Saturday, October 2, 2021

Biden’s Tax Plan Calls for Indiscriminate Spying; Proposal Would Allow IRS to Audit All Bank Accounts With Over $600 In Them; IRS Would Track All Bank Transactions Over $600

Evelyn Hockstein/Reuters
Biden’s Tax Plan Calls for Indiscriminate Spying:
Biden's proposal would turn all financial accounts into open books for the IRS.
The Treasury Department recently released its “General Explanations of the Administration’s FY 2022 Revenue Proposals.” This is the so-called Treasury “Green Book.” Dated May 2021, the Green Book explains exactly how various elements of the Biden administration’s tax plan will operate.
In addition to the tax increases that have been discussed at length, the administration would set up a comprehensive financial spying operation that would impact every American. The proposal is to establish a “comprehensive financial account information reporting regime.” The purpose is to track activities in all financial accounts and report them to the federal government. The law would require an annual report to the government showing “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.”
To say that this is a system of “comprehensive” spying is not hyperbole. The Green Book states:
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.
What we’re talking about here is the requirement that details on every bank account in America be reported to the IRS on an annual basis. The only exceptions will be those that showed less than $600 of in-and-out transactions, or which have a total value of under $600. How many millions of bank accounts are there in the U.S.? What kind of compliance burden will this impose on America’s financial sector? --->READ MORE HERE
Proposal would allow IRS to audit all bank accounts with over $600 in them:
A new proposal from the Biden Administration would force banks to turn over transactional data of most Americans for an IRS audit. It’s part of President Joe Biden’s pledge to increase staffing and audit power of the IRS.
The proposal would require banks to turn over account information for any and all accounts holding more than $600. Banks and countless trade associations have come out against the proposal.
“While the stated goal of this vast data collection is to uncover tax dodging by the wealthy, this proposal is not remotely targeted to that purpose or that population,” a letter from the group opposing the legislation said. “In addition to the significant privacy concerns, it would create tremendous liability for all affected parties by requiring the collection of financial information for nearly every American without proper explanation of how the IRS will store, protect, and use this enormous trove of personal financial information.”
While security at the IRS is one major concern. Another is how the agency would handle it – given the mass challenges associated with completing tax returns, or issuing stimulus and child tax credit payments. Millions of Americans are still waiting for tax refunds from 2020 – as the IRS struggles to keep pace with increased responsibilities. --->READ MORE HERE
Follow links below to related stories:

+++++IRS would track all bank transactions over $600 under Biden plan; Businesses revolt+++++

GOP Senators Introduce Bill To Block Biden’s 'Weaponization' Of IRS Bank Account Surveillance

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