One step closer to becoming a totalitarian regime, Joe Biden’s Treasury Department has announced an invasive new tactic against the American people: The federal government will now audit all financial transactions of American citizens with bank accounts holding at least $600.
The U.S. 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).
The proposal reads, “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.” This proposal will also “apply to crypto asset exchanges and custodians.”
Patrick Hedger, vice president of policy at the Taxpayers’ Protection Alliance told the DailyMail the Treasury’s move violates the Fourth Amendment stating, “The IRS is first and foremost, a law enforcement agency, and the Fourth Amendment protects against unreasonable searches and seizures in pursuit of, of looking for wrongdoing and criminal actions, so I think this is going to run into severe Fourth Amendment headwinds,”
“You’re going to push more folks into small cash transactions, you’re going to push more banking offshore … the big fish out there that do have sizable assets that are that are eligible for taxation offshore. This is the ultimate regressive tax,” Hedger warned.
Hedger added, “You’re going to end up punishing the worst off among us … the lower income folks in this country have historically been the targets of aggressive IRS audits because they don’t have the CPAs and the lawyers to be able to fight back.”
The federal government continues to overstep their power, invading the privacy of all U.S. citizens in an effort to abolish American independence, civil rights, and freedom of language in all forms. At a time where the federal government demands access to your medical data and vaccination information, why should the government also have access to view your private financial information? How much separation should exist between the individual and the state?
As the evolution of online censorship and speech suppression continues to grow, Americans can only ask ourselves, who is controlling the nation’s narrative? In the Chinese Communist Party, mass surveillance is used to monitor citizens, and their actions. This builds their social credit score, and sets the level of difficulty they experience in society. In mainland China, CCP [government] resistance is suppressed or removed, using a variety of methods. Are these traits beginning to appear in America? What is responsible for the increasing shift in U.S. surveillance? Should American individual liberties and civil rights be conditional to the Biden regime?