Good day all. One thing about the Bumbles Dementia maladministration, the bad ideas, diktats and threats come fast and furious. The latest one currently making the rounds is a plan to have your bank send information on every transaction you make over $600 from your bank account.
Currently, the threshold of reporting for banks is $10,000 dollars. This rule was put in place to allegedly track money laundering and drug sales. Now the Treasury under Janet Yellen wants to drop that to $600 dollars. This would be a reporting nightmare and would affect every single American depositor. Just paying your mortgage or Credit cards would trigger the reporting requirements. This has led to push back from pretty much everyone. Here are some of the details from Fox Business News:
Banks are pushing back against a proposal from the Biden administration that could force them to turn over customers’ account information to the Internal Revenue Service.
Under the plan, banks and other financial institutions would be required to annually report customers’ account inflows and outflows of $600 or more to the IRS. The White House has estimated the policy, which would apply to bank, loan and investment accounts, could generate about $463 billion in additional revenue over the next decade.
First, I’m not sure how they figure this is going to be a tax revenue generator. Second, would you care to guess who this will affect the most? Here’s a hint. Look in a mirror. Now the one small bit of good news is, this will require congressional action. As much as the string pullers of President Meat Puppet would love this to be yet another Executive Order of questionable legality, this is one thing they can’t quite pull off.
The measure, if Congress approves it to fund Biden’s sweeping $3.5 trillion family and climate change plan, would give the IRS an enormous amount of new information that it would have to learn how to manage and use.
Allow me to correct the above sentence. It would give the IRS an enormous amount of new information they would need to learn to manage and abuse. There is absolutely no doubt whatsoever that the Internal Revenue Service, if given access to this information, won’t abuse it. The banking industry, already subject to an enormous regulatory burden, (a fair amount of which is useless), is telling congress to shut this down.
In a letter addressed to House Speaker Nancy Pelosi and Minority Leader Kevin McCarthy, more than 40 banks urged lawmakers to vote against such a proposal, warning it could create a “tremendous liability” for all involved by requiring the collection of financial information for the majority of Americans “without proper explanation of how the IRS will store, protect, and use this enormous trove of personal financial information.”
Banks and other financial institutions spend billions each year hardening their systems, and they still have data breaches. The IRS is using systems that, quite bluntly, are so antiquated, they can’t get parts for them. Without question, they will be broken into and all that data stolen and then spread willynilly across the Internet.
“This proposal would create significant operational and reputational challenges for financial institutions, increase tax preparation costs for individuals and small businesses, and create serious financial privacy concerns,” they wrote. “We urge members to oppose any efforts to advance this ill-advised new reporting regime.”
They won’t, of course. The Communazis in the House are salivating at all the money they can steal from their constituents and transfer to themselves and their friends. The letter goes into greater detail on why this is a stupid idea. Of course, when it comes to stupid ideas, the maladministration is leading the pack. Rather then pull back and rethink their stupid idea, they are doubling down. Here are those details from the New York Post:
Treasury Secretary Janet Yellen is defending a Biden administration proposal that would require banks to report data to the Internal Revenue Service on transactions over $600, calling the collection of information “routine,” after taking heat for the idea that is widely seen as an unprecedented invasion of privacy.
Routine? Perhaps in a totalitarian country. Certainly not in the United States of America.
During an interview on CNBC’s “Squawk Box” on Tuesday, Yellen was pressed on whether the IRS has the “wherewithal” to collect more information about taxpayers and bank accounts including cash flows, something many Republicans have called invasive.
“Well, of course they do,” Yellen said. “Right now, on every bank account that earns more than $10 a year in interest, the banks report the interest earned to the IRS. That’s part of the information base that includes W2’s and reports on dividends in other income that taxpayers earned. So collection of information is routine.”
Those are simple 1099 forms and all they do is list income. What this evil bitch wants to do is full monitoring of every penny people spend, where it goes and how she and the Government can get their hands on it.
Yellen cited the “enormous tax gap” in the US as the reason behind the proposed tax hikes and information collecting, blaming the gap on places where information on income “can be hidden.”
“It’s just a few pieces of information about individual bank accounts, nothing at the transaction level that would violate privacy,” the secretary said.
This bitch believes that the average person exists only to server the ruling elite, which she considers herself to be a part of. She is also a Globalist and, it appears, a One World Government supporter. She’s also been pushing a global minimum tax on businesses.
The collected information would ostensibly help the Treasury Department determine which high-income wealthy individuals may be concealing transactions and income, and “these would be helpful indicators of where it would make sense for auditing to occur,” she added.
“So, it is not reporting of individual transactions or anything of the like. And it would be a simple thing for banks and other payment providers to provide along with the other information they’re already providing.”
This is not going to have any real affect on the “Rich.” The IRS already puts them under a microscope. This is meant for one purpose only, to loot the savings of the middle class.
The proposal has been slammed by Republicans as an invasion of privacy. Last week, Sen. Cynthia Lummis (R-Wyo.) slammed the Treasury secretary during a Senate Banking, Housing, and Urban Development Committee hearing, asking if she was aware of “how unnecessary this regulatory burden is?”
“Do you distrust the American people so much that you need to know when they bought a couch? Or a cow?” the Republican senator asked.
Is this a rhetorical question? It must be since it’s well known that Progressive Liberal Democratic Communazis absolutely distrust the average citizen, especially those who support the Greatest President of the 21st Century, Donald Trump.
“There are obvious privacy concerns for all Americans here and this represents a dramatic new regulatory burden for community banks and credit unions in Wyoming and elsewhere,” Lummis added.
“Bank customers are not subjects to the federal government. Banks do not work for the IRS.”
If Yellen and the other totalitarians have their way, they will. Consider who President Dementia’s handlers have nominated to be the Comptroller of Currency. She is a Communist and flat out wants to abolish banks.
Several states have also expressed concern over the proposal, including Nebraska, which slammed the information collection as a violation of Americans’ constitutional right to privacy and said the costs associated with banks, credit companies and other financial institutions complying with the requirement would be passed on to consumers.
“This could lead to a tremendous invasion of privacy the likes of which our country has never seen. Millions of law-abiding Americans would suddenly have their bank accounts opened to federal investigators for no more reason than buying a refrigerator. This is simply unconscionable. To make matters worse, under this proposal, saving for college could put an American family on the IRS’s radar, costs that most likely will be passed on to the public,” Nebraska state Treasurer John Murante sai?d in the statement released last month.??
There are other issues that Yellen and her elitist ilk never consider. First, people will simply stop using banks and start putting money under the mattress as it were. Second, if the IRS decides to go full seizure on people because they can, people will respond and not always though the courts. (Which are more and more being seen as not enforcing the Constitution, but protecting the Ruling Elites)
We’re already seeing people fighting back against their school boards and the teachers unions, and how the DoJ is now moving to suppress them by declaring them terrorists and enemies of the state. This move by Yellen and the Maladministration is just another step in turning the United States back into a slave state. 13th Amendment? Under Yellen, that will no longer be operative.
Thatisall
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