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.
It’s already 10,000. Which is crazy
In itself.
Um.
They still want ALL DEPOSITS OR WITHDRAWLS *TOTALLING* 10000 PER YEAR to be reported.
Not seeing the improvement.
It is less than $10K.
Around $5K now. Trump changed that.
Buddy got into some hot water once over it. He sold a lot of old cars his late father in law had. Ended up getting served papers and a full audit because “you are structuring your income to be below the IRS threshold!”.
Cost him a lot of money to defend himself. Said he should have just torched the cars and walked away.
Presently, the reporting is on a single transaction. They propose to total and report at the 10k threshold OVER A WHOLE YEAR.
In other words, pretty much every bank account everywhere.
Oh, I did.
Grandpa tried to buy a new card in 2010 (I think).
Tried to pay cash, as he had for decades.
You can imagine how that worked out.
It wasn’t just expats btw.
I also know a few who renounced their citizenship for the reason you said. One guy almost lost his job (had been in eastern Europe for ten years).
Are all purchases of Hunter Biden paintings exempt?
i’m so old I remember when biden only said something dumb every *OTHER* time he opened his mouth...and what litte hair he had wasn’t white yet.....
bkmk
They already require this for Americans and Green Card holders with foreign accounts, (mostly affects those residing abroad), and it is not just $10,000 moving in and out of the account.
It is aggregate funds in all accounts in foreign banks. So, if you have, at anytime during a year when there is $10,001 in the account then you must make a report to the Treasury, not the IRS.
If you have more than one account and the aggregate is over the $10,000 limit when all the accounts are added together than you must file the form with the Treasury.
The US Government forced all foreign banks to report the amounts in your accounts with a threat of banning them from operating in the US.
This is one of the reasons that I have all my money deposited in a US Credit Union and use my debit card to get funds to use here.
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