Biden proposing requiring banks report to the IRS all transactions of all accounts worth $600 or more

[C-south]

Invest in bitcoin irrespective of whether or not it passes.

When it gets back down to $20k a share I might.

 

[LargeOrange1]

No it's right for the Rs too. Trumo got struck done in the SC for the stuff he tried to pull.

English please.

 

[Redleg68]

It is part of a surveillance state. A few years ago we thought the idea of China doing facial recognition around the country was far fetched. Now the Biden administration is setting up surveillance to decide winners and losers like social media is doing to citizens while the Taliban even has social media access.

Gives them an excuse to put about another 200,000 or so on the Government Payroll (our Tax money) to monitor the millions of daily transactions. What a bunch of idiots!!!!!

 

[BreatheUT]

Gives them an excuse to put about another 200,000 or so on the Government Payroll (our Tax money) to monitor the millions of daily transactions. What a bunch of idiots!!!!!

Also, further entrench the deep state to manage these departments, grows government, and makes it harder to reduce costs/budgets.

 

[1vol8]

Is this real?

 

[Rasputin_Vol]

I'm all for it. Too many citizens have yet to learn that government should be despised.

Too many either are too stupid or have Stockholm syndrome...

 

[TNJOKER]

W

That left with Trump. And you ain't seen nuthin' yet. These elitist liberals are gonna get all in your bizness. Congratulations if you voted for them.

Was Trump the classic representation of what "Presidential" is supposed to be. No.

That is what flocked so many people to him. He wasn't a politician. He has not been in Washington for 20+ years further deteriorating what was "American" only a couple of generations ago.

 

[Rasputin_Vol]

Banks Oppose Biden's New 'Total Financial Surveillance' Proposal On IRS Reporting | ZeroHedge

 

[Franklin Pierce]

Democrats to Raise Cap on Biden’s IRS transaction data proposal

The initial proposal was for banks to report all account inflows and outflows of over $600 to the IRS in an effort to crack down on tax cheats and raise revenue for Democrats’ multitrillion-dollar infrastructure and social spending package. Now, House Ways and Means Chairman Richard Neal says Democrats have agreed to raise that threshold.

“We’ve reached an agreement to not have the $600,” Neal said Thursday, according to Bloomberg.

While Democrats are still working to work out the details, they are reportedly targeting a $10,000 threshold. That is similar to the amount the federal government already monitors through the Treasury Department.

Democrats to raise cap on Biden’s IRS transaction data proposal

 

[Rasputin_Vol]

Democrats to Raise Cap on Biden’s IRS transaction data proposal

The initial proposal was for banks to report all account inflows and outflows of over $600 to the IRS in an effort to crack down on tax cheats and raise revenue for Democrats’ multitrillion-dollar infrastructure and social spending package. Now, House Ways and Means Chairman Richard Neal says Democrats have agreed to raise that threshold.

“We’ve reached an agreement to not have the $600,” Neal said Thursday, according to Bloomberg.

While Democrats are still working to work out the details, they are reportedly targeting a $10,000 threshold. That is similar to the amount the federal government already monitors through the Treasury Department.

Democrats to raise cap on Biden’s IRS transaction data proposal

Not a fan of $10,000 threshold, either. Why do they need to see our transactions?

 

[davethevol]

Not a fan of $10,000 threshold, either. Why do they need to see our transactions?

I heard the theory the other day that they would tie this into negative interest rates and use it as leverage to continue heavy spending.

 

[Godfatha]

Not a fan of $10,000 threshold, either. Why do they need to see our transactions?

Agreed. It's none of their damn business.

 

[Rasputin_Vol]

I heard the theory the other day that they would tie this into negative interest rates and use it as leverage to continue heavy spending.

I'm not quite following. The only way negative interest rates would play a factor in individual accounts would be if the govt or FED could control how much you withdraw/spend.

 

[Rasputin_Vol]

Central Bank Digital Currencies: A Future of Surveillance And Control | ZeroHedge

But sometimes the BIS let's it's guard down, and reveals it's authoritarian plans for CBDCs. A case in point is a recent interview with Agustín Carstens general manager of the BIS, where he chillingly said:

"We don’t know who’s using a $100 bill today and we don’t know who’s using a 1,000 peso bill today.​

The key difference with the CBDC is the central bank will have absolute control on the rules and regulations that will determine the use of that expression of central bank liability, and also we will have the technology to enforce that.”​

​

 

[Rasputin_Vol]

China: Digital Yuan - An Ominous Blueprint
A huge red flag over CBDCs and user privacy is that these central bank digital currencies are programmable, as details on China’s ‘Digital Yuan’ already show.

For example, the Digital Yuan can be programmed to be activated on a certain date, programmed to expire on a certain date, programmed to be only valid for certain purchases, and ominously, programmed to be only available to citizens who meet certain pre-conditions.

 

[DynaLo]

I believe the new terminology is alternative economy or underground economy. We used to just call it the black market but I suppose that isn’t PC and offends people.

 

[Rasputin_Vol]

Let's see if this gets anywhere with the controlled opposition party...

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

 

[Rasputin_Vol]

Let's see if this gets anywhere with the controlled opposition party...

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

Boozman said Biden’s unprecedented explosion of new federal spending is the major reason behind Biden’s push to double the size of the IRS and give it virtually unlimited power to monitor how much income Americans earn and where they spend it, Boozman said.

“They want this new authority to look at transactions of $600 or more rather than $10,000 or more because they have a $3.5 trillion, or some say up to a $5 trillion bill, depending on how you score it, so they desperately need pay-fors. This shows how desperate they are,” he said.​

​

Boozman said the $10,000 threshold was approved decades ago to enable the IRS to assist federal law enforcement efforts against drug cartels, terrorist groups, and organized crime rings.

“Today, $600 is such a small amount of money. To put this in perspective, this law was passed several decades ago, and when they did this, $10,000, if you tied inflation to it, it would be $50,000 today,” Boozman said.

“What they’ve done is taking what perhaps was a good idea at the time and weaponizing it such that they can get into your bank account.”​

 

[Orangeburst]

China: Digital Yuan - An Ominous Blueprint
A huge red flag over CBDCs and user privacy is that these central bank digital currencies are programmable, as details on China’s ‘Digital Yuan’ already show.

For example, the Digital Yuan can be programmed to be activated on a certain date, programmed to expire on a certain date, programmed to be only valid for certain purchases, and ominously, programmed to be only available to citizens who meet certain pre-conditions.

End Times stuff right there.

 

[Rasputin_Vol]

Dems Reportedly Scrap IRS Bank Reporting Plan After Manchin Slams "Screwed Up" Surveillance Scheme | ZeroHedge