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credit: original IMDb

Imagine, if you will gentle readers, the federal government tracking your daily financial transactions.  Imagine they know every penny you spend, and for what.  That’s right: the financial transactions of every American with a bank account, which is a lot of Americans.  Insane, you say?  Utterly impractical, you note?  Bull goose loony, you exclaim?  None of their damned business, you shout?  You don’t know the half of it, so please allow me to add the 50+ percent you don’t know.  We’ll begin with Peter Jacobson at FEE.org:

In May, the Treasury Department released the Biden administration’s  revenue proposals for fiscal year 2022. One aspect of this document that has gone under-reported is the administration’s new plan for reporting requirements for financial institutions.

What will this plan accomplish?

‘This proposal would create a comprehensive financial account information reporting regime.’

The goal, supposedly—more on this shortly—is to clutch every penny of tax revenue the IRS can find, with the mandatory compliance of your neighborhood bank, credit union or investment broker.  It’s going to be much, much more “comprehensive” than government is telling us.

‘[T]his requirement would apply to all business and personal accounts from financial institutions,’ the proposal reads, ‘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.’

In other words, financial institutions will report any flows in and out of business and personal accounts of $600 or more, and any balance of the same amount.

“But” you say, after you’ve picked your jaw up from the floor, “how can the IRS possibly handle this kind of daily, intrusive, quantum super computer memory destroying volume of data?”  Good question.  Have you noticed one hidden part of the D/S/C’s 5.5+ trillion “Bankrupt America For The People Act” that authorizes—and pays for—why not?  It’s all free!—the hiring of up to 100,000 IRS agents?  Of course you haven’t.  The entire bill, already supposedly some 2500 pages and not actually written in any final form, is one of those Pelosi specials.  You know, the “we have to pass it so we can find out what’s in it” bills—for the people, of course? Having the most remote clue of the content of legislation prior to voting on it is soooo yesterday.

A mere 100,000 will be quickly found to be not nearly enough, but the Harris/Biden/Whoever Administration—Joe Biden, Temporary President—is saying the government can spend any amount of free/zero cost money it wants.  They have all the ink and paper they need, and we can always buy wheelbarrows to carry enough cash to buy a loaf of bread, because by then, we won’t be able to afford gas.  Or cars.  Or wheelbarrows.  Why, they’re even talking about simply minting a one trillion dollar coin, which they’ll use to pay for their spending, which is supposed to cost nothing, so no contradiction or hypocrisy there.  On the plus side, it would be a real “must have” for numismatists, so there’s that.  I’m sure many of them would be willing to pay much more than a mere trillion to own one.  Oh.  That’s right.  No one besides government has a trillion dollars.

Even Treasury Secretary Janet Yellen is onboard, as The New York Post explains:

Not the only thing that would be catastrophic…

Treasury Secretary Janet Yellen is defending a Biden administration proposal that would require banks to report data to the Internal Revenue Service on transactions over $600, calling the collection of information ‘routine,’ after taking heat for the idea that is widely seen as an unprecedented invasion of privacy.

During an interview on CNBC’s ‘Squawk Box’ on Tuesday, Yellen was pressed on whether the IRS has the ‘wherewithal’ to collect more information about taxpayers and bank accounts including cash flows, something many Republicans have called invasive.

“Invasive?”  An “unprecedented invasion of privacy?”  No, really?

‘Well, of course they do,’ Yellen said. ‘Right now, on every bank account that earns more than $10 a year in interest, the banks report the interest earned to the IRS. That’s part of the information base that includes W2’s and reports on dividends in other income that taxpayers earned. So collection of information is routine.’

We can be certain Yellen, and every other member of the aforementioned Administration, is lying whenever their lips are moving.  Also, software that will produce a single data point once a year is simple.  What Yellen is talking about is reporting on every account whenever it has $600 dollars or more in it, or whenever a $600 dollar transaction occurs, which would be, at minimum, when a monthly mortgage is paid, the purchase of a couch, washer or dryer, fridge, recliner, car, bicycle, or any number of daily, routine financial transactions occurs.  The cost to banks would be astronomical, and would be passed on to depositors.  Think of it as a tax on the forcible loss of your privacy.  Oh, and the wages and benefits for hundreds of thousands of IRS agents will have to come from somewhere.  Government is not telling us that’s free–at least not yet.

