Fury as Biden tries to let IRS SNOOP on your bank accounts

[oeb11]

https://www.msn.com/en-us/money/taxe...r9F?li=BBnbfcL




© Provided by Daily Mail MailOnline logo One key prong of President Biden's plan to bankroll Democrats' $3.5 trillion budget plan is to monitor every inflow and outflow of an individual's bank account.

The Biden administration says such surveillance would target audits and prevent tax evasion, but some are concerned that it might run up against the Fourth Amendment and those who can't afford to fight tax audits or move their money into offshore accounts.
The proposal would require banks to report to the IRS every deposit and withdrawal from an account, including transactions from Venmo, PayPal, crypto exchanges and the like in an effort to fight tax evasion. The IRS would know how much money is in an individual's bank account in a given year, whether the individual earned income on that account and exactly how much was going in an and out.
Biden, Treasury Secretary Janet Yellen, IRS chief Charles Rettig and a number of Democrats in the Senate, most especially Elizabeth Warren, are pushing for the deep dive into individual financial transactions as part of an $80 billion plan to enforce tax compliance.
Patrick Hedger, vice president of policy at the Taxpayers' Protection Alliance, warned that such a proposal could violate the Fourth Amendment, which protects citizens from search and seizure without probably cause.
'The IRS is first and foremost, a law enforcement agency, and the Fourth Amendment protects against unreasonable searches and seizures in pursuit of, of looking for wrongdoing and criminal actions, so I think this is going to run into severe Fourth Amendment headwinds,' Hedger told DailyMail.com.
Other parts of the plan include setting up a global minimum corporate tax rate of 15% and a system that prevents multinational companies from registering profits in the lowest-tax jurisdictions and raising taxes on the rich.
A Treasury Department report from May claimed that the tax gap totaled nearly $600 billion in 2019 and would rise to $700 trillion over the next decade if left unchecked, roughly 15% of taxes owed.
The IRS estimates that compliance on taxes due on wages is 99% while compliance on 'less visible' sources of income is only 45%.
© Provided by Daily Mail ( © Provided by Daily Mail ( The Treasury Department claimed that the plan would have little effect on 'already compliant' taxpayers, but would help the IRS better target its audits.
'For noncompliant taxpayers, this regime would encourage voluntary compliance as evaders realize that the risk of evasion being detected has risen noticeably,' the Treasury Department said.
But Hedger said the policy would disproportionately hurt the poor.
'You're going to push more folks into small cash transactions, you're going to push more banking offshore ... the big fish out there that do have sizable assets that are that are eligible for taxation offshore.'
'This is the ultimate regressive tax,' Hedger said.
'You're going to end up punishing the worst off among us ... the lower income folks in this country have historically been the targets of aggressive IRS audits because they don't have the CPAs and the lawyers to be able to fight back.'
' I don't see why they need to be going after people, you know, just the average, the average Joe and start stooping on, you know, a $600 payment,' Hedger continued.
'It doesn't make any sense, these, this is, I mean this is beyond trying to pick out low hanging fruit.'
This crackdown on unreported income is expected to generate $460 billion over the next decade, according to the Office of Tax Analysis.
Banks are largely against the proposal, which they say would impose onerous reporting requirements on institutions for little benefit.
In a letter to the Senate Subcommittee on Finance, the American Bankers Association, the Bank Policy Institute, the Consumer Bankers Association and others argued that the 'new reporting requirements for financial institutions would impose cost and complexity that are not justified by the potential, and highly uncertain, benefits.'
The trade groups also called the reporting requirements 'subjective.'
'We believe additional reporting requirements guided by subjective criteria have privacy and fairness implications and the potential to put financial institutions in an untenable position with their account holders.'
They instead suggested greater funding for audits.
But IRS chief Rettig, a Trump-era holdover, is in favor of the proposal, along with the increased IRS funding that would come with it.
'Every measure that is important to effective tax administration has suffered tremendously,' Rettig wrote in a letter to Warren last week.
'The new data will provide the IRS with a lens into otherwise opaque sources of income with historically lower levels of reporting accuracy.'
Steven Rosenthal, senior fellow at the Urban-Brookings Tax Policy Institute also said the proposal would not be worth the trouble.
'In practice, the IRS’ task would be daunting and, in fact, bury the agency in a sea of unproductive information,' he said.
'Most individuals earn all of their income from wages and investment returns, which already are reported to the IRS. And larger businesses often are audited by public accounting firms. While those businesses have many ways to reduce their taxes, omitting income rarely is one of them. Why drag these individuals and businesses into the new program?'
Former Treasury Secretaries Tim Geithner, Jacob Lew, Henry Paulson Jr., Robert Rubin and Lawrence Summers also defended the Biden proposal in a New York Times op-ed. Only Paulson served under a Republican.
'Relying on financial institutions to relay some basic information about account holders is a sensible way forward,' they wrote. 'With better information for the I.R.S., voluntary compliance will rise through deterrence as potential tax evaders realize there is a risk to evasion.'




fiden and IRS to monitor EVERY BANK ACCOUNT Transaction!!!!!!!
No privacy whatsoever

It is truly Orwellian 1984 - Oceania controls every part ofa person's life
This is teh marxist hell the DPSTs do so much desire!
Big Brother is here!!! and its name is fiden!

