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

JustTheNews: A major component of President Joe Biden’s plan to raise revenue to pay for his trillions of dollars in new federal spending is now under fire from trade associations across the country.

The Biden administration has made clear its plan to beef up IRS auditing by expanding the agency’s funding and power. Biden’s latest proposal would require banks to turn over to the Internal Revenue Service bank account information for all accounts holding more than $600.

In a sharp pushback against the proposal, more thn 40 trade associations, some of which represent entire industries or economic sectors, signed a letter to U.S. House Speaker Nancy Pelosi (D-Calif.) and Minority Leader Kevin McCarthy (R-Calif.) raising the alarm about the plan.

The letter, which includes the support of several banking coalitions, calls on Congress to reject that requirement, saying it violates customer privacy and would create an incredibly expensive and elaborate reporting requirement for the banks.

“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,” the letter 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. We believe that this program is costly for all parties, not fit for purpose, and loaded with potential for unintended and serious negative consequences.”

The groups argue it would target “almost every American” and question whether the IRS could keep that information secure from hackers and bad actors. more

24 Comments on IRS would track all bank transactions over $600 under Biden plan; businesses revolt

  1. So which is it: “all bank transactions over $600” or “all accounts holding more than $600”.

    Or is it Towelie’s razor? Probably Towelie’s razor, given whatever they’re smoking in the WestExec cabal.

    10
  2. Commies do stuff like this. They will give you what they think you should have, in the Party’s opinion.

    Get used to it.

    It will only get worse.

    17
  3. if the do nothing GOP let’s this pure Communism control of private banking happen, it is, no it has to be 3rd party time. How long until you go buy groceries or a TV and end up with an Audit notice because they have you on a list of who is registered as a Republican. 1984 has come and gone, we are way beyond Orwell now…..

    14
  4. With the way Jackass Joe is jacking up inflation it won’t be long before people will need to spend $600.00 dollars at the grocery store to buy dwindling supplies of food thank to Socialism! Never forget what the dick-slapped, pussy-whipped, flat-footed, maladroit, plastic banana republic Socialist Marxist Muzlim Mallard once told us: “Never underestimate Joe’s ability to fuck things up!”

    But hey! At least he saved us .16 cents on a hot dog this year!!

    19
  5. Counter proposal: update the $10,000 cash transaction limit for inflation, to it’s much higher number now.

    Or better yet: NGDB.

    7
  6. Hitler & Stalin never dreamed of wielding such power. Yes, killing people is power but even Al Capone never dreamed of having such power that he or his organization would be able to monitor every bank transaction over $600.

    The Democrats are going to town on the power kick. It is as if they are no longer afraid of elections. Go figure.

    9
  7. Ivan that would work but if you think they are also not about to BAN all cash transactions think again. They will use Covid as an excuse and force you to use banks and electronic payments which they can track, control and confiscate at any time…say when you vote for a Republican. Just look at the shitshow that Australia has become…..

    4
  8. Quit calling it “communism” – the Nazis did it, too.
    (see: “Behemoth – the Structure and Practice of National Socialism, 1933-1945”, Neumann)
    It is Godless or nihilistic totalitarianism – whatever it calls itself this week: Communism, Soviet Socialism, National Socialism, Progressivism, Fascism, Demonrat, Republicrat, Social Demonrat, Demonratic Socialist, izlam, Egalitarianism, Environmentalism, Maoism, Third Way, CoVid Pandemicism, Globaloney Climate Change-ism, &c.
    The anathema of Freedom, Liberty, and Self-Determination.

    They call themselves different names to keep those dedicated to Liberty and Freedom off balance – being unable to sort through the varying misleading ambiguations we (who subscribe to the Constitution, for instance) seem to be greatly outnumbered and outflanked. But they ALL can be aptly described as Evil.

    izlamo delenda est …

    10
  9. Pelopidas
    SEPTEMBER 27, 2021 AT 12:31 PM

    “The Democrats are going to town on the power kick. It is as if they are no longer afraid of elections. Go figure.”

    Huh, I wonder why?

    *giggle*

    No I don’t, I KNOW why.

    But don’t ask me or I’ll sue you.

    5
  10. Don’t care what you call the frickin BS this jackass and his regime are cramming down our throats.

    Whenever a word ends with ism it won’t be good for the world in general.

    This idea of snooping into our bank accounts should make every Americans blood literally boil.

    But will it? 🤔

    5
  11. This is so they can tax every ebay and craigslist transaction of people selling used stuff –treating it like income even though tax was paid on the original income that was used to buy the stuff new.

    4
  12. Remember, the banks are going to pass their compliance costs on to you. Interest rates on savings are already near 0 and they’re never coming back. Soon, all of our banking will be de fact sharia compliant, or else we’ll be seeing negative interest rates.

    And watch those fees that the banks charge for every niggling thing skyrocket. I’m putting money into things I can use, food I can eat and land I can work, because keeping it locked up in the bank is rapidly becoming a losing proposition.

    5
  13. Will they use the Interstate Commerce Clause to further encroach upon citizens and liberty? It’s worked darned near every time they attempt to circumvent the Constitution.

    The Commerce Clause describes an enumerated power listed in the United States Constitution (Article I, Section 8, Clause 3). The clause states that the United States Congress shall have power “[t]o regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes.”

    https://townhall.com/columnists/walterewilliams/2003/11/05/commerce-clause-abuse-n968530

    https://www.capitalismmagazine.com/2003/11/commerce-clause-abuse-how-congress-circumvents-both-the-letter-and-spirit-of-the-constitution/

    1
  14. Hope that includes the thieving Clintons, azz-kizzing and maskless party-throwers Obamas, the lifelong liar and supremacist TaliBidens, et al.

    2
  15. “Income tax is only a war measure.”

    Income tax is an abomination – it has NO PLACE in a Republic – in War or Peace.

    izlamo delenda est …

    2

Comments are closed.