Biden admin backs down on tracking bank accounts with over $600 annual transactions

Hmmm I thought the goal was to catch wealthy tax cheats. So they have now changed it and if you deposit or spend more than 10 grand a year are you now rich??? What the heck is going on here how are dems not up in arms? Do you really want the government have free reign to go through your bank statements? I'm seriously confused on how any American citizen could be for this, and we think China spies on its people wow. They've got a BS W2 exemption supposedly but how they hell does a bank know you got a W2, or 1099 or a college student and your family gives you money for rent and food. Why the hell are they writing this in secret instead of debating it?

https://abcnews.go.com/Politics/bid...ng-bank-accounts-600-annual/story?id=80665505

 

I'll just use multiple bank accounts to stay under the limit, or just stop using banks altogether...

 

I transfer at least that much a year from my IRA's to my checking account every year.....................so Biden gets to snoop in on my financial holdings now? What happen to the 4th amendment and being secure in your papers?

The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.

 

Watch how they tie it all to you SS#.

 

The new proposal is even worse than the old one because it is "We get all your information and the banks will have even more information to give us so we don't even need to cross-reference you in the computer."

 

So effing tired of this administration.

 

it says he is not doing it

it was to catch people paying employees under the table I think (like illegals), but they are not doing it anyways

 

"The IRS would collect the total sum of deposits and withdrawals from bank accounts with more than $10,000 in non-payroll income. Information on individual transactions would not be collected."

it was only for account with more then 10k in non-payroll income, mostly rich kids allowances or people paid under the table

maybe for things like Uber and stuff where people not paying their taxes

 

The trampling of the bill of rights continues.

 

Only 39 Months (Minumum) left to go.

I have faith that you will survive it.

 

I think the entire plan needs to be scrapped.
No need for the gov't to nose around bank accounts.

Get rid of the Patriot Act as well.

 

You better buy some bitcoin for those kind of transactions. That's why criminals love it. Bitcoin is a RW favorite too. What are you waiting for?

 

You're "rich" until you reach the 9+ figure range, then you become "untouchable".