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’ll be down to $1 within 18 months.
Even $100K+ is unconstitutional....................
I’m so old I remember Biden saying he’s going after only people who make 400K.
They want the camel’s nose (IRS/democrat party members) in the tent which is your bank account.
Setting it to 10,000 sounds less intrusive.... until you realize that in the soon to hit hyperinflation lunch at McDonalds will probably cost 8,000.
Venezuela comes to mind.
Also, there was an attempt to set a maximum rate of something like 10% in the original Income Tax amendment. It was rejected with the argument if income tax ever went that high, there would be a revolution.
NO IRS monitoring of day to day bank account activity. It’s the camel’s nose in the tent.
Negotiation on the number is wrong.
This is just invasive for no reason.
They just want to gather information on people.
“...They want the camel’s nose (IRS/democrat party members) in the tent which is your bank account...”
^THIS^
And completely unconstitutional, but that’s another story.
What do you think I am Mr. Churchill?
...and that is as true as everything else he said.
We bought and sold our house this year with bank wires, so I’m sure we are on their radar. We pay no federal or state income tax, we have no taxable income. We are retired and I planned our retirement so that we would have no taxable income, zero. No state, no federal income tax at all, period. Eat that biden.
Most people make more than $10,000 annually, and I imagine most of that income gets deposited in a bank. If they really mean that this threhold applies to to total annual deposits, then virtually everyone would get reported.
We used to respect privacy in this Country. We used to value freedom and liberty, and accept responsibility as a necessary consequence.
As JD Wentworth sez, “Its my money and I want it now.” FU Joe Biden and the dems, no number is OK
That’s it - I’m closing all of my bank accounts and investing the money in Hunter Biden paintings....
Thats the plan
‘They want the camel’s nose (IRS/democrat party members) in the tent which is your bank account.”
The whole head is already in!
If this really does come to pass it will cost the banks to do it. Of course the banks will pass the cost onto it’s members.
We could just sit and repeatedly transfer $600 back and forth between the checking and savings accounts to swank the system.
typical transactions over $600:
Mortgages,
car payments,
electric bills in southern states
car insurance
payroll deposits
Every American will have their privacy violated at least 4 to 8 times a month. This is Orwellian and a clear violation of the 4th Amendment spelling out our God-given right to privacy fro government.
They already report every transaction over $10K.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.