Once everyone starting carrying around digital monitoring devices disguised as phones, privacy was pretty much a thing of the past.
Accordingly . . . A local right-wing blog offers a peek at more digital surveillance that will help the guv more easily tax Americans . . . AND chase even more people to the crypto market . . .
The Biden Administration’s 2022 budget proposal — which claims to advance “equity across government” — included a provision that generally slipped under the radar, but would impose onerous new reporting requirements on community banks and raises privacy questions.
The Independent Community Bankers Association reports that the proposal would require financial institutions to report information on customer bank accounts to the IRS.
Currently, banks are only required to report deposits of $10,000 or more, however, the proposal would require banks and other financial institutions to report to the IRS on the deposits and withdrawals of all business and personal accounts with a balance of more than $600.
Read more via www.TonysKansasCity.com news link . . .
Tax law and federal budgets are inherently boring things, so it comes as no surprise that language is often slipped into those bills that would otherwise cause outrage if proposed individually. Like giving the IRS access to your personal and business bank account.