Macnamara Posted September 9, 2021 Share Posted September 9, 2021 We 'conspiracy theorists' said that they wanted to create digital currencies so that they could monitor your every transaction....well.....they are going to monitor your every transaction....and next will come the digital currencies: 'Why are they snooping on an average Joe over a $600 payment': Fury as Biden tries to let IRS SNOOP on your bank accounts, Venmo, PayPal and crypto deals in plan that could 'violate the Fourth Amendment' The proposal would require banks to report to the IRS every deposit and withdrawal from an account in order to target audits The IRS estimates that compliance on taxes due on wages is 99% while compliance on 'less visible' sources of income is only 45% The plan would most especially affect the self-employed, who self-report their income and deductions, and the wealthy Banks are largely against the proposal, which they say would impose onerous reporting requirements on institutions for little benefit By Morgan Phillips, Politics Reporter For Dailymail.Com Published: 09:56 EDT, 9 September 2021 | Updated: 17:02 EDT, 9 September 2021 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://www.dailymail.co.uk/news/article-9973671/Bidens-plan-let-IRS-SNOOP-bank-accounts.html Quote Link to comment Share on other sites More sharing options...
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