$10,000 in 1970 is about $85,000 today. The threshold has never been updated.
Nobody had to amend the law to widen the net. Inflation did it for them.
bitcoinwell on Nostr: In 1970 Congress told your bank to file a report with the Treasury, with your name ...
In 1970 Congress told your bank to file a report with the Treasury, with your name and Social Security number on it, for any cash transaction over $10,000. The House vote was 302 to 0.
$10,000 in 1970 is about $85,000 today. The threshold has never been updated.
Nobody had to amend the law to widen the net. Inflation did it for them.
$10,000 in 1970 is about $85,000 today. The threshold has never been updated.
Nobody had to amend the law to widen the net. Inflation did it for them.