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 ...
Joe Biden wants your bank account /fixed.
They might as well just stick video cameras in our bedrooms at this point
Who says the aren’t. Do you have a smart TV in there?
Wasn’t this a feature of obamacare?
It looks more and more like obama is running the show with his former vp acting like he is in charge.
Will the IRS look for his off shore bank accounts?
Bet not
Don’t think I said anything about people going to crypto to stay legit.
Some of the exchanges will sell out their customers.
Seems like the lawyers of DC are trying to enslave all of the common man in American..
Of course they will.
Wealth is an illusion - trying to hide it from power is futile.
Frequently Asked Questions on Virtual Currency Transactions
Q5. The 2020 Form 1040 asks whether at any time during 2020, I received, sold, sent, exchanged, or otherwise acquired any financial interest in any virtual currency. During 2020, I purchased virtual currency with real currency and had no other virtual currency transactions during the year. Must I answer yes to the Form 1040 question? (3/2/2021)
A: No. If your only transactions involving virtual currency during 2020 were purchases of virtual currency with real currency, you are not required to answer yes to the Form 1040 question.
I was concerned about this as well given the all-encompassing way the question was worded. I only purchased in 2020 so I didn't have to disclose anything. I took some profit in 2021, so I will have to answer "yes" next year and claim the capital gains on a separate form.
No worries!
Just communists solidifying their now untreatable grip on the nation...
Smile! Bend over and spread them!
Don’t let anything disturb your blissful grazing...
Biden WANTS YOUR BANK ACCOUNTS!!
Biteme is a mean bass turd that, in his lucid moments, actually believes this stuff.
Never forget that.
, in his lucid moments, actually believes this stuff.
Yep
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.
They’ll be pretty disappointed in mine. I have two direct deposits. One for my NY State pension, and the other my Social Security. I own nothing, have never owned anything, no savings, no investments. Very boring.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.