[Reason] Biden's Plan To Crack Down on Tax Cheating: Snooping on Everyone's Bank Accounts

Disgusting government over reach. I definitely won't be voting for Biden again in 2024, if he even runs. Any politician that votes for this in my area, I will also vote against in any elections. The government is out of control on a multitude of issues.

 

They need to simplify the tax codes. Make it easier to average people to do tax returns (eliminate the need for filing walls of text and/or using Turbotax). Close tax haven loopholes domestically (Delaware) and abroad.

One step at a time I guess.

 

biden is what everybody thought trump was

 

We should eliminate personal income tax. Then tax all business and sales other than meat, fruit, vegetables and medicines, at 10% for every sale of anything....including things like commercial rents, home sales, cars, boats, hotels, anything that is a sale and isn't considered a necessity for life. Require every business or individual that sells things to have an IRS deposit account, and the money is deposited from every sale daily as it's made. People or businesses can charge a 10% federal income on receipts if they want, or just take it off of their gross sales if they want to be competitive in appearance.

Then there would be no need for any individual or business to ever file a tax return. The government collects billions of tax revenue daily that they can apply to the debt and save interest daily since it accrues that way. The IRS enforcement would be narrowed down to businesses that don't want to charge the tax or hide it in whatever clever ways that they come up with, because they will. But individuals would never be in trouble with the IRS or in debt to them. They would just pay the tax in what they purchase other than necessities, so it's their choice to do so; but they get all of their income every paycheck...minus social security and medicare withholdings of course.

Then companies like Amazon would have paid $38.6 billion in taxes on their $386.06 billion in revenue for 2020, instead of the measly $1.8 billion in taxes reportedly paid by them, the first in many years.

 

The IRS already "snoops" on every bank accounts. So what's new snooping are we talking about here. From the article link, the only thing I found is total (or aggregated) inflow and outflow. The article said, "all the money that goes into... and comes out". That can be read as every single transaction which is completely misleading.

The-American-Families-Plan-Tax-Compliance-Agenda.pdf (treasury.gov)

 

how is a dragnet blanket surveillance of everyone's financial activity not a 4th amendment violation?

 

it’s too bad that the gullible OT has been easily fooled by this intellectually dishonest article.
​

earth to OT,

IRS has always had the authority to access taxpayers’ bank accounts.

it’s been this way ever since the IRS was established, in the 1930s
​

This was how the Feds gather evidence to prove that Al Capone was cheating ( didn’t report his income from the illegal sales of alcoholic) on his tax returns

Also, banks/financial institutions are required to report regularly on suspicions transactions, such as those > $10k

 

"Dragnet" might be a fair description, but it's historically been that way. Other than the new regulation for financial institutions to provide aggregated total inflow and outflow, what new regulations are being proposed with the IRS "dragnet". Are we talking about expanding it to paypal, venmo, bitcoin, and other cashless accounts (not that it's not already expanded - I haven't kept up with all the tax regulations).

I think society going cashless will help the IRS capture more "missed" tax so that could be an argument for staying put and not make any changes. But at the same time, there are significant tax cheats across the boards - from small to large. I can support reasonable changes to close those holes. Heck politically, I think the Biden admin should say, we will close the tax cheats holes and reduce everyone tax by the additional revenue captured by closing those holes - but they aren't going to do that. Instead, they are using that "tax cheat" fund for infrastructure, which isn't bad.

 

Vague threat gonna vague threat.

Typical theme on tax subject. Conflate two different thoughts unto one; wealthy using what some deem to be unfair tax breaks vs tax evasion. Only stupid rich people evade taxes, so obviously original thread topic is disingenuous.

Biden is simply priming the system for CBDCs

 

bitcoin fixes this

 

SG is the frog getting unknowingly boiled

 

How do you think corporations, of a federal nature, that issue depository insurance examine the solvency of regulated depository institutions, Carnac the Maginificent?

 

When I'm the one who is telling you that you're about to be dinner?

 

Tax the Rich

 

An intellectually dishonest article posted by a known moderate Democrat? Tell me it ain't so...