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Biden Administration Pushes Congress to Require Banks to Turn Account Info Over to IRS


pipedreams
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"The Biden administration is pressuring lawmakers to enact a controversial plan requiring banks to turn over to the Internal Revenue Service detailed information about inflows and outflows of almost all American bank accounts.

Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig sent letters to lawmakers this week asking Congress to include in tax hike legislation a requirement that banks report annual transaction data on accounts with $600 or more or that have $600 worth of transaction over the year, the Wall Street Journal reported.

The result would be the collection of detailed data about the bank transactions of tens of millions of everyday Americans.

The aim is to help the I.R.S. collect taxes from individuals and businesses on unreported income and to create more leads for audits."

 

https://www.breitbart.com/economy/2021/09/17/biden-administration-pushes-congress-to-require-banks-to-turn-account-info-over-to-irs/

https://www.wsj.com/articles/yellen-irs-push-democrats-to-require-banks-to-report-annual-account-flows-11631727020

 

 

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3 and one half years to go.

The D's are getting desperate.  As a rule of thumb the new POTUS has 18 months to get anything done.  Whoever is telling Biden what to do is throwing everything against the wall hoping some of it sticks.  

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$600….

Shortly after this is enacted, if it is, the IRS will be hiring. And hiring. And hiring.

Meanwhile, those evading significant amounts of federal income tax will continue to do so while the IRS is seizing the Peterbilts and Volvos of independent truck drivers who do well to keep their families fed and above the poverty level.

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55 minutes ago, railfancwb said:

$600….

Shortly after this is enacted, if it is, the IRS will be hiring. And hiring. And hiring.

Meanwhile, those evading significant amounts of federal income tax will continue to do so while the IRS is seizing the Peterbilts and Volvos of independent truck drivers who do well to keep their families fed and above the poverty level.

The way prices are rising $600 will soon be a weekly grocery bill.

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31 minutes ago, pipedreams said:

I think all it will result in is the way people handle their money.  People will adjust and stop using the banks as much as possible.    Look at how many foreigners handle money without banks.  

And that is why the government wants to eliminate $100 and $50 bills… for now…

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Everyone open multiple accounts at multiple banks. Put aside $2000. Online banking is so simple to do from a phone. Every day just transfer that money from account to account, bank to bank in $601 increments. Burry the bastards with data. 

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Realistically the middle class people who underpay their federal taxes by dealing in cash, if per chance there are such, will move to barter if cash disappears. And anyone who might be so foolish as to deal in cash to evade federal income tax is probably not doing much if any business with banks.

Those who hold up pieces of markered cardboard at major corners during high traffic times likely don’t use banks or file income tax returns.

And for what it is worth, tax avoidance is legal and smart. A judge, possibly on the Supreme Court, said no one is obligated to pay more than the minimum tax due based on all the provisions of the law.

Federal Income Tax Evasion is illegal and provided Al Capone free room and board at a federal gray bar hotel. 

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38 minutes ago, 21 shooter said:

This a prelude to a cashless society.  

"Cashless" society,:anim_lol:where everybody in the world knows your personal monitary value. 

Do you have a "Patient Medical "Portal"???  ALL My doctors can log on to my :Quest Diagnostics "Portal"...my Heart care Doctor " Portal" my "Digital Imaging" "Portal"....

"Yes sir, you had your test at Quest Diagnostics?...no, we don't need the information, we can log on there and see the results of your Blood test". 

NOTHING is personal anymore...NOTHING.  The Govt, and your Insurance company...and your Doctor...Knows every inch of your body, and every penny you have...

 

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14 hours ago, pipedreams said:

"The Biden administration is pressuring lawmakers to enact a controversial plan requiring banks to turn over to the Internal Revenue Service detailed information about inflows and outflows of almost all American bank accounts.

Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig sent letters to lawmakers this week asking Congress to include in tax hike legislation a requirement that banks report annual transaction data on accounts with $600 or more or that have $600 worth of transaction over the year, the Wall Street Journal reported.

The result would be the collection of detailed data about the bank transactions of tens of millions of everyday Americans.

The aim is to help the I.R.S. collect taxes from individuals and businesses on unreported income and to create more leads for audits."

