One key prong of President Biden’s plan to bankroll Democrats’ $3.5 trillion budget plan is to monitor gross inflows and outflows from 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 gross inflows and outflows to the IRS, 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.
Will be interesting to see Hunter Biden’s accounts……
They hate us, and the little guy is easy to control.
Will have to WITHDRAW all your money $$$$$ Out of Bank then & keep it in your sock drawer !!!!!
OUST these damn Democrat Criminals from OUR Govt NOW !!!!
Re-instate TRUMP = SOLVED !!!!
Democrats are always looking for new ways to pick pocket the American people
Revolution.
Follow Jefferson’s orders and start watering the Tree of Liberty.
Or sink deeper into an Orwellian nightmare.
THOSE are the only two real choices they are leaving “We, the People”.
Arm yourselves.
I see they are not targeting the Soros, Gates, Bloomberg and all the billionaires / millionaires and their families and business associates. Also anybody with over that makes over $200 thousand a year or has a net worth over $300 thousand or gets tax exemptions of the rich. Don’t see any cancelations of all the special tax exemptions of the rich. Don’t see any cancelation of the Politians exemptions.
It’s in preparation to make sure you can buy nothing and make no money if you don’t take the mark of the beast.
Its time …time to read hidden dangers of the rainbow..thats what this is all about. You will need the armor of faith.
Big brother at his best!
Eliminate & Ban the IRS & the Democrat Party !!!!