Biden's plan to let the IRS SNOOP on bank accounts, Venmo, PayPal and crypto deals as part of his $80billion investment to crack down on tax evaders
https://www.dailymail.co.uk/news/article...k-accounts.html

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: 10:26 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 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.

Biden, Treasury Secretary Janet Yellen, IRS chief Charles Rettig and a number of Democrats in the Senate, most especially Elizabeth Warren, are pushing for the deep dive into individual financial transactions as part of an $80 billion plan to enforce tax compliance.

Other parts of the plan include setting up a global minimum corporate tax rate of 15% and a system that prevents multinational companies from registering profits in the lowest-tax jurisdictions and raising taxes on the rich.

A Treasury Department report from May claimed that the tax gap totaled nearly $600 billion in 2019 and would rise to $700 trillion over the next decade if left unchecked, roughly 15% of taxes owed.

The IRS estimates that compliance on taxes due on wages is 99% while compliance on 'less visible' sources of income is only 45%. -- excerpt, rest at link above --

Oh, yaaay! Our banks will be forced to spy on us for the feds!

Quote: Tinker wrote in post #4

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The Marxist progressive income tax and it's handmaiden the IRS are Anti ethical to a FREE people, and WE will never again be free for so long as we continue to abide them!

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Biden Administration Plan Would Have IRS Monitoring American’s Bank Accounts
Carmine Sabia
September 12, 2021
https://conservativebrief.com/biden-irs-...&utm_medium=Art


Some Americans are furious with part of the $3.5 trillion spending plan from Joe Biden and the Democrats that would allow the IRS to monitor bank transactions.

The administration claims the monitoring would prevent tax evasion and target audits, but some are concerned that it would violate the Fourth Amendment of the Constitution, The Daily Mail reported.

The proposal would require banks to report to gross inflows and outflows to the IRS, 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.

Biden, Treasury Secretary Janet Yellen, IRS chief Charles Rettig and a number of Democrats in the Senate, most especially Elizabeth Warren, are pushing for the deep dive into individual financial transactions as part of an $80 billion plan to enforce tax compliance.-- excerpt, rest at link above --