Posted on 04/27/2005 7:59:32 AM PDT by PreciousLiberty
In 2006, it'll be a whole lot harder to cheat on your taxes, even accidentally. In fact, you'll also have to field calls from the government over odd deposits that you make, e.g. a deposit at an odd time of the month, or a cash deposit, or a deposit made from a foreign bank, etc. That's because, thanks to the PATRIOT act, banks are spending billions on highly sophisticated, government-mandated anti-money laundering (AML) software that will track every last transaction of every last customer in order to build up individual customer profiles and look for "suspicious" activity. And when they find some suspicious activity, they're going to want an explanation out of you, regardless of whether or not you fit any sort of terrorist profile.
(Excerpt) Read more at arstechnica.com ...
Is this what we want our nation to become?
Big Brother. Some feel "safer". The rest of us smart people know better.
The solution is to end our intrusive tax system that makes every citizen's financial dealings the government's business in the first place.
How is that determined?
Darn, now I'll have to politely refuse the offer from Suha:
http://www.freerepublic.com/focus/f-news/1390734/posts
Doesn't alarm me.....if you are concerned, go to cash, go underground....If the gubmint wants to call me about my 50 deposit...fine with me.
Liberty Dollars !
http://www.libertydollar.org/
"The solution is to end our intrusive tax system that makes every citizen's financial dealings the government's business in the first place."
That sounds like a fine idea as well...however under this scheme the government will still be investigating any "suspicious" transactions independently of any tax issues.
Sounds like we'll need quite a few more bureaucrats to handle that job! I wonder how likely it'll be that politician's accounts are examined with a fine-toothed comb...?
As long as we have an income tax, nothing will change.
Yep. A national sales tax nail those who hide income --- assuming they consume.
The Feds can't even find time to patrol our borders. I doubt they'll be able to ccheck on a couple of billions of transactions.
Yes. Our tax system was indeed the initial culprit, but it looks like now even if we ditch the whole silly mess of income tax law for something more reasonable like a NRST that this bank surveillance will remain in place.
Hyperbole.
This is a load of crap. Suppose you return a bunch of bottles and cans and throw the $12 bucks in your account. No chance that this is real.
Back in 2000 a friend of mine was paid a visit by the feds. It seems that someone was suspicious of the sudden 30,000 dollars he put into the bank.
That was before the Patriot act.
This level of tracking would pose a complete data overload. The IRS does not have the computational power to deal with it all, not en masse. Individuals who have drawn unwanted attention to themselves, for whatever reason, now that's a different story. I wonder why banks think people will continue to hand large sums of money over, when they're basically ceding financial privacy and becoming something akin to snitches. Of course, this is not really new. Larger transactions have been reported for some time now, so I guess it was just a matter of time.
50 bucks? What is he, a Paperboy Terrorist?
I always advise my friends not to make a deposit the day after the Super Bowl.
"a deposit at an odd time of the month"
How is that determined?..........
Maybe that means people who are self-employed and don't make deposits on Fridays or the 15th and 30th.
Thankfully the PATRIOT act is under President Bush and therefore we don't have anything to fear from it. < /16 tons of sarcasm>
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