Posted on 09/24/2021 7:38:48 AM PDT by Red Badger
Banks are pushing back against a proposal from the Biden administration that could force them to turn over customers' account information to the Internal Revenue Service.
Under the plan, banks and other financial institutions would be required to annually report customers' account inflows and outflows of $600 or more to the IRS. The White House has estimated the policy, which would apply to bank, loan and investment accounts, could generate about $463 billion in additional revenue over the next decade.
The measure, if Congress approves it to fund Biden's sweeping $3.5 trillion family and climate change plan, would give the IRS an enormous amount of new information that it would have to learn how to manage and use.
Banks banks say the plan would increase compliance costs and add to the already existing burden the industry faces in turning over information to the government.
In a letter addressed to House Speaker Nancy Pelosi and Minority Leader Kevin McCarthy, more than 40 banks urged lawmakers to vote against such a proposal, warning it could create a "tremendous liability" for all involved by requiring the collection of financial information for the majority of Americans "without proper explanation of how the IRS will store, protect, and use this enormous trove of personal financial information."
"This proposal would create significant operational and reputational challenges for financial institutions, increase tax preparation costs for individuals and small businesses, and create serious financial privacy concerns," they wrote. "We urge members to oppose any efforts to advance this ill-advised new reporting regime."
Banks already report millions of transactions a day to the Financial Crimes Enforcement Network for any transaction that exceeds $10,000 – part of banks' anti-money laundering requirements.
(Excerpt) Read more at foxbusiness.com ...
Not EVERYBODY’S—only of Republicans and Conservatives.
Banks would be insane not to push back ferociously against it.
the Bank of Mattress.............. Serta Perfect Sleeper!.............
”Anything goes in America.”
Neil diamond should re-write his song with that lyric.
There are over 43 MILLION persons collecting Social Security payments.
I doubt that ANY of those monthly payments is $600 or less.
Basically, Biden wants to audit every single bank account in the USA.
NO ONE has stolen more $$$$$$$$$4 from America than Biden & his family-—and THEY HAVE NOT PAID TAXES ON ANY OF THAT $$$$.
Total HYPOCRITE.
I spent $318 there just yesterday. Plus ranch supply store. Plus Lowe’s.
BIDEN FAMILY does NOT pay taxes on their ill gotten $$$$-
BUT every transaction WE do will be audited????
And I’m constantly told how dangerous an Article V COS would be.
“The IRS will not be able to keep up.”
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No problem. The bill calls for hiring an additional 87,000 IRS agents.
It also creates a “Climate Corps,” aka a new home for the indoctrinated ecofreak Hitler Youth.
pick your poison.....
expect a booming business in home safes
That will be the final nail in the coffin of America As We Knew Her.
Because “looking” always leads to taking. First they look around to see what you have. Then they take it and tell you you have enough.
Seeing what the government has done in what is called “asset forfeiture”, you can be sure they will do what I have said.
“Forfeiture” is a lying word. In reality it is theft.
None of this will ever apply to the ruling elite. They are exempt.
The kings of Ye Olde England did the same................
“Grandma’s money mattress was a good idea.”
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That’s what I posted on another thread. Put your money in the Mattress Bank of America and hide your cash...and your guns.
“expect a booming business in home safes”
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Yes. And hopefully those loaded safes will be buried under the pumpkin patch. Deep.
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