Posted on 09/29/2021 10:20:00 AM PDT by rickmichaels
Wyoming Republican Sen. Cynthia Lummis tore into Treasury Sec. Janet Yellen on Tuesday for her support of a Biden proposal to require banks to hand over transaction data over $600 on individual bank accounts.
'Banks do not work for the IRS,' Lummis said. 'This is invasive of privacy. Wyoming's people literally will find alternatives to traditional banks just to thwart IRS access to their personal information, not because they're trying to hide anything, but because they are not willing to share everything.'
The senator asked Yellen if she was 'aware how unnecessary this regulatory burden is?'
'Do you distrust the American people so much that you need to know when they bought a couch?' Lummis asked. 'Or a cow?'
'I am astounded by what you're supporting and proposing. I think it's invasive. I think privacy for individuals is being ignored. And I think that treating the American people like they are subjects of the government is unconscionable.'
Yellen told Lummis that she believes the senator is misunderstanding the proposal, as it requires banks to hand over the IRS data on aggregate inflows and outflows of an account for transactions over $600, rather than details on each individual transaction.
Yellen noted that the tax gap is expected to swell to $7 trillion over the next decade.
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.
The deep dive into financial transactions would be funded by allocating an additional $80 billion to the IRS.
(Excerpt) Read more at dailymail.co.uk ...
my daughter takes 1000 dollars out of the savings account for the mortgage and pays cash. Will they think she’s buying drugs or something.
If the IRS can get all this information we don’t need to do our taxes anymore. The IRS can do them for us.
LOL, from now on I’ll be making only $599.00 payments max. So what if I have to write 4 checks to make a 2k payment. It’s going to be fun! Next they’ll be checking to whom the payments are made....
Funny how the left was all exited about seeing Trump’s taxes. Now they have no privacy! ha ha ha
Wonder if it will cause a run on the banks back to the future keep money in mason jar?.
In a totalitarian state, there is no such thing as innocent behavior.
I went over the hill yesterday to stock up on groceries. They are tracking me now.
How long before just having money will be a crime?
This is the most ridiculous thing I’ve ever heard. I tried calling the IRS yesterday, my call ended with: due to short staff and high call volume we cannot take your call. Please try us again on the next business day.
I think their plates are already over-full.
Corrupt liberals (yes, I know) always are suspicious of others potentiality doing the very things that they do.
Deliberately making deposits/transactions under threshold limits to dodge mandated reports is already illegal. It's called structuring.
Legislators often exclude themselves from legislation, and have some immunity regarding lawsuits. The massive leaks would destroy many careers. They and non-elected bureaucracies can tell us to wear masks or mandate other liberty killing policies, but they know better than to go after our savings.
If such legislation ever passed through House committee and voted positive on the floor and then the Senate agreed, think of all the billions being transferred to offshore accounts. Hell, I would buy stock in any public offshore bank in the Caymans or elsewhere.
They could try to stop so much money leaving, but I doubt successful. Yes, they track any transfer of $10,000 or more, but it's not illegal.
What the hell is the difference, Yellen? If the IRS has the amount from an account, they have the account owners' info. She can't be that obtuse, so she just spins. She must know that the IRS already tracks any transactions of $10,000 and more. They supposedly due that to bust drug rings. If they didn't have the account holders names, then what would be the purpose?
Another fauking totalitarian Biteme's people put in place.
Get paid by paper check.
Take the check to the issuing bank and cash it.
F-you dementia Joe
Sell some of a collection, have a garage sale, open a veggie stand, donate to church, go on a vacation, have surgery, donate to a politician...
They find out WAY too much by looking at bank accounts. NONE of it is their d@mn business.
“..any time you disagree with something the left is pushing, you are too stupid to understand that it is for your own good.”
Good tagline material, that.
The resident believes that everyone is as crooked as his family.
Same here. That’s why Biden is hiring 87,000 additional irs agents.Make work. They have to have something to do.
The issuing bank won’t cash it unless you have an account with them. They’ll tell you to go away and deposit it in your own bank account. Your own bank will hold it for at least 3 business days before you have access. Wire transfers can credit in the same day if you’re in a hurry, but every conceivably interested federal agency has total visibility into wire transfers, no warrant required.
Well, I’m in deep doo doo. Time to buy some extra mattresses.
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