Last week we, wrote about the Brandon Administration’s plan to give the IRS essentially an unlimited “No–Warrant–Necessary Fishing License” for everyone’s personal banking account. (Complete details here.)
Hidden in that version of the “reconciliation bill” was language that ordered banks to report to the IRS the banking activity of any account that has deposits or debits totaling more than $600 per year. Naturally, when the provision came to light the “Brandon Administration” lied.
“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,” according to Fox News.
But as we pointed out, 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.
What’s more, 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.
We weren’t the only ones to point out the totalitarian aspects of the financial spying program.
An editorial in the Wall Street Journal observed, “Democrats walked into a political ditch with their plan to let the Internal Revenue Service snoop on American banks accounts, and so far they’re doing a lousy job of scrambling to get out.
“This week Senate Democrats backed by the Biden Treasury released a revised proposal that raises the threshold for financial institutions to report to the IRS on individual accounts to $10,000 from the previously mooted $600.”
Don’t mistake the new $10,000 requirement for the one we pointed out earlier.
The existing $10,000 reporting requirement is for a single transaction. The new, deceptive $10,000 figure is cumulative over a year and not a one–time instance.
In light of that, Republican leaders have finally become energized.
House Minority Leader Kevin McCarthy puts the new 10K threshold into perspective, “When you break down the $10,000 reporting threshold, all it means is that if you on average spend about $200/week, or to break it down even further, $28/day, President Biden and Democrats think that they deserve to snoop into your checking account.”
If that’s targeting the wealthy, we have a foolproof Afghanistan withdrawal plan we’d like to sell you.
The Journal also examines the motive behind the program, “The IRS already has enough data to go after the wealthy and genuine tax cheats. It wants to look at everyone’s bank account so its agents have another excuse to audit and squeeze more money from non-wealthy Americans.”
Unfortunately, the WSJ misses another more ominous motive for the Brandon Administration’s plan to potentially fiscally frisk every American.
This Federal Fishing License, as we call it, could also open the door to letting 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 they decide not to like in the future.
COVID has proven these people cannot be trusted, and there is always more to it than they let on. Don’t fall for their new assurances regarding your finances.
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.
Michael R. Shannon is a commentator, researcher for the League of American Voters, and an award-winning political and advertising consultant with nationwide and international experience. He is author of "Conservative Christian's Guidebook for Living in Secular Times (Now with added humor!)" Read Michael Shannon's Reports — More Here.
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