(OUR GOLD GUY) – The Biden administration is seeking to compel banks to report to the IRS any bank account with more than $600 in transactions per year. This proposal is a linchpin of Biden’s American Families Plan, and will supposedly help generate almost $500 billion in federal revenue over the next decade. But previous catch-all financial reporting requirements have helped spur national disasters, complete with pervasive federal looting.
Sen. Mike Crapo (R-ID) denounced the Biden proposal as a “surveillance dragnet,” a “huge violation of privacy,” and “an egregious abuse of Americans’ right to due process by inferring that all U.S. taxpayers are guilty of evading taxes until proven otherwise.” Paul Merski of the Independent Community Bankers of America warns that the Biden proposal would be “be a historic invasion of financial privacy like we’ve never seen before.” Merski also declared, “The IRS is absolutely incapable of handling or processing this massive amount of new data, and they would admit as much — that’s why they’re asking for an additional $80 billion in this budget.”
Actually, federal money cops have long been overwhelmed by too many reports from banks. Prior federal reporting requirements buried bureaucrats in useless reports and became a de facto Terrorist Hijacker Empowerment Act . The 9/11 attacks were preceded by the biggest failure ever by U.S. financial authorities.