.R&I NV — Biden’s Treasury Dept. Declares IRS Will Monitor Transactions of ALL U.S. Accounts Over $600
by Jamie White
September 10th 2021, 10:35 pm
Tyrannical move would allow federal government to also snoop on all crypto and cash app transactions in violation of 4th Amendment
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Zach Gibson/Getty Images
Joe Biden’s Treasury Department has announced Thursday an invasive new initiative tasking the federal government to audit virtually all financial transactions of Americans with bank accounts holding at least $600.
The Treasury document, called “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals,” outlines how every individual bank account with over $600 will be monitored by the Internal Revenue Service (IRS).
“This proposal would create a comprehensive financial account information reporting regime. Financial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner,” the memo states.
“This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600.”
Patrick Hedger, vice president of policy at the Taxpayers’ Protection Alliance told the DailyMail the Treasury’s move blatantly violates the Fourth Amendment, which protects citizens from unreasonable search and seizure.
FadedJoke
Article URL : https://www.infowars.com/posts/bidens-treasury-dept-declares-irs-will-monitor-transactions-of-all-u-s-accounts-over-600/