Banks Asking Customers to Tell Congress to Oppose Biden’s IRS Snooping Plans
FCN Bank: “We work for our customers and our Community, not the IRS.”
If the Democrats gave a damn about the wealthy paying their supposed fair share they’d eliminate the deductions and write-offs in the tax code.
They don’t care because that’d mean they’d have to give those up as well.
Instead, the Democrats are using the “fair share” argument as a way to spy and snoop on you:
It’s not yet clear what the ultimate proposal may look like, but in written testimony from June 8, IRS Commissioner Charles P. Rettig described a reporting regimen that would require gross, annual inflows and outflows from “all business and personal accounts from financial institutions, including bank, loan, and investment accounts” containing at least $600. Unlike some have falsely reported, the plan does not call for monitoring individual transactions, but rather it focuses on the total, annual flow of funds.
The low threshold is designed to flag taxpayers who report little income but hide large amounts of money by moving it through different accounts, Chuck Marr, a senior director of federal tax policy at the Center on Budget and Policy Priorities, told Politico.
“It just helps the IRS get better at finding noncompliance, finding people who are cheating,” Marr said.
ICYMI: Joe Biden wants the IRS to have access to your bank account. pic.twitter.com/oJBoGmJ45v
— MRCTV (@mrctv) September 19, 2021
The American Bankers Association told House Speaker Nancy Pelosi and House Minority Leader Kevin McCarthy it opposes the plan because of privacy concerns, high costs to operate, and it is not always easy to compile or produce raw data in the system.
But the main thing is privacy:
Privacy concerns are cited as one of the top reasons why individuals choose not to open financial accounts and participate in the financial system. This proposal would almost certainly undermine efforts to reach vulnerable populations and unbanked households. In addition to the significant challenges associated with protecting this new data, policymakers should consider the potential consequences of leveraging trusted financial relationships to execute such a large-scale and detailed reporting regime. The American people feel strongly about their right to privacy and it is not reasonable to undermine their financial privacy without a clearly articulated purpose.
Civista Bank and FCN Bank urged their customers to contact Congress.
Donations tax deductible
to the full extent allowed by law.
Temporary measures, until they outlaw cash and decree that only digital dollars are legal tender.
The Marxists really, really want to do that.
Anything to maximize central government control over the proles.
This is what will happen if Biden and this Democrat Congress increase the IRS budget.
While political abuses of the IRS have received most of the headlines, routine day to day outrages have continued unabated for decades. In the 1990s, IRS agents were indoctrinated to see taxpayers as liars and class enemies.
An IRS instructor in the Arkansas-Oklahoma district was caught on videotape lecturing collection agents on how to treat taxpayers: “Make them cry. We don’t give points around here for being good scouts. The word is enforced. If that’s not tattooed on your forehead, or somewhere else, then you need to get it. Enforcement. Seizure and sales…. Enforce collection until they come to their knees.”
The one certainty is that the new powers Biden bestows on the IRS will be horrendously abused, and that most members of Congress won’t give a damn. Instead, they will pile on to further oppress American citizens and political activists. In 1967, a federal appeals court decision proclaimed, “The court will not place its stamp of approval upon a witch-hunt, a crusade to rid society of unorthodox thinkers and actors by using the federal income tax laws” to silence them.
Unfortunately, such lofty sentiments are far more likely to be found in musty judicial compilations than in today’s Washington.
This sounds a lot like the Obama weaponization of the IRS….straight from the Lois Lerner playbook.
Many forget it was REPULICAN Richard Nixon who weaponised the IRS way back when. This is FAR from a “first”.
Actually you can go all the way back to Roosevelt using the IRS as a political weapon. He used it against people like William Randolph Hearst and Huey Long.
JFK used it against conservative groups and their tax exempt status. Lyndon Johnson used it to go after churches.
Nixon wasn’t even the first Republican to use it. Eisenhower used it to go after communists.
So both sides have long used it as a weapon.
Trump is probably the only one who didn’t use it as a weapon and that’s because most of the time the IRS was fighting him.
Very true. The temptation to weaponize govt agencies against political opponents has always existed. Politicians and bureaucrats are simply human beings; flawed, fallible and in many cases unable to resist temptation; FBI, Intel community, IRS, various regulatory agencies in recent years.
Which is why these agencies and their missions should be eliminated or pared back substantially while any remainder is subjected to intense public scrutiny and true oversight. The elimination of the current govt employee unions and reform of Civil Service protections is a must.
The temptation to weaponize govt agencies against political opponents has always existed.
Which is why they should be minimized in quantity and scope. ALWAYS.
Nixon never used the IRS for political purposes.
He paid for it, at least.
He didn’t serve one single moment in prison.
In the early 1970s, when embattled President Richard Nixon sought to use the Internal Revenue Service as a weapon to investigate his enemies, the administration turned to [Johnnie Mac] Walters, a Hartsville, S.C., native and head of the tax agency, to do the dirty work. Walters, now 93, said he refused.
