Originally published at: Bank Accounts With Over $600 Will Be Reported to the IRS | Infostormer.com
There’s so much insane stuff happening that it is impossible for me to cover everything, but this is definitely one of the more insane things that is about to be rolled out. The Treasury run by the evil Jewish yenta Janet Yellen is pushing to implement a $600 reporting requirement on all bank accounts.
The @USTreasury Secretary @SecYellen has proposed a $600 IRS reporting requirement for banks so the government can peek into American’s pocketbooks. pic.twitter.com/gZOE5Tr67a
— Bitcoin (@Bitcoin) October 13, 2021
So basically the IRS will get information on any bank account that has over $600 in it.
They might as well just say that banks will have to turn over bank account information on all bank accounts because I doubt there are very many bank accounts that have less than $600 in them. Even somebody making minimum wage is likely going to have over $600 in their account after a week or two of work.
This is obviously unconstitutional etc.. but none of that matters. These people have total control and they are just doing anything they want. All Republicans are doing is voicing their outrage on Twitter while doing nothing of substance to stop it.
This reporting requirement is clearly designed to target the average working man.
If you transfer, deposit, withdraw or spend a total of $600 in your bank account in a year, that total will be reported to the IRS with this proposal. This policy isn’t about billionaires and millionaires, it’s about increased audits on average Americans & small biz. https://t.co/efBZyeu2G8
— Jill Castilla (@JillCastilla) October 16, 2021
It’s also a tool they can use to go after political dissenters. They can use this information to claim that political dissenters didn’t comply with the tax code which is utterly incomprehensible to begin with.
Meanwhile Amazon, Facebook and other large corporations pay zero tax.
The Associated Press is using semantics to claim that it isn’t as bad as it really is. They’ve created a strawman argument claiming that people are saying it is about monitoring every transaction over $600, as if any type of reporting on all these bank accounts is a good thing.
The Biden administration has proposed expanding banks’ IRS reporting duties to include the total amount deposited and withdrawn annually from most bank accounts. This would not mean monitoring each transaction over $600 as has been falsely claimed. https://t.co/8DrP4gqyTG
— AP Fact Check (@APFactCheck) October 14, 2021
The whole thing is nuts. That’s why you need to detach yourselves from the system as much as possible.
There’s a reason why Bitcoin is over $60,000 now and it is partially because of craziness like this.