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Joined: Jul 2006
Posts: 8,552
Campfire Outfitter
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OP
Campfire Outfitter
Joined: Jul 2006
Posts: 8,552 |
Source: Biden’s ‘American Families Plan’ lets the IRS snoop on your bank accountsText of Article: 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.
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Joined: Jun 2002
Posts: 132,072 Likes: 65
Campfire Sage
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Campfire Sage
Joined: Jun 2002
Posts: 132,072 Likes: 65 |
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.
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
Credit Unions are the way to go for any semblance of banking privacy.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Jul 2018
Posts: 10,691
Campfire Outfitter
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Campfire Outfitter
Joined: Jul 2018
Posts: 10,691 |
The commies are so evil. They rape the language and dress up their tyrant garbage with deceitful sounding names like American Family Plan.
Progressives are the most open minded, tolerant, and inclusive people on the planet, as long as you agree with everything they say, and do exactly as you're told.
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Joined: Dec 2017
Posts: 4,576
Campfire Tracker
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Campfire Tracker
Joined: Dec 2017
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Credit Unions are the way to go for any semblance of banking privacy. Why?
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
Credit Unions are the way to go for any semblance of banking privacy. 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.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Jun 2009
Posts: 4,009 Likes: 2
Campfire Tracker
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Campfire Tracker
Joined: Jun 2009
Posts: 4,009 Likes: 2 |
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.
"I was born in the log cabin I helped my grandfather build"
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Joined: Aug 2004
Posts: 69,804 Likes: 44
Campfire Kahuna
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Campfire Kahuna
Joined: Aug 2004
Posts: 69,804 Likes: 44 |
Molɔ̀ːn Labé Skýla!
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Joined: Feb 2021
Posts: 1,435
Campfire Regular
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Campfire Regular
Joined: Feb 2021
Posts: 1,435 |
Source: Biden’s ‘American Families Plan’ lets the IRS snoop on your bank accountsThe 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. 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........
"Their minds are dead" - Carmine Ricca
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Joined: Jun 2007
Posts: 22,005 Likes: 3
Campfire Ranger
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Campfire Ranger
Joined: Jun 2007
Posts: 22,005 Likes: 3 |
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. Did you send them an envelope with a piece of spent cartridge brass in it?
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Joined: Nov 2004
Posts: 10,083 Likes: 12
Campfire Outfitter
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Campfire Outfitter
Joined: Nov 2004
Posts: 10,083 Likes: 12 |
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
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Joined: Jun 2007
Posts: 22,005 Likes: 3
Campfire Ranger
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Campfire Ranger
Joined: Jun 2007
Posts: 22,005 Likes: 3 |
Source: Biden’s ‘American Families Plan’ lets the IRS snoop on your bank accountsThe 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. 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........ 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"....
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Joined: Sep 2006
Posts: 23,675 Likes: 4
Campfire Ranger
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Campfire Ranger
Joined: Sep 2006
Posts: 23,675 Likes: 4 |
And the hits just keep on cummin'. MM
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Joined: Oct 2013
Posts: 390
Campfire Member
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Campfire Member
Joined: Oct 2013
Posts: 390 |
The irs already knows your bank account #'s
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Joined: Apr 2011
Posts: 12,262 Likes: 14
Campfire Outfitter
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Campfire Outfitter
Joined: Apr 2011
Posts: 12,262 Likes: 14 |
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...
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Joined: Jan 2019
Posts: 3,480
Campfire Tracker
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Campfire Tracker
Joined: Jan 2019
Posts: 3,480 |
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 That's some crazy chit right there. Is this normal for most banks? The credit union I use has never done that to me.
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Joined: Aug 2014
Posts: 5,071 Likes: 11
Campfire Tracker
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Campfire Tracker
Joined: Aug 2014
Posts: 5,071 Likes: 11 |
I think they want to know where money is so they can take it at some point.
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Joined: Dec 2013
Posts: 44,875 Likes: 38
Campfire 'Bwana
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Campfire 'Bwana
Joined: Dec 2013
Posts: 44,875 Likes: 38 |
The commies are so evil. They rape the language and dress up their tyrant garbage with deceitful sounding names like American Family Plan. And the clueless Karens suck in every ounce of the evil kool-aid.
Slaves get what they need. Free men get what they want. Rehabilitation is way overrated. Orwell wasn't wrong. GOA member disappointed NRA member 24HCF SEARCH
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Joined: Aug 2012
Posts: 5,530 Likes: 2
Campfire Tracker
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Campfire Tracker
Joined: Aug 2012
Posts: 5,530 Likes: 2 |
Federally Insured = Federally Regulated = Federally controlled. Don't expect something for nothing from the federal government. Its always their foot in the door.
Life can be rough on us dreamers.
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
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.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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