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Thread: Bidenís new plan lets the IRS snoop on your bank accounts

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    Bidenís new plan lets the IRS snoop on your bank accounts

    Bidenís plan wants to give an extraordinary amount of new power to the IRS.


    Take a look at this fact sheet
    from the Treasury Department, explaining a new provision that would require banks and financial institutions to start telling the tax agency what people have in their bank account, when money is moved around, and the like. This proposal, according to the fact sheet, ďleverages the information that financial institutions already know about account holders, simply requiring that they add to their regular, annual reports information about aggregate account outflows and inflows. Providing the IRS this information will help improve audit selection so it can better target its enforcement activity on the most suspect evaders, avoiding unnecessary (and costly) audits of ordinary taxpayers.Ē



    Giving the IRS more power to track money that moves into and out of your accounts is supposedly meant to help the tax agency go after the wealthiest taxpayers. However, this new authority has been described as being akin to giving federal tax ďcopsĒ even more of an excuse to claim a metaphorical probable cause to financially ďstop and friskĒ someone.



    The US operates under a so-called pay as you go tax framework, meaning that people are penalized if they wait until the end of the tax year, for example, to pay all their taxes in one lump sum. This way, the IRS could see that people have a certain degree of taxable income flowing through their financial accounts that they should be paying taxes on throughout the year.



    The Biden administration wants to spend $80 billion to expand the IRSí compliance abilities in order to generate $700 billion over the next decade to help pay for the American Families Plan, and the benefits it includes like new quasi-stimulus checks. Where does that $700 billion come from? From the increased tax enforcement that the $80 billion IRS expansion made possible.


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    The IRS already knows stuff about me that I have forgotten.

    IRS is probably about 96% weaponized already. This just puts them across the finish line. Another case where the government is boiling frogs, and the frogs don't understand until it is too late.

    Frog legs anyone? Oh, pay up with credit and debit cards, no cash allowed.

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    they'll put money in my account when they see I am living on a negative balance.
    Humble yourself, for there is an enormous change coming.

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    Maybe...this is another way to look into The Trumps?????
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    I wonder if it would show up if I opened 6 to 10 new savings accounts & moved a dollar a day into each of them every single day? I'd love to do that just to generate a lot of transactions.

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    "I don't even know what I'm signing."



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    Nothing to worry about at all...

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    Didn't this type of thing use to require a warrant? You know, "probable cause", and things like that.


    It's interesting how fast these things move. The Patriot Act, passed in 2001, created specific legal requirement that banks be forced to verify the identity of the account holders and keep records.
    Presumably so that courts could be able to subpoena these records if there was reason to suspect terrorist-related transfer of money.

    Some complained this did away with the possibility of privacy, but most didn't seem to care at the time.


    Now it seems like they're going to use that legislation, passed 20 years ago, as a springboard to routinely force the information to be collected from everybody.

    And just think a little bit for a moment. What could that later be used a springboard for in the future?
    Think about Elizabeth Warren's "wealth tax" proposal, or even in Australia where there are very real fears that the government might in the near future try to implement something called "negative interest rates", where they take your saved money out of your bank account, taxing your savings directly.
    Last edited by kazenatsu; 05-04-2021 at 12:53 AM.

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    Banks already get creepy if you take more than a Grand in cash out of your bank account...
    Last edited by Physics Hunter; 05-04-2021 at 01:14 AM.
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    Quote Originally Posted by Physics Hunter View Post
    Banks already get creepy if you take more than a Grand in cash out of your bank account...
    Do they? I remember when they weren't interested until the withdrawal exceeded 10 grand.
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