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Tuesday Senate Democrats are set to raise the transactional amount they want banks to report to the IRS for snooping purposes. It’s now $10,000 annually instead of $600. Don’t be fooled, snooping is still snooping.
Initially, the Biden administration pitched the stupid idea requiring banks report annual withdrawals or deposits of more than $600 to the IRS. In other words, snoop on everyone.
Probably while Democrats were trying to figure out their messaging on their new way to snoop on the entire American public, someone forgot to tell Jen Psaki. To will save you from watching Monday’s entire press conference, Jen was was exceptionally cranky and whiny, take a gander over at the 41:10 mark.
Yes, she said it. The banks are being lazy, and she used that buzzword that will make her little quote reach a Google algorithm—one percent.
The Democrats’ new strategy doesn’t change one thing. Anyone who pays a mortgage or rent will qualify for $10,000 worth of IRS scrutiny. Sources leaking the new proposal late Monday mentioned “provisions”.
“After a backlash, the new proposal will instead require the provision of additional information for accounts with more than $10,000 in annual deposits or withdrawals, a measure Democrats have been considering for weeks but have not formally endorsed…The revised version of the bank reporting proposal will also weaken its scope by exempting all wage income from counting toward the $10,000 threshold withdrawal, intending to ensure it applies to only larger account holders… The Biden administration has signed off on the changes and is expected to support the new plan, a potentially key source of new revenue to pay for Democrats’ multi-trillion-dollar economic package.”
Don’t feel good that “provisions” have been made. Snooping is still snooping. Funding the black hole known as Biden’s multi-trillions dollar economic package is the end game. You know…that package he and his minions say won’t cost anyone a dime?
Remembering the now-famous quote from Senator Cynthis Lummis (R-WY), where she ranted the IRS doesn’t need to know if her constituents are buying a couch, it might also be said, the IRS doesn’t need to know if someone is buying a car. Raising the dollar threshold to a higher amount doesn’t change another fact Ms. Lummis said earlier in her screed directed at Treasury Secretary Janet L. Yellen.
Wyoming bank customers are NOT subjects of the federal government.
Wyoming Banks do NOT work for the IRS. pic.twitter.com/648Zit7cXL
— Senator Cynthia Lummis (@SenLummis) September 28, 2021
If the Biden administration wanted to burden the IRS with snooping in bank accounts for a million dollars, snooping is snooping. Let’s not forget since inflation is hitting record highs, no one will escape the $10,000 IRS bank account snooping threshold.
The cycle is dizzying. The Biden administration needs to rake over everyone’s bank account to pay for a multi-trillion dollar “social welfare and climate change spending package” that will ultimately result in skyrocketing inflation. Constitutional rights be damned. Keep paying for packages!
In true Democrat form, the idea it pitched and passed…enforcement is iffy. After Monday’s crazy press conference followed by the adjusted amount banks be subject to the IRS to report on, Nancy Pelosi conceded the obvious.
“House Speaker Nancy Pelosi acknowledged concerns created by the tax enforcement provision.”
Yeah, Nance…getting every single bank in the U.S. to hire, train, and implement this crazy idea is going to be tricky. In more typical Democrat form, Republicans warned her foisting this on banks would be a tremendous burden.
But hey, Jen Psaki says the banks are being lazy. The Democrats are a hot mess, as always. Let that be entertaining. They are not going to convince anyone that weaponizing banks to be minions for the IRS to snoop on Americans is a good idea. After all, the IRS itself has codified the sanctity of privacy.
“IRS Publication 1, Your Rights as a Taxpayer, includes a full list of taxpayers’ rights. It includes The Right to Privacy. Taxpayers have the right to expect that any IRS inquiry, examination, or enforcement action will comply with the law and be no more intrusive than necessary, and will respect all due process rights, including search and seizure protections and will provide, where applicable, a collection due process hearing…”
It isn’t the amount of money being snooped that matters, it’s the tromping of God-given Constitutional rights that’s at issue. Snooping is snooping.
