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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<\/b><\/a>:<\/p>\n Banks are pushing back against a proposal from the <\/b>Biden<\/b><\/u><\/a> administration that could force them to turn over customers’ account information to the <\/b>Internal Revenue Service.<\/b><\/u><\/a> <\/b><\/p>\n 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. <\/b><\/p>\n First, I\u2019m 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\u2019s 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\u2019t quite pull off.<\/p>\n 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. <\/b><\/p>\n 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\u2019t 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.<\/p>\n In a letter<\/a> 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.”<\/b><\/p>\n 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\u2019t get parts for them. Without question, they will be broken into and all that data stolen and then spread willynilly across the Internet.<\/p>\n “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.” <\/b><\/p>\n They won\u2019t, 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<\/b><\/a>:<\/p>\n 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 \u201croutine,\u201d after taking heat for the idea that is widely seen as an unprecedented invasion of privacy. <\/b><\/p>\n Routine? Perhaps in a totalitarian country. Certainly not in the United States of America.<\/p>\n During an interview on CNBC\u2019s \u201cSquawk Box\u201d on Tuesday, Yellen was pressed on whether the IRS has the \u201cwherewithal\u201d to collect more information about taxpayers and bank accounts including cash flows, something many Republicans have called invasive.<\/strong><\/p>\n \u201cWell, of course they do,\u201d Yellen said. \u201cRight now, on every bank account that earns more than $10 a year in interest, the banks report the interest earned to the IRS. That\u2019s part of the information base that includes W2\u2019s and reports on dividends in other income that taxpayers earned. So collection of information is routine.\u201d <\/b><\/p>\n 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.<\/p>\n Yellen cited the \u201cenormous tax gap\u201d in the US as the reason behind the proposed tax hikes and information collecting, blaming the gap on places where information on income \u201ccan be hidden.\u201d\u00a0 <\/b><\/p>\n \u201cIt\u2019s just a few pieces of information about individual bank accounts, nothing at the transaction level that would violate privacy,\u201d the secretary said. <\/b><\/p>\n 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\u2019s also been pushing a global minimum tax on businesses.<\/p>\n The collected information would ostensibly help the Treasury Department determine which high-income wealthy individuals may be concealing transactions and income, and \u201cthese would be helpful indicators of where it would make sense for auditing to occur,\u201d she added.\u00a0 <\/b><\/p>\n \u201cSo, 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\u2019re already providing.\u201d <\/b><\/p>\n This is not going to have any real affect on the \u201cRich.\u201d The IRS already puts them under a microscope. This is meant for one purpose only, to loot the savings of the middle class.<\/p>\n The proposal has been slammed by Republicans as an invasion of privacy. Last week, Sen. Cynthia Lummis (R-Wyo.) slammed the Treasury secretary<\/a> during a Senate Banking, Housing, and Urban Development Committee hearing, asking if she was aware of \u201chow unnecessary this regulatory burden is?\u201d <\/b><\/p>\n \u201cDo you distrust the American people so much that you need to know when they bought a couch? Or a cow?\u201d the Republican senator asked. <\/b><\/p>\n Is this a rhetorical question? It must be since it\u2019s well known that Progressive Liberal Democratic Communazis absolutely distrust the average citizen, especially those who support the Greatest President of the 21st<\/sup> Century, Donald Trump.<\/p>\n \u201cThere 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,\u201d Lummis added. <\/b><\/p>\n \u201cBank customers are not subjects to the federal government. Banks do not work for the IRS.\u201d <\/b><\/p>\n If Yellen and the other totalitarians have their way, they will. Consider who President Dementia\u2019s handlers have nominated to be the Comptroller of Currency<\/a>. She is a Communist and flat out wants to abolish banks.<\/p>\n<\/a><\/p>\n<\/p>\n<\/p>\n<\/p>\n