Posted on 09/27/2021 9:13:15 AM PDT by SeekAndFind
Joe Biden wants to know how much money is coming in and out of your bank accounts. His plan is to require banks report all transactions of more than $600 whether coming in or going out. It was billed as a way to fight tax evasion, which is ironic since Biden himself was accused of evading his own taxes last week. But the truth is the regime wants to keep tabs on everyone’s money to make sure nobody has any the government can’t get their grimy fingers on.
According to Katabella Roberts from our premium news partners at The Epoch Times:
Democrats have said they plan to raise the threshold of President Joe Biden’s radical proposal that all bank transactions of more than $600 be reported to the Internal Revenue Service (IRS).
The initial proposal (pdf)—which Biden says is aimed at curbing tax evasion—would require banks and other financial institutions to report to the IRS any deposits or withdrawals totaling more than $600 annually to or from all business and personal accounts.
The new reporting requirement would take effect in 2022 and would apply to both private individual and commercial business accounts owned by a taxpayer.
But House Ways and Means Chairman Richard Neal said Thursday that he and other Democratic leaders are planning to scrap the $600 annual figure and set a higher threshold, of which the details are still being worked through.
“We’ve reached an agreement to not have the $600,” Neal told Bloomberg. A Democratic aide noted that they are focusing on increasing the current threshold to $10,000 but said that this figure could well change.
The huge gap between what the Biden-Harris regime wants and what Democrats in the House will be proposing tells us just how outrageous the original plan is. This is financial spying, nothing more. They want us to believe it’s only about tax evasion, but they will never mention the other risks of having our purchases and receipts monitored by Big Brother.
As government grows to gargantuan levels, it’s clear the nanny state is quickly becoming the police state. Giving such forced visibility to the IRS means the reporting burden on both banks and the agency will expand. The bigger problem isn’t with today’s IRS, though. The real concern is how this data can be weaponized by a near-future IRS that operates within the rapidly forming police state.
To say we’re seeing the formation of Big Brother would be an understatement. Even George Orwell couldn’t imagine the draconian future that is being built right before our eyes.
That pesky 4th Amendment. If only Democrats gave a rip about the Constitution.
No, it’s an annual report of any and all transactions over whatever the number is.
And still unacceptable at any level.
Unless your an expat, then the threshold is $0.00.
Once agin, the biggest threat to “Democracy” in the USA id the Democrat Party under Biden
Even $100K+ is unconstitutional....................
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The GOP may not vote for it but they probably won’t do anything to rescind it either. The GOP totally LOVES big government. Note that they never do anything to shrink it.
“They already report every transaction over $10K.”
I had to get approval from the bank branch manager to with draw $2,000. in cash. Guy wanted than amount IN CASH for the boat I was buying from him. Moved several Ks to another bank.
The camel's nose went in the tent many years ago when our courageous leaders allowed the IRS to access any expats Bank Accounts outside the US. No one seemed to care about that outdated piece of paper written by old white men then. Why should they now?
To even suggest a negotiated threshold is wrong and is to give credence to the incredible.
Just say NO.
Children and more laws and regulations. Far to many of both in giverment now.
People making $15/hr earn $600 gross per week, so even “minimum wage workers who are a bit frugal could easily snag the Xiden tripwire.
You need a new bank, that one isn't working for you. They are treating your money like it is not yours but the government's.
It won’t be long before we’re each assigned our own political officer to watch us 24/7.
I agree. ANY monitoring violates the 4th Amendment. ANY!! They have no valid grounds for monitoring bank accounts whatsoever. The Democrats are trying to sound “reasonable” by setting a higher number while still violating the Constitution.
How ‘bout stop spying on people’s finances comnpletely?
If a ‘penumbra’ of the First Amendment can protect pre-natal infanticide on privacy grounds, they it should protect bank accounts as well.
“The First Amendment has a penumbra where privacy is protected from governmental intrusion,” the Court said. “While it is not expressly included in the First Amendment, its existence is necessary in making the express guarantees fully meaningful.”
Whether it is $600 or $10,000, this is still spying by the IRS on the personal business of each of those affected, and is thus utterly unacceptable. If they have reasonable cause to believe that someone has cheated on their taxes, then they should get legal authorization to examine that person’s financial records. Just letting them do it is a complete violation of the 4th Amendment.
Put Swiss banks on indian land next to the casinos. Then put market driven hospitals on the other. Problem solved.
Any number >= $0 is ridiculous.
And they’ll pass it and nobody, even all of us on here, will do a dam thing about it.
Oh we will bitch and moan and all that. But that is as far as it will get.
Want and solution to this?
Secession. Start a new republic.
Keep following the logical conclusion ... people will revolt, pull their money out of banks, leading to collapse. Cloward-Piven strategy. They’re already collapsing immigration, health care, energy. Why not finance?
This is nothing more than a tool for the government to go after its political enemies. Every person in the U.S could be invested without a warrant. And if they dont like you, they WILL find something.
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