Economy Joe Biden Literally Wants to See Every Bank Account Transaction You Make

[Holic]

Graph from May Treasury Department report entitled 'The American Families Plan Tax Compliance Agenda'

From the Daily Mail:

One key prong of President Biden's plan to bankroll Democrats' $3.5 trillion budget plan is to monitor every inflow and outflow of an individual's bank account.

The Biden administration says such surveillance would target audits and prevent tax evasion, but some are concerned that it might run up against the Fourth Amendment and those who can't afford to fight tax audits or move their money into offshore accounts.

The proposal would require banks to report to the IRS every deposit and withdrawal from an account, including transactions from Venmo, PayPal, crypto exchanges and the like in an effort to fight tax evasion. The IRS would know how much money is in an individual's bank account in a given year, whether the individual earned income on that account and exactly how much was going in an and out.

https://archive.md/dikuU#selection-1065.0-1073.393

We all remember when Obama weaponized the IRS against republicans too: https://www.npr.org/2017/10/27/5603...or-aggressive-scrutiny-of-conservative-groups

But here we are. Biden claims he wants to catch those big bad rich people making over $400,000 a year who keep evading their taxes. To do that, he has to review all those times grandma paypal'd you $50.

Justify this you schills.

 

[Holic]

Oops forgot to type the word "see" into the title.

 

[ShadowRun]

Beautiful I can't imagine how this can be weaponized ... Running against someone for political office? see if they paid for onlyfans gay porn ... Someone bought a Alex Jones book or BLM book get them kicked out of college ... etc....

 

[Ramon Antonio]

I highly doubt this would actually increase tax revenue. There are too many legal ways to get out of paying taxes for the super rich anyway.

 

[jefferz]

The IRS doesn’t have the budget to do this, Republicans have been defunding it for years.

 

[DragRacer]

From the administration that wants to force vaccination on people who already have natural immunity to Covid19...

Does it surprise you that they want inside your financials too?

 

[Rob Battisti]

Oops forgot to type the word "see" into the title. Mods help a brother out.

You can edit your own thread titles. Go to the OP it’s next to “watch thread”

 

[Rob Battisti]

If the fed moves to a CBDC it’s all she wrote.

 

[Cherry Brigand]

Biden is not a dictator at all.

 

[SKYNET]

The IRS doesn’t have the budget to do this

 

[Rob Battisti]

The IRS doesn’t have the budget to do this, Republicans have been defunding it for years.

When they move to a CBDC they won’t need to have a big budget to do this.

 

[AtomicPanther]

Sure, right after you get Google, Apple, Microsoft, etc. for hiding money in foreign banks. And right after churches are no longer tax exempt.

 

[thehighking]

I highly doubt this would actually increase tax revenue. There are too many legal ways to get out of paying taxes for the super rich anyway.

It would but people like you will be the ones paying more taxes. Wtf is going on the last couple years, it's like every conspiracy theory is coming true

 

[SKYNET]

It would but people like you will be the ones paying more taxes. Wtf is going on the last couple years, it's like every conspiracy theory is coming true

It's almost like the current government thinks we need to remove rights and freedoms that the constitution provides American citizens in order to defeat this pandemic

 

[Hadron90]

The IRS doesn’t have the budget to do this, Republicans have been defunding it for years.

I guess they will just have to narrowly target their queries then. They may not have the budget to read through the bank statements of every American, but what if they limit it to just people who are political opponents of Biden?

 

[Lead]

The IRS doesn’t have the budget to do this, Republicans have been defunding it for years.

The OP states this is tied to the American Families plan, which is mainly being packed in with the American Jobs plan in the current reconciliation bill. Reconciliation hasn’t passed yet but it’s likely if the original families plan had this, that it is still in the bill since it allows them offset some of the costs on the bill. It is true audits has been dropping over the past two decades.

 

[Lead]

In terms of this idea, there are certain large deposits banks have to report to the IRS. I do think it’s a bit of an overreach to just hand over all account activity if that’s the case. Kinda sounds like the NSA approach of give us all the data even though we hardly need that much.

 

[Hellowhosthat]

Beautiful I can't imagine how this can be weaponized ... Running against someone for political office? see if they paid for onlyfans gay porn ... Someone bought a Alex Jones book or BLM book get them kicked out of college ... etc....

Even worse they could find out you bought platinum membership on a karate forum.

 

[Patrick Jane]

cash
is
king

 

[WhiteMousse]

The IRS doesn’t have the budget to do this, Republicans have been defunding it for years.

Might be the only good thing they've done in decades