Biden Regime wants to get into your bank account
Article publisher:
American Thinker
Article date:
17 September 2021
Article category:
National News
Medium
Article Body:
We’ve long been used to the fact that banks and credit unions must report to the federal government any transactions greater than $10,000. This requirement goes back to 1970 when $10,000 was equivalent to around $70,000 today. The law is a way to track criminal activity such as bank fraud. But how would you feel if the government requires banks to report to the government — i.e., the IRS — every transaction of $600 or more? Well, if Democrats pass their $3.5 trillion American Families Plan, that’s exactly what will happen.
WBNS, an Ohio affiliate of CBS, has a good summary of how the proposed government incursion into just about every American bank and credit union account would work:
Under the proposed legislation, “[f]inancial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600.”
The measure, if approved, would begin in 2023.
So we can verify: yes, under President Biden's proposed legislation the IRS would have more information on financial accounts with more than $600.
Tucker Carlson had a brief segment about the proposed law, during which he and his guest pointed out (1) that it will drive people to cryptocurrency and (2) that banks hate the idea because (a) it will drastically increase their reporting costs and (b) they will lose customers to cryptocurrency....
Related
The IRS Wants to Look at Your Bank Account - Its quest for missing revenue would threaten taxpayer privacy, Wall Street Journal, October 4, 2021.
Biden’s IRS Bank Spying Proves Everyone Will Pay, Not Just 'The Rich', Townhall, October 15, 2021.
