Home Forums Hunting & Shooting Hunter's Campfire Biden’s ‘American Families Plan’ lets the IRS snoop on your bank accounts

Source: Biden’s ‘American Families Plan’ lets the IRS snoop on your bank accounts

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In President Biden’s first address to a joint session of Congress on Wednesday night, he laid out his ambitious, expansive agenda for getting the country past the economic wreckage associated with the coronavirus pandemic, mostly under the rubric of what his administration is calling the “American Families Plan” (some of the details of which we spelled out here).

For one thing, Biden wants to expand the federal tax credit that provides for up to $3,600 per eligible child in stimulus checks, spread out over monthly payments (starting this July). Instead of the current 1-year expansion that’s already underway, though, Biden now wants to stretch that out through 2025. Meantime, the American Families Plan also calls for everything from the tax credit expansion to greater access to Medicaid, paid family leave, free community college tuition, and much more. The big question — how will all of this be paid for? Answer: Partly by taxing the rich, and to help that process along, Biden’s plan wants to give an extraordinary amount of new power to the IRS.

Take a look at this fact sheet from the Treasury Department, explaining a new provision that would require banks and financial institutions to start telling the tax agency what people have in their bank account, when money is moved around, and the like. This proposal, according to the fact sheet, “leverages the information that financial institutions already know about account holders, simply requiring that they add to their regular, annual reports information about aggregate account outflows and inflows. Providing the IRS this information will help improve audit selection so it can better target its enforcement activity on the most suspect evaders, avoiding unnecessary (and costly) audits of ordinary taxpayers.”

Giving the IRS more power to track money that moves into and out of your accounts is supposedly meant to help the tax agency go after the wealthiest taxpayers. However, this new authority has been described as being akin to giving federal tax “cops” even more of an excuse to claim a metaphorical probable cause to financially “stop and frisk” someone.

The US operates under a so-called pay as you go tax framework, meaning that people are penalized if they wait until the end of the tax year, for example, to pay all their taxes in one lump sum. This way, the IRS could see that people have a certain degree of taxable income flowing through their financial accounts that they should be paying taxes on throughout the year.

The Biden administration wants to spend $80 billion to expand the IRS’ compliance abilities in order to generate $700 billion over the next decade to help pay for the American Families Plan, and the benefits it includes like new quasi-stimulus checks. Where does that $700 billion come from? From the increased tax enforcement that the $80 billion IRS expansion made possible.

Banking privacy was once considered a hallmark of the American way, and banks guarded your personal information, short of a warrant from a judge. The State, however, always wants to know every last detail about those over whom it rules. It thinks of you as cattle, not free citizens.

Credit Unions are the way to go for any semblance of banking privacy.

The commies are so evil. They rape the language and dress up their tyrant garbage with deceitful sounding names like American Family Plan.

Why?

The Charter of mine requires a court order for info beyond what is presently mandated for inflows and outflows of $.

That and they don’t sell or share your information to other banking institutions or other outside interest groups.

Several years ago I received a hand addressed envelope from the IRS San Francisco office. It contained a copy of my bank statement, which I had never sent them. No explanation, not related to tax season as far as I know. It was during the Obama years and his use of the IRS for intimidation of conservatives. That was a mystery to me.

What exactly is a "certain degree of taxable income"?
Well, you didn't estimate your quarterlies correctly, here's another penalty. Pay up. Now.
Privacy be damned. Typical.
We want information........

Did you send them an envelope with a piece of spent cartridge brass in it?

My bank seems like they are already working for them. We were cleaning up around the house and selling things we didn't need in about January. I took some checks to the bank, maybe 4 checks totalling about $700 and the teller told me I had to tell her where the checks were from. I said the names are on them. She said no I have to know why they paid you. I said I sold some stuff and then she wanted to know what I sold. I told her that I didn't think that was any of her business.

Then our checks started getting held longer, they started limiting my electronic deposits and holding them for several days. The next time she insisted I tell her where I worked and what my job title was. I was thinking she must be a Democrat feeling empowered now that they stole the election. A few weeks later the manager of the bank called me out of the blue just to see how I was doing and to see if I had any banking needs and wanting to know what I'm doing these days. First time that's happened after 22 years at us bank. We are in the process of switching banks now.

I'm glad I have a lot of junk silver because I think I'm going to move more and more towards bartering. I like dealing in cash but they'll probably take that away soon.

Bb

And do they pay interest on the excess of taxes they take in when you pay as you go?

Seems a lawyer somewhere needs to address that issue. Everyone who gets a refund (who actually PAYS taxes), should have compounded interest on that income. A fair an equitable rate might possibly be the same IRS "penalty"....

And the hits just keep on cummin'.

MM

The irs already knows your bank account #'s

This ^^^^^^^ ... They already know about your banking transactions. The new regulations will just make it LEGAL for them to know...

That's some crazy chit right there.

Is this normal for most banks?

The credit union I use has never done that to me.

I think they want to know where money is so they can take it at some point.

And the clueless Karens suck in every ounce of the evil kool-aid.

Federally Insured = Federally Regulated = Federally controlled. Don't expect something for nothing from the federal government. Its always their foot in the door.

There is no door to block them.