Biden proposal would give the IRS access to your bank account

[mystery-ak]

Biden proposal would give the IRS access to your bank account
By
Patrick Richardson -
September 3, 2021

Tax law and federal budgets are inherently boring things, so it comes as no surprise that language is often slipped into those bills that would otherwise cause outrage if proposed individually.  Like giving the IRS access to your personal and business bank account.

The Biden Administration’s 2022 budget proposal — which claims to advance “equity across government” — included a provision that generally slipped under the radar, but would impose onerous new reporting requirements on community banks and raises privacy questions.

The Independent Community Bankers Association reports that the proposal would require financial institutions to report information on customer bank accounts to the IRS.

Currently, banks are only required to report deposits of $10,000 or more, however, the proposal would require banks and other financial institutions to report to the IRS on the deposits and withdrawals of all business and personal accounts with a balance of more than $600.

The Kansas Bankers Association objected strongly to the proposed requirement and said flatly that they stand in opposition.

more
https://sentinelksmo.org/biden-proposal-would-give-the-irs-access-to-your-bank-accounts/

[christian]

Years ago i was short a thousand or so dollars to the IRS and called them up and set up a payment arrangement.  The next payday the IRS emptied out my account and left near nothing.  I called the IRS back and talked to the agent and said what about the payment deal made?  He said he looked into the account and saw there was enough to pay the debt off all at one time, leaving me with nothing.  He had a good laugh about it, my trust in government doing its job fairly fell through the floor.  Ever wonder why i distrust the government so much?  They drove distrust into me hard! I learned the hard way.

[Fishrrman]

"Currently, banks are only required to report deposits of $10,000 or more, however, the proposal would require banks and other financial institutions to report to the IRS on the deposits and withdrawals of all business and personal accounts with a balance of more than $600."

All your bank belong to us...

[libertybele]

"Currently, banks are only required to report deposits of $10,000 or more, however, the proposal would require banks and other financial institutions to report to the IRS on the deposits and withdrawals of all business and personal accounts with a balance of more than $600."

All your bank belong to us...

We keep enough in the bank to pay bills.  All the rest is placed elsewhere.

Anyone still think that the IRS shouldn't be abolished??

[mountaineer]

The death of Americans’ financial privacy
Democrats want the IRS to monitor transactions of every bank account with more than $600
 By Tom Basile - - Friday, September 24, 2021

ANALYSIS/OPINION:

Ronald Reagan had it right when he said that the nine most dangerous words in the English language were, “I’m from the government, and I’m here to help.” Today’s barons of the Beltway have become so powerful that they’ve dropped any pretense of really trying to help anyone, only increase their power and control over the masses. President Biden’s financial monitoring scheme is the latest example.

The president, or perhaps more aptly, the president’s handlers, announced they want to monitor the transactions of every bank account with more than $600 allegedly to ensure “the rich pay their fair share.”

The left knows what it’s doing. This isn’t about equity, raising enough revenue, growing the economy, or creating jobs. It’s not about going after the super-rich. In reality, it’s about eroding the financial privacy of every American.

This unprecedented scheme is intended to collect massive amounts of data and monitor Americans’ financial transactions for future regulation. It will also hit small businesses and other organizations like non-profits with punitive and aggressive IRS enforcement.  ...

Washington Times

[EdinVA]

Years ago i was short a thousand or so dollars to the IRS and called them up and set up a payment arrangement.  The next payday the IRS emptied out my account and left near nothing.  I called the IRS back and talked to the agent and said what about the payment deal made?  He said he looked into the account and saw there was enough to pay the debt off all at one time, leaving me with nothing.  He had a good laugh about it, my trust in government doing its job fairly fell through the floor.  Ever wonder why i distrust the government so much?  They drove distrust into me hard! I learned the hard way.

And that is the end game.... the gov can grab what they think they are entitled to and we gotta fight to get it back...

[Kamaji]

Years ago i was short a thousand or so dollars to the IRS and called them up and set up a payment arrangement.  The next payday the IRS emptied out my account and left near nothing.  I called the IRS back and talked to the agent and said what about the payment deal made?  He said he looked into the account and saw there was enough to pay the debt off all at one time, leaving me with nothing.  He had a good laugh about it, my trust in government doing its job fairly fell through the floor.  Ever wonder why i distrust the government so much?  They drove distrust into me hard! I learned the hard way.

What year was that?

[Bigun]

The Marxist progressive income tax and its handmaiden IRS have ALWAYS been antithetical to a FREE people!