Fascism isn’t working out so well for them?
Perhaps this would be a good idea?
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.
And yet that has been discarded long ago. How much of what you do is reported to the government? W-2’s, dividends, interest income, if you have health insurance that meets certain standards, etc., are already reported. If you run your own business, then they also demand hordes or information on various forms which you must provide. Various banking and cash transactions are already monitored a reported such as certain types and amounts of cash deposits and withdrawals.
The camel came in under the tent long ago. We are now arguing about where we will allow him to freely roam and what he is allowed to consume. Even then, all we can do is yell and swat at it. It’s going to do what it wants to do at this point.
They are trying to find people “who are cheating”.
I wonder if they will finally find Al Sharpton.
And AOC’s dress designer.
The tax laws are so convoluted and confusing that the kid working part time at a fast-feeder and uses a 1040-EZ can be shown to be cheating if they apply the laws in just the right way.
Repeal of the 16th Amendment would help.
Or Alexandra Cortez and her dress designer. What a moron this woman is:
The Saga of AOC’s ‘Tax the Rich’ Dress Just Got Hilariously Worse:
The ‘Tax the Rich’ dress designer whom @AOC went to the Met Gala with:
• Owes $103,220 in back taxes
• Received $41,666 in PPP
• Has ‘legions’ of unpaid interns
• Owes $62,722 in workers comp
• Still found $250,000 for a table at the Met Galahttps://t.co/yXsU5eqKwi
In new video from Vogue, AOC and her boyfriend passed through a large team of masked servants — all while they remain mask-free indoors — as they prepared to attend a ball like the Prince and Princess of Wales.
Liberal discourse on COVID has zero relationship to science. https://t.co/m8hYaLpyI7
— Glenn Greenwald (@ggreenwald) September 19, 2021
And suck a sitting congressperson into her web of corruption. Admittedly, with someone as dumb and detached from ethics and morality as AOC, that is not hard to do.
The left wants money out of savings and investment accounts. They’ve wanted this for a long time. They will not stop until they get it or they are permanently stopped. This will not permanently stop them. They will keep going.
I agree. When my retirement fund is stolen by the government that will be the day I die. You will have to shoot and kill me, because I will, in the Southern parlance, go to somebody’s ass over that…..so will millions more!
That is why they want our guns.
I remember when Comrade Obama’s regime floated the idea of confiscating all assets in 401Ks and replacing them with government IOU’s, AKA government bonds.
Didn’t take me long to find a way to get all assets I had in pension and IRA accounts out of those accounts. Penalties or no.
I rolled two 401 (k) accounts over to an IRA.
Thinking of doing the same…..I’d rather incur penalties than to lose it all.
An honest question: when you get up in the morning and find the money gone, what exactly will you do?
Bull. I do not know about you personally, but my experience of the last 18 months or so is that the American people will simply comply. Additionally, conservatives by their nature are simply not the rebellious sort.
I know what will permanently stop them. But no one seems to want to join me.
“We work for our customers and our Community, not the IRS.”
Unless the woke scold mob tells us to cancel you, then we work for the Commies.
Hey, banks — what’s in this for us?
You didn’t give a damn about “protecting our rights” when Obama told you to choke legal (but un-Progressive) commerce in the same way as illegal drugs and money laundering. You happily screwed legal gun dealers so hard that they literally spawned their own credit card merchant processors, services that are now healthy, competing with you, and have fanatically loyal customers who wouldn’t piss on you if you were on fire.
So why should we go to bat for you now and do all your heavy lifting? We’re not your damn slaves, who work for you for free. Certainly not for the 0.0001% you give us on our “interest-bearing” accounts (after all your fees and surcharges).
Now you can fight your own damn battles.
How many hundreds of millions of dollars will the IRS have to spend just to manage the enormous flow of data? Storage. Processing. Validation. Analysis. SECURITY.
How many government contracting companies are salivating at the contracts they will get from this? (Answer: All of them).
This is a bad plan. So bad, that the people who proposed it should be barred from ever working for or with the government again.
They should be barred from seeing sunlight on these shores ever again.
I’m sure Lockheed-Martin, United Technologies, General Electric, and others are willing. Maybe no able, but, willing. Boeing can revive the old Douglas division that offered computers.
“….hundreds of millions of dollars.”
What, are your from the 1960’s? Drop the “m” and replace with a “b”.
This is how the last blowup happened. First, with shared/shifted responsibility, then a redistributive change regime. That said, but don’t you dare expose child endangerment (e.g. transgender conversion therapy), abortion chambers, and planned parent/hood (e.g. Whitmer et al).
Because the banks know this will create a banking black market. Probably based on cyber-currencies like bitcoin. Or something like that.
And in the current virtual 0% interest on checking, savings, and money markets climate, there would be an incentive to accumulate real cash (currency). Not to mention gold, silver, and other precious metals. And a rebirth of barter.
In short, there will be an incentive to reduce the use of checking and savings accounts.