[rexdutchman]

Gonna happen all at once ,

[Alyssa XOXO]

Now THIS is some serious bullshit. Thank God I've been on top of my shit for years with my CPA, DBA's, etc. And of course my family helps, they know I hobby and need to stash...

Have a great night and Happy Hobbying!

[Unique_Carpenter]

Originally Posted by Alyssa XOXO

Now THIS is some serious bullshit. Thank God I've been on top of my shit for years with my CPA, DBA's, etc. And of course my family helps, they know I hobby and need to stash..

Alyssa is quite correct.
There are ways to hide in plain site that a lot of folks need to start doing.

This whole concept is a variation of what some call getting "Caponed". Al Capone was put away for tax evasion after the IRS dug through his bank accounts.
Luckily, there's no way the IRS can have a computer built that can handle reports on every Starbucks purchase every day, let alone what the politicians think can be done.

But, I kind of wish I could have IRS pre-order my coffee everyday. Even with the Starbucks App, the barristers sometimes screw up. They wouldn't if they were scared of IRS. /s

[oeb11]

HF - thank you - for a bit of dark humor injected into a fiden confiscation of American Freedom and Privacy!


let's hear from a triggered 'r' - in desperation with howls and screeches, profanity, scatology, and name-calling.


LOL

[dilbert firestorm]

[the_real_Barleycorn]

The intended consequences (according to recent history); gun purchases could be monitored and stopped by the government. In the recent past, the government has pressured banks to withhold funding from gun companies looking to extend a line of credit for whatever purpose a sovereign business entity wishes to. They would be able to monitor individual gun purchases from a dealer. The other option is the barter system.
Another usage would be to tax every income source you had from selling your car, your couch, your puppies if the money went through a bank or credit union. That just doesn't mean checking or cash. They could monitor your debit account.
They could also monitor questionable activity like the hobby. I'm sure that most of us use cash but if you create a pattern withdrawing a set amount when you go into town...that's a red flag.

[ICU 812]

Not many realize that Pawn Shops are considered to be "banks". That means that any sizable transaction involving selling, pawning or redeeming your stuff at a Pawn Shop would come to the attention of the IRS.

At root, they are trying to quash any aspect of a cash economy.

[NoirMan]

Originally Posted by ICU 812

Not many realize that Pawn Shops are considered to be "banks". That means that any sizable transaction involving selling, pawning or redeeming your stuff at a Pawn Shop would come to the attention of the IRS.

At root, they are trying to quash any aspect of a cash economy.

People don’t realize it because it’s untrue. Y’all are misinformation machines.

[Salty Again]

Originally Posted by ICU 812

Not many realize that Pawn Shops are considered to be "banks". That means that any sizable transaction involving selling, pawning or redeeming your stuff at a Pawn Shop would come to the attention of the IRS.

At root, they are trying to quash any aspect of a cash economy.

Too right! I'm gonna ring-up me good mate Chumlee so he can alert Rick and the crew, if the IRS aint already crabbin' their arses...

The liberal government wants to know just how much money everyone has - to give them a better model to TAX you for it.

First they want the butter - and the religion - then they'll come for your guns! ...

### Salty

[ICU 812]

Originally Posted by NoirMan

People don’t realize it because it’s untrue. Y’all are misinformation machines.

Ok I am willing to be schooled.

Explain why I am wrong. Show us all how I am wrong.

[Unique_Carpenter]

Amusingly, the IRS computer systems simply can't handle that much data nor has the communications systems to even receive that quantity. Some lame brain has vastly underestimated by a zillion percent how many transactions occur every day, let alone annually.
My IT guys are highly amused, and the betting pool on IRS system crash started with days, but got tossed, then how many hours on day 1, but that got tossed, but what we ended up with was how many minutes into 1st hour (but I bought minute 1 for a hundred).
One of of gals that didn't get her buy in then said: should the pool be seconds of 1st minute?
She had a valid point so we canceled the pool, and the pot went to a very large bar tab at a hotel catered event we all ran up on the 18th. Yes, very large tab.

[NoirMan]

Originally Posted by ICU 812

Ok I am willing to be schooled.

Explain why I am wrong. Show us all how I am wrong.

So you make up something incorrect “pawn shops are considered banks” and you want me to prove to you that what you made up is incorrect. You don’t see what’s wrong with that.

How about you provide support for your statement IF you are right.

[rexdutchman]

The "green new deal " has 60 Billion in it for the irs , for computers etc soo Hmm

[the_real_Barleycorn]

Saule Omarova is Biden's nominee for the Office of the Comptroller of Currency. Who is she? She was born in Kazakhstan in the old Soviet Union. As a good communist she received Lenin scholarship to the Moscow State University. After the fall of the USSR, she came to the US. She has both a Phd and a JD in business law and economics.
As comptroller she has the power to regulate currency (and you thought it was the fed). She has opined that she would like to see the US go to a cashless system where every dollar can be accounted for. She has said that the monetary systems of China and Venezuela are superior to the US system. There is also scuttlebutt that she would like the Federal Reserve Bank (a private entity) to become the official bank of the US.