Posted on 05/24/2021 5:16:40 AM PDT by MtnClimber
All part of Biden's war on the little guy.
Joe Biden wants to know what's in your bank account, and he'd like to keep watching.
That's the alarming issue Reason magazine has explored, noting that buried deep within Biden's much-touted tax-hikes-for "infrastructure" American Families Act unveiled last April 28 is a sneaky Democrat plot called the American Families Tax Compliance Agenda. That will force the IRS to hire 87,000 new IRS agents, all of them armed with vast, new and expanded surveillance powers.
Biden tax plan would cull financial data on masses of law-abiding, tax-compliant Americans. In the name of catching tax dodgers, the Biden administration is seeking serious snooping rights to oversee all American bank accounts and payment apps. "Instead of promising a chicken in every pot, Biden's plan promises an auditor at every kitchen table," commented Sen. Chuck Grassley (R–Iowa).
Under President Joe Biden's proposal, 87,000 new IRS employees would be hired and everyone could expect more scrutiny of the flow of money to and from their financial accounts.
Those powers include the "right" to continuously spy on Americans' checking accounts through forced reporting requirements from banks on all cash flows. They will also spy on Americans' PayPal and Venmo in the name of knowing whether they are reporting their petty side income. It's definitely a war on the little guy. The rich know how to hide their wealth, says Reason, so it's not going to be them who get caught up in this federal fishing expedition and bankbook dragnet: Rather, it's the folks who sometimes get paid "under the table" for informal gig work—babysitting, house cleaning, a stray manual labor job here and there
(Excerpt) Read more at americanthinker.com ...
Well, those Congress Critter pockets ain’t gonna line themselves now, are they?
Joe just believes in Multiple Streams of Income for his beloved Cash Cow, Mother Government.
Can’t you help a Brother out, Man? ;)
Gawd, how I loathe these people!
LOL! :) Sad, but TRUE!
They have no way of knowing if the money is recompensation for money spent/loaned/owed. You’re a criminal by default no matter how honest you have been about you finances. How are people not making a bigger deal out of this? It is evil, and it should terrify democrats and republicans alike. Every babysitter can now get arrested for tax evasion.
If the government is forcing paypal, venmo, banks, etc to show them each and every detail about your flow of money, that means they’re seeing your transactions. They will know the most private details about your medical history and every personal aspect about where your money goes. I despise democrats, and I’m starting to despise republicans for not doing anything to prevent this complete and total government control of every aspect of our lives. It’s a massive invasion of everyone’s privacy. They might as well just stick video cameras in our bedrooms at this point.
As I am reading this correctly, it is NOT ACCESS to bank records, it is a constant MONITORING and REPORTING of money flows by the institutions to the IRS! This would indeed be an enlargement of government oversight and intrusion! I cannot see how this is anything less than a violation of the US Constitution's 4th Amendment!
Amendment IV
The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no warrants shall issue, but upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.
Very true. we were tracking bank transfers in the 1990s.
In addition to the 50,000 that the Obozo Administration hired...............
bttt
Looks like we go back to cash in the mattress
How many GOP Congresscritters and Senators will end up voting for this expansion of the administrative state and erasure of constitutional protections.
The accomplices and enablers are as guilty as the criminal. Without the complicity of the GOP the destruction of this country since 1960 would not have been possible.
The kid sees the problem, but cash presents its own dilemmas. If he’s found/caught with more than 5K in his possession, they could potentially cause him problems to the point to confiscation. Guilty until proven innocent.
There are historical examples of methods used to flush out hidden cash, such as the ‘old franc/new franc’ remonitization that the French did after WW2.
The hyper-volatility of cryptocurrency will look more and more appealing as time goes along.
But will anyone try to stop it? Dem politicians have the majority everywhere and vote as they’re told. No critical thinking permitted. It seems like the government can completely ignore the constitution and 3/4 of the country aggressively cheers on their own imprisonment.
Of course he does.
How else is he going to know how much to take for his "10% to the Big Guy", and the 90% for the Big Government.
You beat me to it!
IRS wants you to declare cryptocurrency transactions on you taxes
This is terrible, and yes, it will be used for harassment. This needs to be challenged and fought immediately.
if my memory serves me correctly, 0bamalamadindong, made it to so whenever you cashed a check it was deposited then withdrawn from your account if it was done at the bank. If the govt/irs had their way, you would be taxed on the money you get back from any purchase because they consider that to be income.
In Venezuela, even credit card transactions are subject to the watchful eyes of the government. We’re getting there.
Don’t blame me.....I voted for the ‘mean tweets’/real Prez guy.
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