Claims made by WV Senator Joe Manchin (D) and recounted on October 26 by RealClearPolitics, might have led some Americans to believe that the “$600 bank activity” reporting provision in the Klaus Schwab-inspired “Build Back Better” federal budget proposal is dead.
This is not the case.
House Speaker Nancy Pelosi (D-CA) and her aggressive acolytes Thursday released their version of the $3.5 trillion “budget” – and the mandate is there.
The U.S. House of Representatives on Thursday unveiled the text of the Build Back Better Act, and it includes a provision to require banks to turn account information over to the IRS on accounts with $600 or more in annual transactions.
And this invasion of privacy – coming from the party that always used to tout that they believed in a right to privacy, but, evidently, that only applied to the privacy to murder an unborn child – would see the feds get your info for virtually all deposits and withdrawals.
If this provision is enacted into law, banks would be required to report annual totals of account inflows and outflows to the IRS. This account information would impact bank accounts with more than $600 in non-payroll income. The Democrats’ proposal would also extend to other financial institutions and peer-to-peer services like Cashapp or Venmo.
Big Brother would be proud.
Of course, this invasion of privacy really is nothing new. Joe Biden in Mid-September told people that he would “ask, just, for two pieces of information from the banks of these folks: the amounts that come into their bank accounts, and what amounts go out of their bank accounts,” and at the start of October, Treasury Secretary Janet Yellen openly said that the Bidenistas wanted to know what flowed into and out of your bank account.
But, it is important to note that the feds opened their Pandora’s Box of “bank reporting” long before those blowhards offered their grandiose claims to know what you have in your bank wallet.
(S)ince 1970, the US government has ordered private banks to ‘report’ deposits or withdrawals over $10K. That was the year the feds passed the infamous ‘Currency and Foreign Transactions Reporting Act’, a Mount Olympus-sized middle-finger to the Fourth Amendment that has been expanded thanks to the vile October, 2001 ‘Patriot Act’ to make it even more threatening and onerous, such that, even if the account holder doesn’t withdraw or deposit ten-grand at once, if multiple transactions amount to that much over the course of a day, the account must be flagged by the bank, frozen for at least 24 hours, and reported to the feds.
Of course, breaching the Bill of Rights in order to take our cash has been a matter of course for the feds, going back a lot longer than that, and Americans darned-well might want to acknowledge the extent of the problem.
The extraction of personal wealth is a form of punishment without a jury trial, which is prohibited by the Fifth, Sixth, and Eighth Amendments. Of course, the IRS rhetoricians claim we “voluntarily” pay income and business taxes, but how is something “voluntary” when it is induced by government threats? And, based on a true understanding of ancient Common Law, whom has someone hurt by asking to be left alone to keep one’s earnings?
As John Locke noted in the 17th Century, your right to your property – which includes, but is not exclusive to, your earnings, savings, and time – is part of your right to life. If a politician can claim to take what you earn, and even claim to demand that your property info be open to “inspection and reporting,” as a Red Coat might have commanded in Colonial America, there is no limit to the danger.
That danger has existed for a long time, and this new expansion of the attack should open some eyes to the depth and breadth of this dark and evil problem.