#taxes #IRS
Do you make any money on the side? Have you ever not report small amounts. Got at least $600 in your bank account? Well, Biden’s Treasury Department has announced on Thursday, a new initiative tasking the federal government to audit virtually all financial transactions of Americans with bank accounts holding at least $600.
Simply put, the American Families Plan calls for banks and other financial institutions to report more than just a taxpayer’s interest earned, capital gains and losses. Banks and other financial institutions would also be required to report “aggregate account outflows and inflows.” In other words, the IRS will know about all of your bank accounts, whether you earned income on that account or not, how much is in the account in a given year, and how much was transferred in and out of the account.
These new powers include the "right" to continuously spy on Americans' checking accounts through forced reporting requirements from banks on all cash flows. They will also spy on Americans' PayPal accounts in the name of knowing whether they are reporting their petty side income. It's definitely a war on the little guy.
Can you say "invasive"? This is without doubt a direct violation of our 4th Amendment rights. Watch out sellers on Facebook Marketplace!!
Do you make any money on the side? Have you ever not report small amounts. Got at least $600 in your bank account? Well, Biden’s Treasury Department has announced on Thursday, a new initiative tasking the federal government to audit virtually all financial transactions of Americans with bank accounts holding at least $600.
Simply put, the American Families Plan calls for banks and other financial institutions to report more than just a taxpayer’s interest earned, capital gains and losses. Banks and other financial institutions would also be required to report “aggregate account outflows and inflows.” In other words, the IRS will know about all of your bank accounts, whether you earned income on that account or not, how much is in the account in a given year, and how much was transferred in and out of the account.
These new powers include the "right" to continuously spy on Americans' checking accounts through forced reporting requirements from banks on all cash flows. They will also spy on Americans' PayPal accounts in the name of knowing whether they are reporting their petty side income. It's definitely a war on the little guy.
Can you say "invasive"? This is without doubt a direct violation of our 4th Amendment rights. Watch out sellers on Facebook Marketplace!!
4 yr. ago
