rich special tax preferences for passive income reaped without doing any work.

Manchin has publicly boasted of doing zero labor for his family’s coal company that has nonetheless been paying him hundreds of thousands of dollars annually and may be providing him preferential tax breaks on that passive, work-free income. Manchin has also previously supported legislation to expand tax breaks for heirs to vast family fortunes, and those benefits would flow to wealthy scions even if they are not working and they refuse to get a job.

 

[Herdfan]

Where did they pick that amount from is my question.

Can't say for sure, but $600 is the limit where earnings must be reported on W2's and 1099's.

 

[Chew Toy McCoy]

Can't say for sure, but $600 is the limit where earnings must be reported on W2's and 1099's.

That's dumb. So if my parents give me $1,000 for Christmas I should be reporting it to the IRS and/or this new proposal is going to shoot up a red flag as soon as I deposit it in the bank?

 

[Chew Toy McCoy]

What do "centrists" want? Cutting back Biden's agenda isn't moderate — it's reckless

Demands made by Manchin and Sinema will cost more in the long run than passing the original Build Back Better bill

www.salon.com

"As Kate Riga of Talking Points Memo pointed out on a podcast last week, one way the original bill was going to "bring in a lot of money" was by allowing Medicare to negotiate on drug prices, bringing down the overall price tag of the bill. But Sinema has been blocking this provision, clearly more interested in pleasing her drug industry donors than saving the taxpayers money. This is in line with her opposition to raising corporate taxes to reduce the burden on ordinary taxpayers. None of this is the behavior of a "moderate" who is simply trying to be fiscally responsible. This is the behavior of a corporate sellout who is focused on funneling cash from ordinary people's wallets into the pockets of the already wealthy."

As Axios reports, the price gouging of the drug industry is completely out of control. For instance, Indocin, a common drug used to treat arthritis, cost $198 in 2008. The price has since ballooned to $10,350 a box. This is largely due to the fact that Medicare is blocked from aggressive drug price negotiation, allowing drug companies to charge whatever they want, and bill it to the taxpayer. This is corrupt, exploitative and basically theft — and it's what Sinema is protecting. There's nothing fiscally responsible about that.

 

[SuperMatt]

That's dumb. So if my parents give me $1,000 for Christmas I should be reporting it to the IRS and/or this new proposal is going to shoot up a red flag as soon as I deposit it in the bank?

Nobody is being “flagged” under this proposed law. See the fact-check above.