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

[MoparOrNoCar]

Yes Biden, the American government just simply doesn't have enough money. Good move.

 

[White Whale]

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

You act the IRS being defunded is a bad thing.

 

[SakurabasEar]

I dont agree with new methods for the government to squander our tax dollers while the elite still have the ability to circumvent the system.

 

[Bacco]

Anytime these politicians say they will do something to the "rich," that's code word for "middle class."

Playing devil advocate for a moment, got to say IF american tax evasion is anything like tax evasion here, the vast majority (as straight amount of missing money) of it come from the middle/low class rather than from the super-riches

Wich ultimately fucks up other middle/low class workers that are not in the position of chose if pay taxes or not as are automatically detracted from the monthly pay

Then of course pretend to witch hunt teh super-rich make a cool marketing story(specially for his left audience) and is a fat lie, but reality is tackle tax evasion actually mean tackle a portion of middle/low class because is where most of missing money are

 

[HockeyBjj]

Credit card companies already do for all us middle class

I'm finding it hard to get outraged about government invasion of privacies, when government has used companies to get around that so well already

Maybe it'll get the rich fucks to actually pay some of their taxes, but I doubt even this would catch them. Their lawyers and accounts get paid big bucks to avoid taxes using clever loopholes and not leave a trail when it maybe wasn't exactly a legal loophole they exploited

 

[HockeyBjj]

na gold is king.. cash will burn up... gold just melts into gold

Gold only has value because people liked it's shiny nature a long long time ago and decided it was important

Gold is just as much a fiat as paper money. It's value is tied directly people's opinion of it and nothing more

 

[ElKarlo]

Even if it doesn’t happen now, it’s only a matter of time. The way govts work and how much technology is making possible, this is only inevitable. I remember when technological advancements were exciting and not threatening

 

[Red Dragoniop]

Gold only has value because people liked it's shiny nature a long long time ago and decided it was important

Gold is just as much a fiat as paper money. It's value is tied directly people's opinion of it and nothing more

yeah.. no.... cause its not like we use it in space right??? keep thinking what you think thou... rub that cash on you

 

[Patrick Jane]

yeah.. no.... cause its not like we use it in space right??? keep thinking what you think thou... rub that cash on you

Everybody knows people only like gold because it's shiny. It's not like there is any industrial use for it, right? Dental technicians and computer chip manufacturers are just a myth afterall.

 

[ultramanhyata]

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.

This sort of comprehensive financial monitoring has been too long in coming to the US. I welcome it wholeheartedly and hope Manchin and Sinema are pressured into capitulating.

 

[BjPenn2017]

He’s one “government mandate” away from it boys!

 

[b34stmode]

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.

This is for crypto. They are going to fuck everyone who is traded crypto and tax it for capital gains.

 

[Amerikuracana]

Those actually running the show conditioning us to move towards a cashless society where they own all the money and therefore have all the power, fully consolidated.


RESIST

 

[Ophydian]

I am sure there are computer programs/AI that can do the heavy lifting.

The IRS employees those now and they still can't maintain the current output needed to audit in a responsible manner.

 

[Ophydian]

There isn't, but I'll mention that the banks so far do not seem happy with the amount of work and resources involved with this endeavor.

I'm sure. Having to keep a record of every transaction is just stupid. I am definitely not in favor of this and I would love to see what else is behind this. As someone mentioned this would be used to tax crypto gains but the only people they would be able or willing to go after are the big time sellers of Bitcoin as they would be the most profitable taking to court.

 

[EndlessCritic]

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.

Isn't that what Bitcoin would do?

 

[Natural Order]

Hey doofuses....blockchain.....

 

[bobgeese]

This is a perfect example of the joke that is voting for Democrats.

You were promised real change in taxation, finally the rich and corporations would have to pay their fair share.

You got Uncle Sam monitoring your eBay transactions.

 

[SBJJ]

https://www.politico.com/news/2021/05/20/irs-funding-boost-489830

Don't be thanking him too quickly

 

[Whippy McGee]

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

The new bill in congress... the $3+ Trillion one has a massive increase for the IRS with the hiring of thousands of new staff.