Featured Photo: IRS Building in Washington DC (HDR) via Flickr by Jonathan, license CC BY-NC-ND 2.0, cropped.
GWB says: It’s now $10,000 annually
Which basically still means everyone. At least everyone with a job.
exempting all wage income from counting toward the $10,000 threshold withdrawal
Aha! But that’s meaningless if it means I’m still scrutinized because I withdraw my entire paycheck in cash every two weeks. Unless it exempts the amount of your paycheck, it means nothing.
Snooping is still snooping.
Yep. This is the problem. In reality, the government should not be able to even ask me how much I make, nor whether I spend some of it on charity or mortgage interest. Passing the 16th Amendment ripped the guts out of the 4th Amendment. This is really p**sing on the corpse.
Wyoming bank customers are NOT subjects of the federal government.
She’s wrong there. Because they accept FDIC insurance, they became subjects.
If the Biden administration wanted to burden the IRS with snooping in bank accounts for a million dollars
Remember, they already do snoop on single transactions (supposedly “in cash”) above $10,000. And they do that to catch crooks – supposedly.
getting every single bank in the U.S. to hire, train, and implement this crazy idea is going to be tricky.
I disagree with this one. They will simply implement a squealer sub-routine for each and every transaction that crosses their transom and let the IRS sort it out. Because they don’t care about your rights.
After all, the IRS itself has codified the sanctity of privacy.
BWAHAHAHAHAHAHAHAHA!!!!!!!!!! Your naivete is touching.
Snooping is snooping.
Yep. And it needs to have personal, physical consequences for those doing it and for those advocating it.
Anyone know how much money it takes to start a credit union? I want to start one for gun owners and businesses.
Maybe one just for people concerned with privacy: 4th Amendment Credit Union.
ROP says: Shouldn’t be ANY amount !
Paul S Maddams says: I don’t think you even understand how far of a reach this is. Your article states: the new proposal will instead require the provision of additional information for accounts with more than $10,000 in annual deposits or withdrawals. That is total withdrawals of ten grand in a year, not one, but combined. That is how I read it. That equals $833 a month in deposits that come out to $10 grand a year.
This entire thing, if people are paying attention will cripple American banks. It will stop automatic deposits and people, smart people will want checks mailed out so they can cash them at the banks and have cash. There goes the no money theory and we want cash from now on, including those coins and pennies you want to stop making. This will put our payroll system back over 40 years, no more direct deposit, companies and banks will be back to working hard again and lines at the banks trying to cash checks, only deposit $300 in your account. The fools on the hill can’t see what will really happen if people are paying attention, the first year they hit people with IRS investigations people are going to shut down. They are hiring 86,000 people at the IRS to do this, imagine they will be spying on each other, insane!!
THE FOOLS ON THE HILL HAVE NO IDEA WHAT THEY ARE CAUSING!
Politicians like Uncle Joe and his family have huge ties with Bank of China and all their money hidden.
GWB says: I think you’re overly optimistic about both the people and the employers.
The people will mostly simply accept it. Because so many have been trained to be sheep.
The employers will simply say “I’m sorry, we only offer Direct Deposit.” I know all of my employers the last 35 years have required DD. And there aren’t enough people working in the cash economy to make the gov’t/employers feel any pain.
ROP says: Let me clarify, when did the IRS become the watchdog ( pun intended) for We The People money ?
Yes that is our money and these people from Biden on down work for us instead it has been turned upside down.
They are illegally lording over us to gain and harass us at every turn. We cannot allow this illegal action to happen. I am more disturbed that more state governors and reps are not fighting this continuing coup and destruction of the Republic
[…] And looking up Grandma’s dress is still a bad thing: IRS Raises Snooping Threshold: It’s Still Snooping […]
ROP says: Oh so now its $10000 ? then its alright ( sarc)
For how long and what are the deals going on with our dully elected reps that are doing very little.
I can count on one hand how many I think actually are trying to do something to help our county
and the people ( who hired them).
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