The something you now have in common with Mr. Jeff Bezos is that the Biden administration is going to be monitoring both of your bank accounts.
Why, if the purchases are large enough, Biden’s minions can see the money go from your bank account to Bezos’, almost in real time!
How can this massive invasion of privacy — without a warrant — happen in a supposedly free America?
It takes for this tango: A power-hungry Biden administration and an inert, cowardly Republican "opposition."
Fox News has details. In the administration’s colossal reparations bill, excuse us, reconciliation bill there is “one provision that would require banks to report the inflows and outflows of any account with more than $600 in activity per year to the IRS.”
And why would they do that? “Biden highlighted the provision in a Sept. 16 speech, pushing the bill as a way to go after rich people and close the wealth gap.
“It would ask just for two pieces of information from the banks of these folks – the amounts that come into their bank accounts and the amounts that go out of their bank accounts,” Biden said. He added this is so “they can pay what they owe, what the existing tax code calls for.”
Of course, that explanation is an insulting lie because the IRS already has a method to track rich people and insulting because Americans can count.
For the mega–rich, like Bezos, $600 doesn’t represent potential tax evasion, it might not even represent his restaurant dinner bill.
If the sticky-fingered Biden administration was really going after the “wealthy,” the dollar amount trigger would be much higher, say $60,000, rather than $600.
Banks already have to report any transaction over $10,000 to the feds and “structuring” a series of deposits in amounts just under $10,000 to avoid the reporting threshold is also illegal. Just ask former Speaker of the House and former federal prison inmate Dennis Hastert.
This penny-ante billionaire trap is really designed to catch the handyman who is paid in cash or the homeowner who has a particularly successful garage sale.
Fox contacted William Gale, of the Brookings Institution, and he let the cat out of the bag, “[Take a house painter], they paint your house and charge you a thousand bucks. There's not withholding of taxes on that. There's no reporting. The homeowner doesn't report that payment to the government.
“And so, the house painter might report, ‘Well, I made $500,’ to the government and keep the other $500 as unreported income.”
And then came the real kicker. Gale admitted this new provision is designed to let the IRS conduct warrantless fishing expeditions into anyone’s bank account.
“’It helps them target, you know, rather than trying to guess where to look, it gives them a better sense where to look,’ Gale said of how the reporting requirement would help the IRS detect fraud and get more money without increasing taxes.”
The $600 Federal Fishing License will also let the IRS detect who is buying a rifle.
Or who is buying a pistol. Or who is buying ‘too much’ ammunition.
Or who bought an airplane ticket to Washington, D.C. in early January. Or who stayed in Washington, D.C. the first week of last January.
Or anyone else who does something the leftists that control the federal government decide they don’t like now or in the future.
What Gale, Biden, and the rest of the Big Government propagandists don’t tell you is this target–the blue–collar–worker provision is another massive expansion of a Surveillance State, one that is built on lies and subjects the innocent and guilty to its unblinking eye.
Michael Reagan, the eldest son of President Reagan, is a Newsmax TV analyst. A syndicated columnist and author, he chairs The Reagan Legacy Foundation. Michael is an in-demand speaker with Premiere speaker's bureau. Read Michael Reagan's Reports — More Here.
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