It’s not like the banks actually give a crap about the peasants whose relatively modest savings they lend out to make their own money.
The only bullion worth accumulating right now is lead.
FCN Bank: “We work for our customers and our Community, not the IRS.”
That’s nice, now do Payroll Taxes.
And Choke Point.
Hey, the banks swallowed the hook when they went along with reporting all transactions over $10K. So now the goob wants $600.
The banks have already established that they’re the government’s whores — now they’re just dickering over the price.
Many of the large banks pride themselves on being woker-than-thou and openly discriminate against conservatives and conservative organizations, so I don’t put a lot of faith in the privacy argument.
And even if Civista Bank and FCN Bank are 100% sincere, the Feds have ways of bringing them to heel. We are no longer a nation of laws, and haven’t been since 1/6.
Have ever REALLY been a nation of laws, at least at the common-man level? From what I can see, if you can afford an F Lee Bailey, or a Cochran, or a Crump, you walk. If you have to mortgage the house beg for help from family and friends to scrounge up an ordinary-Joe lawyer, you go to jail.
Amen. This is the real travesty of the system and why poorer segments, especially, are ground down by it. Likely 95% of the people cannot afford good legal representation even for relatively uncomplicated matters.
Today, too, we have favored segments based on political ideology and a clear dual tiered system of prosecution and punishment, even if you have excellent counsel.
So the govt wants to track my cash flow (and transactions), install a low jack in vehicles to track mileage (and movement) directly. While indirectly forcing a vax mandate, limitations on travel, limitations on public gatherings and the suppression of ‘misinformation’. To top it off the Biden Admin is labeling anyone who objects to this and certainly everyone who supports DJT as a subversive.
I realize I left out a few things but combine all this with CRT/Equity and even squishy r men and chardonnay sipping, college educated women are beginning to see the reality. These folks weren’t kidding about the transformation of the Nation. They are desperate to get their agenda across the finish line before the midterms. They realize they are at a high water mark and the HoR and possibly Senate will flip. Recent polls show voters prefer DJT 53 to 47 Biden if offered a do over of 2020.
Their acting without consequence tells me that voting won’t stop them.
Someone has perfected cheating election results. Hillary was so pissed because the cheating scheme didn’t work for her.
They learned valuable lessons in 2016 on how to cheat…..they just didn’t expect Trump to get so many votes.
Which means only that Biden’s “vote” total might exceed Trump’s by no more than 60M this time.
“Recent polls show voters prefer DJT 53 to 47 Biden if offered a do over of 2020.”
And if the election were held today, the recorded vote would be 99.8% for Biden and 0.2% for Trump. And Trump would be in jail, and so would anyone who had voted for him.
OK, maybe not today, but with the direction things are going, perhaps in a couple of weeks or so.
I just talked one of the local waitresses to open a credit union account. She had thousands of dollars in a dresser drawer.
She didn’t trust the banks. I asked what would happen if there was a break in or fire.
I told her she could still cheat and use cash for a lot of purposes if she wanted (pretty sure they all know how to hide tip money from the IRS) but that she would be a bit more secure if she didn’t leave it unsecured as she was doing.
Better just to use $1K of it on a serious home safe and some bigass lag bolts. It’s an investment. Plenty of spare room for guns, ammo, and precious metals in the future, as she progresses along her personal path of enlightenment.
A big snarly dog may help as well.
People in the old days would bury their money (usually gold or silver pieces)..
Guess we will have to go back to that. What use is a bank if they pay almost no interest and become just an arm of the tax authorities.
And even if you don’t get to enjoy it, someday someone else may.
The IRS and I are having a disagreement. They send me computer generated letters and won’t take my calls. I send them handwritten replies which they ignore. Wonderful government we have.
The IRS has been hassling me over the phone. Someone with an Indian accent, and something about Apple Gift Cards and bit-coin.
If can send me $10,000 I can intervene and halt this. I know a guy who can use his diplomatic status as Nigerian Prince.
I am hassled constantly by Asian and Ukrainian girls who want to meet me. They literally have my number. Boy, they sure would be disappointed.
Also, once, a Nigerian prince needed my help. I do not remember the exact nature of his predicament, but he needed my help and gave me a call. I provided lots of suggestions, but he said all he needed was by bank account and routing number to park a few million in for a few days. I suggested he purchase gold, place it in a suitcase and leave it at a clandestine drop spot for me to pick up and then I would take care of it for him.
No, no, no, he said. He just needed a bank account number and he would let me keep 10% of it.
I would rather have these calls than calls from the IRS, I mean, real calls, not some dude named Joe Green from Pakistan which I find quite enjoyable.
It’s a mistake for these folks to call a bored old man. I try and keep them on the phone for as long as possible. The goal is to get them to hang up on me.
Let your Nigerian prince know that his princess has been cheating on him. She’s been trying to send me the same money behind his back.
Nigerian princesses and princes have complicated lives and problems, and need us humble foreigners to help them out. Do your part and give!
The government is just going to take it away from you anyway, so what the Hell?