Posted on 09/29/2021 9:34:41 AM PDT by RandFan
Sen. Cynthia Lummis, R-Wyo., on Tuesday let loose on Treasury Secretary Janet Yellen over the Biden administration's proposal to force banks to report to the Internal Revenue Service on every transaction Americans make that is $600 or more.
"There are obvious privacy concerns for all Americans here and this represents a dramatic new regulatory burden for community banks and credit unions in Wyoming and elsewhere," Lummis told Yellen of the proposal, which is one of several aimed at helping to pay for President Biden's multitrillion-dollar plans for expanding social programs and fighting climate change.
Lummis said, "Banks will have to hire contractors to rat on their customers," and scolded, "Bank customers are not subjects to the federal government. Banks do not work for the IRS."
The senator suggested Americans would "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're not willing to share everything."
"My question is: Are you aware of how unnecessary this regulatory burden is?" Lummis asked Yellen. "Do you distrust the American people so much that you need to know when they bought a couch? Or a cow?"
Yellen told Lummis she disagreed with the senator's assessment, suggesting that Lummis might misunderstand the proposal.
(Excerpt) Read more at foxbusiness.com ...
The sheep electorate somehow have been brainwashed into believing that government(their servants) owns their labor, bank accounts, monetary transactions, financial transparency and their first born.
Government has ZERO reason to interfere and/or audit private transactions in the the name of security... or in the interest of tax collection.
When the government is so powerful it can confiscate or garnish you labor at will for the sake of taxation... then government has become the owner of its masters. To tax and confiscate at will another mans labor or the fruits of his labor is the very definition of slavery.
There is a ‘penumbra’ that finds a enough of a right to privacy somewhere in Bill of Rights to allow a woman to murder her offspring.
How is it that this ‘penumbra’ doesn’t protect a bank account?
The Federales should need a warrant to to look at your banking data.
“Where is the GOP leadership on this?“
They are waiting with big grins on their faces and both hands out for this to be implemented. They can’t WAIT to get their take…
Taxation is part of the Constitution, Article I, Section 8, Clause 1.
That’s off tge table for most folk.
Withholding and direct deposit make it hard if not impossible for our uncle not to know/ get his bite without our input.
In $599.99 increments?
The proposal is 1, to report accounts with $600 or more and 2, to report every transaction of $600 or more.
If I could get my pay deposited in $599.99 increments and withdraw 599.99 every time I would fly under thee radar. But alas, I have a life.
This $600 transaction scrutiny doesn’t apply if your name is either Hunter Biden or Big Guy.
Well, you know what they say: Freedom isn't free. It requires sacrifice sometimes. It's a pretty simple thing to do, taking your $$$ out the bank. The difficult part is dealing with the ramifications of not having a bank account. I ask, what's more important? Having the creature comforts and benefits of a bank account, or freedom?
Also the reason there won't be any CWII some so eagerly salivate over.
This goes to the arguments I've had about that so many times. The truth is, we could have a bloodless revolution in this Country, if we just stop consenting, and stop participating in the system. Yes, it's a huge imposition on those of us who "have lives", but that whole "Freedom isn't free" saying doesn't just apply to the men & women in uniform. It applies to us, as well.
We talk a big game about Molon Labe and join stupid, fed infiltrated militia groups and run around the forest thinking we look tacticool with the latest airsoft gear, but the truth is that we are unwilling, to begin with, to make sacrifices that would lead to a better Country (like taking our $$$ out of banks, because we "have lives"). If we are unwilling to take steps now that would avoid that whole scenario, how are we to be expected to give our very lives for the cause?
Something to consider, anyhow.
Then they will make that illegal. Communism does not allow loopholes.
We better start deciding if we are going to live with communism or are we going to end it.
Do you think they care what your opinion is? Your business will be reported to the proper authorities.
I really hope those that sided with evil and stole the election and our republic realize what they have done. Our republic is gone. period.
Heck, just use cash in a fake name. But if this ever does happen, anyone that calls this country a free country is insane or living in the distant past.
One of the best and simplest ways to make life better in America would be to get rid of the IRS. Taxing income and collecting personal data of citizens is and has always been unconstitutional and wrong.
The amount doesn’t matter its their way of getting into your accounts permanently
Agreed but they already are in with a $10k limit.
Thank you for the very comprehensive lesson on taxation.
Airsoft? You have Airsoft?
I guess I would be scary, then.
Airsoft? You have Airsoft?
I guess I would be scary, then.
“suggesting that Lummis might misunderstand the proposal.”
Translation: I can’t explain why we are doing it
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