Posted on 09/12/2021 9:11:10 PM PDT by SeekAndFind
Some Americans are furious with part of the $3.5 trillion spending plan from Joe Biden and the Democrats that would allow the IRS to monitor bank transactions.
The administration claims the monitoring would prevent tax evasion and target audits, but some are concerned that it would violate the Fourth Amendment of the Constitution, The Daily Mail reported.
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.
“The IRS is first and foremost, a law enforcement agency, and the Fourth Amendment protects against unreasonable searches and seizures in pursuit of, of looking for wrongdoing and criminal actions, so I think this is going to run into severe Fourth Amendment headwinds,” Taxpayers’ Protection Alliance Vice President Patrick Hedger said.
The Fourth Amendment of The Constitution reads, “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.”
But the Treasury Department said there is no reason for compliant taxpayers to be concerned, saying that the monitoring would simply help target those committing fraud.
“For noncompliant taxpayers, this regime would encourage voluntary compliance as evaders realize that the risk of evasion being detected has risen noticeably,” it said.
But Hedger warned that the policy could disproportionately injure poor people.
“You’re going to push more folks into small cash transactions, you’re going to push more banking offshore … the big fish out there that do have sizable assets that are that are eligible for taxation offshore,” he said.
“This is the ultimate regressive tax,” he argued.
“You’re going to end up punishing the worst off among us … the lower income folks in this country have historically been the targets of aggressive IRS audits because they don’t have the CPAs and the lawyers to be able to fight back,” Hedger said.
“I don’t see why they need to be going after people, you know, just the average, the average Joe and start stooping on, you know, a $600 payment,” he said. “It doesn’t make any sense, these, this is, I mean this is beyond trying to pick out low hanging fruit.”
Some expressed their fury over the proposal on Twitter.
“The Biden administration is attempting to empower the IRS to monitor every single withdrawal, deposit, and transaction you make from your personal banking accounts, PayPal, Venmo, etc. Separately, he wants to force vax you. Everything they lied and said Trump was— Biden is,” conservative commentator Candace Owens said.
The Biden administration is attempting to empower the IRS to monitor every single withdrawal, deposit, and transaction you make from your personal banking accounts, PayPal, Venmo, etc.
Separately, he wants to force vax you.
Everything they lied and said Trump was— Biden is.
— Candace Owens (@RealCandaceO) September 9, 2021
“#Biden wants to track every deposit you make into a bank account no matter how small so he can #tax every single penny!” another Twitter user said.
#Biden wants to track every deposit you make into a bank account no matter how small so he can #tax every single penny!#Communism#Marxism#BidenMustGo#BidenisaFailurehttps://t.co/YhfLXjxh7U
— Dr. P.Gurl (@gulag776) September 11, 2021
“Why are they snooping on an average Joe over a $600 payment,” another said.
Why are they snooping on an average Joe over a $600 payment': Fury as Biden tries to let IRS SNOOP on your bank accounts, Venmo, PayPal and crypto deals in plan that could 'violate the Fourth Amendment'
https://t.co/dTaTv1voGP— Kambree (@KamVTV) September 10, 2021
“Yikes! Americans will not tolerate the federal government / IRS snooping on all banks transactions. So why is Congress pushing this massive new invasion of privacy?” another furious Twitter user said.
Yikes! Americans will not tolerate the federal government / IRS snooping on all banks transactions. So why is Congress pushing this massive new invasion of privacy? https://t.co/DUo2gbK3ea
— Paul Merski (@PMerski) September 10, 2021
“you’re going to push more banking offshore “
My 1st thought also.
Pretty obvious that this is mostly going to punish the middle class
I thought they already did monitor bank accounts.
I owed a few hundred in back taxes years ago. I walk to an ATM one morning to discover a particular account virtually cleaned out, :BOOM:! no apology, not even a ‘thank you’.
They’re already doing this and the law will merely codify it.
Save us work and trouble! Y didn’t any of you think of that?
Looking for a way to tax bank transactions?
Congress and Bidens, Obamas et al exempt of course
Chinese don’t believe in banks. That’s why there are home invasions. That’s where their money is. Smart I guess.
As unConstitutional as this is, I think that horse has already left the barn.
My ex,
To a “T”
My ex-government, to a T.
🤡
This is total BS to the extent that nothing is ‘private’ or considered ‘private information’. All part and parcel of digital currencies and the coming of an all digital exchange system where nothing is bought with cash, etc. but done all via digital transactions.....easier to track. I, for one, do not want mofos knowing what I have in the bank and what each and every one of my transactions are. Crazy sh*t.
The hard drives they were on all crashed and were shredded.
The IRS already does this, tho. Anyone with a credit card that swipes knows that the CC companies track and sell purchase information. Anyone who owns a business knows there are rules into how deposits need to be made. Anyone who tries to get $10K in or out of a bank, knows there is paperwork and scrutiny of that transaction
“Make Orwell Fiction Again”
Would that that be so !
I need that button.
Also tens of thousands of “Miss Me Yet?” stickers on every gas pump in America.
What is the name of that one American whose bank accounts will be monitored?
Why is only that one American being targeted?
I would only be concerned if the headline had read: "...Americans’ [possessive plural] bank accounts"
Regards,
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