Fury as Biden tries to let IRS SNOOP on your bank accounts - (Uncle Sam wants to spy on your Posted: Sep 15th, 2021 - 6:16 am
bank account, the irs will hire 87,000 agents to scrutinize every financial transaction coming from a bank account with at least $600 of inflows or outflows annually. Such monitoring would also scoop up Venmo and PayPal transactions).
One key prong of President Biden's plan to bankroll Democrats' $3.5 trillion budget plan is to monitor gross inflows and outflows from 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 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.
Patrick Hedger, vice president of policy at the Taxpayers' Protection Alliance, warned that such a proposal could violate the Fourth Amendment, which protects citizens from search and seizure without probably cause.
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