Terry Gilliam forshadowed this 40 years ago in his film "Brazil"
"Don't hold out too long or it will effect your credit score"
Posted on 09/09/2021 10:40:40 AM PDT by LibertyWoman
One key prong of President Biden's plan to bankroll Democrats' $3.5 trillion budget plan is to monitor every inflow and outflow of an individual's bank account.
The proposal would require banks to report to the IRS every deposit and withdrawal from an account, including transactions from Venmo, PayPal, crypto exchanges and the like in an effort to fight tax evasion. The IRS would know how much money is in an individual's bank account in a given year, whether the individual earned income on that account and exactly how much was going in an and out.
Biden, Treasury Secretary Janet Yellen, IRS chief Charles Rettig and a number of Democrats in the Senate, most especially Elizabeth Warren, are pushing for the deep dive into individual financial transactions as part of an $80 billion plan to enforce tax compliance.
(Excerpt) Read more at dailymail.co.uk ...
The banking sector is the government’s secret police
If we had a functioning Supreme Court or any respect for the Constitution among America’s fully leftist Federal government bureaucrats, this would immediately be rejected on 4th Amendment grounds.
But certainly Fed.gov, and much of the population, love the all-powerful police state.
The immigrants deal in cash, we may have to do the same.........................
I recommend banking in the Caymans...
I’m sure they’ll also check out every instance of cash being wired to, let’s say, Mexico, right?
No?
This is crazy and it must be stopped.
The Aussies are now having every package brought into their buildings, every mail shipment, every bag, everything inspected so that they cannot have more alcohol than the government permits. This goes down to minutia level.
If they’re looking through your grocery receipts...which they will be doing...they’ll be looking for cigarettes, sodas, alcohol, maybe too much sugar - but all for your own good, of course.
This is really meant as a way to catch gig workers, who usually don’t make that much anyway. But remember, in our New World Order, all your everything belong to us.
Is this a proposal, basically, to have banks send the IRS copies of everyone’s monthly bank statements?
It’s transactions in real time, from what I understand. Like paying for your groceries with you debit card at a supermarket.
You need to figure out how to do the Superman 3/Office Space penny rounding scheme.
Have it all wired to the Caymans as “Ted Underhill” or “John Cocktoasten”...
Yeah sure. Just like they’ll be inspecting each member of Congress /s
FAIRtax!
Help us replace the Marxist inspired progressive income tax with the FAIRtax and abolish the IRS!
We will NEVER be a FRee country so long as we have an income tax and an IRS!
FREEDOM!
Sorry, I accidentally sent my post before I had finished.
They accumulate it and examine it at the end of the year, but from what I’ve read, it’s not reported by the banks but directly to the IRS with every transaction.
Wasn’t it obamacare that gave the IRS that authority?
Quite so.
The Democrat Party will make good use of the information.
Terry Gilliam forshadowed this 40 years ago in his film "Brazil"
"Don't hold out too long or it will effect your credit score"
The goal of the Stasi - Know everything about everyone.
I have little sympathy - no one gave a damn when this power was given to the IRS for any American living overseas thus causing many of us to lose existing bank accounts and in some cases mortgages.
I’m pretty sure that I spend more on ammo than they would approve as well.
This is bad, and getting worse. I’m as frustrated as anyone with the Republican party, but imperfect, disloyal and hypocritical as it can be, it’s all we’ve got to resist.
Of conservatives and gun-owners only!
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