 

https://www.breitbart.com/economy/2021/09/17/biden-administration-pushes-congress-to-require-banks-to-turn-account-info-over-to-irs/

https://www.wsj.com/articles/yellen-irs-push-democrats-to-require-banks-to-report-annual-account-flows-11631727020

 

 

So, the citizens of this country are now enemies of the state.  Why isn't the state the enemy of the people?  So many idiots!

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19 minutes ago, Swampfox762 said:

"Cashless" society,:anim_lol:where everybody in the world knows your personal monitary value. 

Do you have a "Patient Medical "Portal"???  ALL My doctors can log on to my :Quest Diagnostics "Portal"...my Heart care Doctor " Portal" my "Digital Imaging" "Portal"....

"Yes sir, you had your test at Quest Diagnostics?...no, we don't need the information, we can log on there and see the results of your Blood test". 

NOTHING is personal anymore...NOTHING.  The Govt, and your Insurance company...and your Doctor...Knows every inch of your body, and every penny you have...

 

When going for an appointment with my medical insurer, they now have a new notice next to the checkin persons that essentially says that all your patient information is theirs to disclose to anyone.  If you don't agree, you have no medical coverage.

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18 minutes ago, janice6 said:

So, the citizens of this country are now enemies of the state. YES!!!  Why isn't the state the enemy of the people?  THEY ARE!!!!:angryfire:

By the time the people of America wake the **** up...there will be nothing left of america to save.  I think we are already there...

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46 minutes ago, janice6 said:

When going for an appointment with my medical insurer, they now have a new notice next to the checkin persons that essentially says that all your patient information is theirs to disclose to anyone.  If you don't agree, you have no medical coverage.

And...there ya go my friend...

ANY Dr. you  go to...has "access" to ALL your "Portals".  Every Blood test, every X-Ray, Every Ct Scan...It's ALL Available...to EVERY Dr. you ever go to.  Sometimes...It IS a good thing.  Just understand...There IS NO Privacy any more.  NONE what so EVER.

 

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1 hour ago, janice6 said:

When going for an appointment with my medical insurer, they now have a new notice next to the checkin persons that essentially says that all your patient information is theirs to disclose to anyone.  If you don't agree, you have no medical coverage.

Yup. Medical care is not a universal right. Yet. Many on the Right should be careful what they wish for. Many of us are guilty. Not paying $400/m for Spiriva seems attractive.

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3 hours ago, aomagrat said:

The way prices are rising $600 will soon be a weekly grocery bill.

I was thinking about the kid with a lawn mowing deal.   He could easily break that threshold.

Nothing like auditing the kids of America.

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11 hours ago, Swampfox762 said:

And...there ya go my friend...

ANY Dr. you  go to...has "access" to ALL your "Portals".  Every Blood test, every X-Ray, Every Ct Scan...It's ALL Available...to EVERY Dr. you ever go to.  Sometimes...It IS a good thing.  Just understand...There IS NO Privacy any more.  NONE what so EVER.

 

And yet, my cardio doc doesn't get notified of lab results my GP runs, my GP doesn't know about my surgery until I tell her myself, and my urologist isn't aware of my kidney status. I think the only safe thing is to take copies of all labs to all the specialists. 

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30 minutes ago, gwalchmai said:

And yet, my cardio doc doesn't get notified of lab results my GP runs, my GP doesn't know about my surgery until I tell her myself, and my urologist isn't aware of my kidney status. I think the only safe thing is to take copies of all labs to all the specialists. 

That is True.  Communication does get "lost" between those parties at times.  However, I've found if I tell my GP I had a CT scan, he'll just say, "Fine, I'll look on the Quest Diagnostics Portal and take a look at it".  Same for bout anything else I'm "tested" for.  He just goes to that "Portal".

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On 9/18/2021 at 7:44 PM, 21 shooter said:

This a prelude to a cashless society.  

Nope.

It's a prelude to the government raiding people's bank accounts. Pure theft. Like in Spain....or whichever country it was a few years back.

 

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9 minutes ago, M&P15T said:

Nope.

It's a prelude to the government raiding people's bank accounts. Pure theft. Like in Spain....or whichever country it was a few years back.

 

This. It is purely intended to enable the future massive redistribution of wealth, in the name of "social justice", "reparations " and/or "equity."  You will be told what your "fair share" was as they extract the money from your accounts without your permission.   If you object, they will prosecute you.  If you resist,  they will kill you.

 

Never, ever, give up your guns.  Never, ever register them.  DO NOT COMPLY.

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