Lampasas County Republican Party

Instagram fact-checked a meme that makes fun of the government for wanting to allow the IRS to know how much Americans spend: The Lampasas County Republican Party posted a screenshot of a tweet that read post that read "I don't care how American citizens spend $600. Neither should the IRS. What we should be concerned about is how you come to congress earning 174,000 a year and 25 years later have a net worth of $100 million. Insider trading. Bribes. Kickbacks. That's what we should monitor." The post refers to a proposal made by the  U.S. Treasury Dept. which suggests that an "annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600." Facebook fact-checker Lead Stories recycled a fact-check created for a different post and claimed that the Lampasas County Republican Party post was "missing context." Lead Stories argued that "[t]he post is wrong because it states a proposal as fact," and went on to explain that "the Treasury's proposal would require banks to report gross annual inflows and gross annual outflows from all business and personal accounts, except on very small accounts. Banks would report totals, not individual transactions." The fact-check corrects potential misconceptions of the proposal, but the original post made neither claim. Fact-checked posts lose exposure on Facebook feeds as they are negatively affected by the platform's algorithm. According to Facebook, users fail to click through a fact-check interstitial to see the post 95% of the time.

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