Quote Originally Posted by Shaps View Post
Also, think of secondary and tertiary effects...

Stage 1: Set limit to track all transactions $600 or more
Stage 2: Smaller banks/credit unions can't manage - they go out of business
Stage 3: Larger banks/credit unions expend massive time/$ to manage the oversight, reducing effectiveness
Stage 4: Government then recommends and makes the case, since the IRS is already so large and tracking such things, that a National Bank should be established to ensure better oversight and to make sure "the rich pay their fair share"
Stage 5: All citizens funds are placed into a National Bank, controlled by the Government

Call me crazy all you want... it will be tried eventually, if the building blocks are allowed to be set.
That's a pipe dream. Also this isn't "reporting all transactions over $600." this is reporting account balances once a year for any account that has had a total of $600 or more in total transactions. Any bank who creates monthly statements for their customers can do this without blinking. Furthermore they're already sending interest payment documents to the IRS and customers, so we know this wouldn't be a hardship.