[Hoot Gibson]

Big Brother Biden wants the IRS to look at all of your financial transactions and track the balance in your bank accounts.Is this what Biden voters voted for?

Groups push back against Biden’s plan to grant IRS access to your bank account (and PayPal) transaction data

The proposals could be ruled unconstitutional.

Banking industry officials and other financial services firms are bracing for a long fight over a bill that will require banks to share consumer account information with the Internal Revenue Service to boost federal tax revenue.

This notion originally gained traction this spring within the American Families Plan by the Biden administration. But bankers and even some consumer groups have slammed it as a compliance concern and a privacy issue. Financial institutions already provide the IRS with large quantities of data.

As part of the 3.5 trillion dollar budget reconciliation package proposed by the Biden administration, legislators are considering this invasive proposal as an income source to fund the massive budget.

The Biden administration argued that bank surveillance would prevent tax evasion, but many are obviously concerned that it’s a breach of the Fourth Amendment (which protects people from unreasonable searches and seizures by the government) and would also favor those who are embracing the move towards decentralized finance and cryptocurrencies, as well as those that use off-shore accounts.

The proposals would force banks to report every deposit and withdrawal related to a bank account and would also include centralized companies such as PayPal, Venmo, (owned by PayPal), CashApp, and cryptocurrency exchanges.

This would take place on bank accounts that have an incoming or outgoing amount of $600 within a year, meaning that most Americans would be the target of the surveillance.

The proposals would mean the IRS would have up-to-date information about how much cash is in a citizens’ bank account.

All of my income is reported to the IRS, and I dare say most Americans are the same. 
The problem is we have people defrauding the nation through cash-only businesses and undercover streams of income. 

The wealthy and the criminals of this nation are screaming at the top of their lungs to get this stopped.  Where do you fit in, HG?

I am neither wealthy nor a criminal, Cardfan1. I am just an American who values all of his constitutionally protected rights and believes that they are worth protecting. The only people who will benefit from granting the IRS full access to every detail of our financial activity through banks, PayPal, and other data sources, are criminals. Just as with strict gun control laws, real criminals will not be impacted much by Biden's latest attacks on personal liberty. Drug cartels and other criminal organizations will just move their money to offshore accounts that will not cooperate with the American IRS, which they are already doing to a large extent. Criminals will also continue to launder money through legitimate-looking businesses.

Those who believe that they have nothing worth hiding from our federal government just do not understand how personal data is already abused and as technology continues to advance, how data will be even more abused in the future. How long do you think it will be before a large number of people's financial transactions stored on a government computer will be hacked and sold on the dark web? Are you confident that government-backed hackers in China will not hack the accounts of millions of Americans and hold them hostage? Our federal government does not have a good record of protecting our personal data.