Think it’s bad when you get kicked off Twitter or Facebook for something you posted?
Something that the Looney Left didn’t agree with?
Well imagine how much worse it will be when you’re not just in Facebook Jail but your bank account is shut down for 30 days because of something you did!
It’s not, and Janet Yellen and the Biden Regime are now taking the first steps to make that happen.
They need to see everything that goes in and out of your bank account.
Think that could never happen?
Here is Janet Yellen testifying to Congress on the very topic.
Watch here on Rumble:
Here’s more, from the Twin Cities Pioneer Press:
The Biden administration is actively pushing Congress to require banks to report to the Internal Revenue Service on the account activity of a huge swath of Americans. This unwarranted snooping would be an invasion of privacy, and lawmakers should make sure it doesn’t happen.
Treasury Secretary Janet Yellen and the IRS have asked Congress to mandate banks send along annual inflows and outflows from accounts with at least $600 or $600 worth of transactions. That’s a low bar that would expose the majority of bank accounts to additional scrutiny.
The administration claims this would allow the IRS to conduct audits more efficiently.
In reality, it’s all about the federal government trying to squeeze Americans for additional tax dollars in an effort to fund Democrats’ $3.5 trillion budget wish list. Or as Yellen phrased it in a letter to Congress, the government has “a shortage of necessary funds for key national priorities.” Biden officials estimate this could bring in upward of $400 billion over a decade.
This is a sleazy way to go about it, and it offends Fourth Amendment protections against unreasonable search and seizure. Taking all these records and sifting through them for possible audits is an incredible overreach and an unprecedented invasion of the privacy of untold millions of Americans.
It’s also none of the federal government’s business.
Business and banking groups are pushing back hard, as are some state legislatures.
Rann Paynter, president and CEO of the Michigan Bankers Association, says the plan would hamper both financial institutions and consumers.
“It’s certainly a burden to the holders of those accounts, and an invasion of privacy to Americans for that type of information to be shared with the IRS,” he says. “It’s a lot of information to provide to the government that is not necessary.”
And from Breitbart:
The Biden administration is pressuring lawmakers to enact a controverisal plan requiring banks to turn over to the Internal Revenue Service detailed information about inflows and outflows of almost all American bank accounts.
Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig sent letters to lawmakers this week asking Congress to include in tax hike legislation a requirement that banks report annual transaction data on accounts with $600 or more or that have $600 worth of transaction over the year, the Wall Street Journal reported.
The result would be the collection of detailed data about the bank transactions of tens of millions of everyday Americans.
The aim is to help the I.R.S. collect taxes from individuals and businesses on unreported income and to create more leads for audits.
The Biden administration claims the additional information would result in the IRS collecing an additional $460 billion over a decade. The administration wants to use this additional revenue to offset some of the new spending for expanded government social policies and green new deal schemes Congress is currently considering.
The proposal did not make it into the list of tax change proposals put together by House Democrats. The Wall Street Journal reported that absence is a sign that the proposal lacked support among Democratic lawmakers.
Financial institutions say it would impose a costly compliance burden that would be especially difficult to manage for smaller banks and credit unions. Critics have also said that the IRS lacks the ability to rationally analyze the enormous amount of data it would receive.
Critics of the proposal also warn that the proposal would create a centralized database of nearly all Americans’ bank accounts, loans, and investment accounts—a likely target for hackers and spies. The risks of such a database were highlighted last year when the leftwing investigative journalism website Pro Publica said it had “obtained a vast trove of Internal Revenue Service data on the tax returns of thousands of the nation’s wealthiest people, covering more than 15 years.” If this proposal had been in place at the time, Pro Public might also have data on bank credits and debits.
In her letter, Yellen argues that tax compliance is much higher when people know that the IRS has data on their income. In other words, even if the IRS cannot effectively analyze the data, just the fact that it has it might persuade Americans to report income that might have gone unreported.
“Wage and salary income is reported to the IRS on W-2 reports, and tax obligations are automatically withheld, so compliance rates stand at 99 percent,” Yellen wrote. “It is clear that when taxpayers know that this information exchange exists, their voluntary compliance rises.”
Banks and other financial firms already report interest, dividend, and investment income to the IRS. Wages get reported to the IRS and the Social Security Administration.