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Biden's plan to let the IRS SNOOP on bank
accounts, Venmo, PayPal and crypto
deals as part of his $80billion
investment to crack down on
tax evaders

Original Article

Posted By: Ribicon, 9/9/2021 10:49:43 AM

One key prong of President Biden's plan to bankroll Democrats' $3.5 trillion budget plan is to monitor every inflow and outflow of an individual's bank account. The proposal would require banks to report to the IRS every deposit and withdrawal from an account, 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


Americans of Wealth freely sidestep such things by using charitable trusts. The Clintons funded Chelsea's $4 million wedding that way, using money reallocated, if you will, from the Bush/Clinton Haitian relief fund, and no one raised a peep about it. Also, this seems duplicative as our patriot agencies do this already, "to keep us safe from terrorists."

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Reply 1 - Posted by: singermom9 9/9/2021 10:54:42 AM (No. 908817)
Does that mean that Al Sharpton will FINALLY have to pay his back taxes?
31 people like this.

Reply 2 - Posted by: Nimby 9/9/2021 10:59:52 AM (No. 908820)
I want to see the Biden cabal's bank statements. Please release them
27 people like this.

Reply 3 - Posted by: Thos Weatherby 9/9/2021 11:02:19 AM (No. 908827)
This is why we need the Fair Tax. Enough of this control. Fly your flags on 9/11. :)
16 people like this.

Reply 4 - Posted by: GustoGrabber 9/9/2021 11:04:14 AM (No. 908828)
Gawd forbid we go back to cash.
11 people like this.

Reply 5 - Posted by: lakerman1 9/9/2021 11:08:54 AM (No. 908831)
Richard Nixon, at the time of his resignation, was polling 24 percent positive. Gibberish Jo, with this plan, will go lower.
11 people like this.

Reply 6 - Posted by: Twinkle93 9/9/2021 11:13:29 AM (No. 908835)
When will the Bidens pay the amount they owe.
18 people like this.

Reply 7 - Posted by: Ribicon 9/9/2021 11:14:28 AM (No. 908836)
Also, this from Mr. "10% for the Big Guy." The feds have this lowlife and his son nailed 10 ways 'til Sunday on any number of serious crimes, but instead they want to peek at the rest of us, very few (apart from the vaunted illegal aliens) cheat in any way on taxes, if only because it's not worth the risk.
17 people like this.

Reply 8 - Posted by: jimincalif 9/9/2021 11:15:56 AM (No. 908837)
Great idea. First, it will completely overwhelm an already overwhelmed IRS. Their systems cannot even begin to handle the data they already receive, so in this regard it will just gum up the works further, for years. They will spend billions on new systems that won't deliver, so likely this would be a net negative to the treasury. Second, reporting costs have to be paid for, so look for higher fees across all financial services in order to cover the additional compliance costs. And of course these costs are regressive, wouldn't be a rounding error on Bezos' checking account, but for the little guy an extra $5 or $10 a month is a lot. Third, it will increase the number of "unbanked" people. Any time costs increase you lose customers at the margin. Fourth, it will stimulate more cash and barter exchanges, so many transactions that are routinely handled by regular banking and reported on tax returns will simply disappear, moving into an underground economy.
15 people like this.

Reply 9 - Posted by: Sandpiper 9/9/2021 11:27:05 AM (No. 908844)
What worries me is once the government knows how much is in your bank accounts how many steps away is confiscation of said accounts??? Cyprus did it in 2018. Sorry, I don’t trust our government.
29 people like this.

Reply 10 - Posted by: Saryden 9/9/2021 11:37:41 AM (No. 908852)
Chickens are coming home to roost for the Stupid (not smart), evil, treasonous Democrat(ick)s.
6 people like this.

Reply 11 - Posted by: tsquare 9/9/2021 11:39:17 AM (No. 908853)
This would move me to crypto and cash and other…if the congress was foolish enough to enact it, and if we survive the fallout from it
10 people like this.

Reply 12 - Posted by: MrDeplorable 9/9/2021 11:55:21 AM (No. 908866)
Nice banking system you got there. Be a shame if something happened to it.
12 people like this.

Reply 13 - Posted by: marbles 9/9/2021 12:29:11 PM (No. 908899)
#1 NO, not a chance. He's a black democrat and professional racist.
5 people like this.

Reply 14 - Posted by: jalo1951 9/9/2021 12:47:38 PM (No. 908920)
My paypal payments I send to Wayfair and Amazon for cookware and a new quilt are none of their business.
12 people like this.

Reply 15 - Posted by: Omen55 9/9/2021 1:28:51 PM (No. 908971)
How much of this will be the cut to the Big Guy?
6 people like this.

Reply 16 - Posted by: hershey 9/9/2021 3:00:46 PM (No. 909046)
If you're just 'little man' and not a million/billion aire, just pull you money out (it isn't getting jack as interest anyway) and stick it in the safe with your guns....
4 people like this.

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