Modernizing Cash Reporting Laws

Bobby Khan’s Plan to Change Cash Deposit & Reporting Laws

Raising the IRS Reporting Threshold from $10,000 to $80,000
The $10,000 cash transaction reporting requirement was first enacted in 1970 under the Bank
Secrecy Act—when $10,000 could buy a house in some parts of the country. Today, due to
inflation, that same $10,000 barely covers a month’s rent in many cities. The law is outdated,
intrusive, and gives the government too much control over lawful cash transactions.
I’m fighting to raise the threshold to $80,000—bringing the law in line with modern economic
realities and protecting Americans from unnecessary government surveillance.
Why We Need to Change the $10,000 Cash Reporting Law

1. Inflation Has Made the $10,000 Threshold Obsolete
   • When this law was enacted in 1970, $10,000 had the buying power of nearly $80,000 today.
   • The law has never been adjusted for inflation, making it an unfair restriction on everyday
     Americans.
   • Raising the threshold to $80,000 aligns it with modern economic conditions.
2. It Treats Law-Abiding Americans Like Criminals
   • The current system presumes guilt, flagging honest cash transactions as suspicious.
   • Businesses and individuals who deal in cash—contractors, small businesses, service workers,
     and high-value sellers—should not have to justify every large deposit.
   • Raising the limit protects the privacy of American citizens from unnecessary government
     scrutiny.
3. Small Businesses & Entrepreneurs Are Unfairly Targeted
   • Many small businesses, such as car dealerships, construction companies, and independent
     retailers, often deal in cash.
   • Current laws create more red tape, paperwork, and risk of IRS audits, making it harder for
     cash-reliant businesses to operate.
   • Raising the threshold to $80,000 allows businesses to operate without fear of unnecessary
     government interference.
4. The Current Law Encourages “Structuring” & Unjust Government Seizures
   • Under current IRS laws, depositing slightly less than $10,000 on multiple occasions is seen
     as “structuring” and can trigger asset forfeiture—even when no crime is committed.
   • Many Americans don’t even know they are violating a law and end up losing their money to
     the IRS without due process.
   • Raising the limit to $80,000 eliminates the need for people to “structure” deposits and
     protects innocent Americans from unfair asset seizures.
5. The Government Uses This Law to Monitor & Control Americans
   • The IRS doesn’t need to track every financial move of law-abiding citizens—this is
     government overreach.
   • The government has used this law to seize money from honest business owners, treating
     them like criminals without even charging them with a crime.
   • Raising the limit reduces unnecessary government surveillance and allows freedom in
     financial transactions.
     My Plan to Change the Law
6. Introduce Legislation to Raise the Cash Reporting Threshold to $80,000
   • I will push for a bill that raises the cash reporting threshold from $10,000 to $80,000,
     adjusting for inflation and modern financial needs.
   • This would protect law-abiding Americans from unnecessary government oversight and
     encourage fair banking practices.
7. Stop Unfair Civil Asset Forfeiture Tied to Cash Deposits
   • Ensure that law enforcement and the IRS cannot seize funds without clear criminal activity.
   • Ban the practice of “structuring” enforcement on honest depositors who are simply managing
     their money.
8. Protect Small Businesses & Individuals from Unnecessary IRS Scrutiny
   • End excessive audits and penalties for businesses and individuals dealing in legal cash
     transactions.
   • Ensure that banks do not report customers unnecessarily for routine, lawful transactions.
9. Push for Automatic Inflation Adjustments
   • Require that the $80,000 threshold is adjusted for inflation every decade so that we never fall
     into the same outdated law trap again.

The Bottom Line

• The $10,000 threshold is outdated—inflation has made it meaningless.
• Law-abiding Americans shouldn’t be treated like criminals for using cash.
• Small businesses and individuals need financial freedom, not government surveillance.
• The government shouldn’t be tracking and seizing cash without due process.
• Raising the threshold to $80,000 protects privacy, business owners, and financial freedom.

It’s time to take the government’s hands off our wallets.
Bobby Khan for Congress—Fighting for Your Financial Freedom!