Under Biden Plan, The IRS Would Know A Lot More About Your Bank Accounts

Forbes ^ | 4/28/2021 | Guinevere Moore

[Oorang]

Simply put, the American Families Plan calls for banks and other financial institutions to report more than just a taxpayer’s interest earned, capital gains and losses. Banks and other financial institutions would also be required to report “aggregate account outflows and inflows.” In other words, the IRS will know about all of your bank accounts, whether you earned income on that account or not, how much is in the account in a given year, and how much was transferred in and out of the account.

Excerpted per Free Republic rules.

[Oorang]

If this were to become reality how long before the IRS deems you have too much money in your bank account. Road to goverment confiscation?

[Gene Eric]

All but Joseph Stolen’s accounts.

[cranked]

Taking control of every facet of our lives.
Constitution, Bill of Rights, etc., etc. be damned.

[Army Air Corps]

Ping.

[cableguymn]

Sure gonna make tabulating your tax bill easier for them.

[ClearCase_guy]

I’d like to know a lot more about Hunter Biden’s bank account. Is that going to happen? No? Okay. Carry on.

[a fool in paradise]

Will the IRS do anything about the billions in cash that are wired to Mexico every year?

[Dawgreg]

It’s time to start dolling out money for the kids and grands to keep the account down I guess. What about stocks and bonds? Can you have to much in those......originally to keep the gooberment out of our lives by supporting ourselves as much as possible? What is the cutoff on both?

[texas booster]

Nope, intended for Anglos in fly over country only.

[Graybeard58]

More government intrusion in our lives, just what we need.

[E. Pluribus Unum]

And they wonder why BitCoin is a thing.

[ChronicMA]

they’re not going to inventory the money under the mattress I hope.

[ClearCase_guy]

They’ll make cash illegal. The ol’ mattress stash will go POOF.

[VTenigma]

The joke’s on them if the check out my bank account.

[AFreeBird]

Give them time.

[GOP Poet]

exactly

[Bullish]

Is anyone in this govt ever going to stand up against these tyrants?

[upchuck]

It’s obvious BuckFiden didn’t think of this.

Who had this idea on their wish list?

nobama

valjar

susan rice

other

[glorgau]

> how long before the IRS deems you have too much money in your bank account.

This is all just a prelude to the “digital” dollar where the government can decide just how much your “store of value” is worth - by the minute if they want!

[PMAS]

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