Keep in mind government takes in about 320 billion a month in taxes, that’s a bit under 4 trillion a year.  Golly.  Where is it all going?

Yellen cited the ‘enormous tax gap’ in the US as the reason behind the proposed tax hikes and information collecting, blaming the gap on places where information on income ‘can be hidden.’

‘It’s just a few pieces of information about individual bank accounts, nothing at the transaction level that would violate privacy,’ the secretary said.

Again, lips moving.  They want to know about any and every $600 dollar change in every account.  Allowing anyone, particularly a voracious, authoritarian federal government to have that kind of information is the very definition of “privacy violation.”

The collected information would ostensibly help the Treasury Department determine which high-income wealthy individuals may be concealing transactions and income, and ‘these would be helpful indicators of where it would make sense for auditing to occur,’ she added.

‘So, it is not reporting of individual transactions or anything of the like. And it would be a simple thing for banks and other payment providers to provide along with the other information they’re already providing.’

Ooooh.  So it’s all about making the rich pay their fair share!  Of course, we’d need a much better definition of  “high-income wealthy individuals” than the Administration is willing to provide.  It’s not going to be what normal Americans think.  After all, with a $600 dollar trigger, virtually any teenager with a part time, fast food job is going to be of intense interest to some IRS agent.  But Yellen allayed our fears, though she had to move her lips to do it:

…but it’s important to have comprehensive information so that individuals can’t game the system and have multiple accounts.

Ooooh!  So billionaires are going to have their accountants and tax lawyers establish thousands and thousands of accounts with balances no larger than $599.99 and expenditures of no more to avoid taxes!  So that’s how they do it!  Who knew?  Will a mere hundred thousand IRS agents be nearly enough?  More likely billionaires are going to take their wealth, their businesses and jobs and flee to saner countries, which would tend to dramatically reduce tax revenues, one would think, but of course, one is not the government, which knows better.

Before we go on, take this link, gentle readers, to a classic Bill Whittle Video—Eat The Rich—from 2011.  The numbers are lower than now, but the reality remains the same.  It’s a simple, accurate presentation that reveals every “tax the rich” scheme is nonsense—a particularly malicious lie.

If we’re paying attention, we know the top 1% in income pay about 39% of all taxes.  The top 5%?  About 60%.  The top 10%?  About 70%.  That would seem to be more or less a “fair share.”

If we take this “proposal” at face value and give the government credit for transparency and honesty—bwaaahahahaha—then this is a harmless proposal.  The government would never misuse this kind of financial access/data on Normal Americans, just like the IRS would never allow itself to become weaponized against the government’s political enemies.  Besides, government would certainly quit spending—put itself on a budget—rather than increase taxes or run up the national debt.  By the way, have I told you I’m a Nigerian prince in exile, and I need your bank account numbers—just like the government—so I can deposit millions for safe keeping?

How harmless is it really?  We have to keep digging a little, and another clue is provided by National Review:

Saule Omarova
credit: business.cornell.edu

Last month, President Biden nominated Saule Omarova as Comptroller of the Currency. As the Wall Street Journal has noted, ‘Omarova graduated from Moscow State University in 1989 on the Lenin Personal Academic Scholarship.’ Sadly, unlike Gaidar, she doesn’t seems have paid too much attention to the implications of the collapse of the Soviet economy, a collapse she witnessed firsthand.

In other words, Ms. Omarova is a confirmed communist.  Consider this from the same article:

The Wall Street Journal:

Ms. Omarova wants to eliminate the banks she’s being appointed to regulate.

The Cornell University law school professor’s radical ideas might make even Bernie Sanders blush. She graduated from Moscow State University in 1989 on the Lenin Personal Academic Scholarship. Thirty years later, she still believes the Soviet economic system was superior, and that U.S. banking should be remade in the Gosbank’s image.

‘Until I came to the US, I couldn’t imagine that things like gender pay gap still existed in today’s world. Say what you will about old USSR, there was no gender pay gap there. Market doesn’t always ‘know best,’ she tweeted in 2019.

What is she talking about?!

After Twitter users criticized her ignorance, she added a caveat: “I never claimed women and men were treated absolutely equally in every facet of Soviet life. But people’s salaries were set (by the state) in a gender-blind manner. And all women got very generous maternity benefits. Both things are still a pipe dream in our society!’

Ah yes, the promise of communism.  The reality is everyone lives in poverty and misery except the “scientific communists” dictating every facet of life.  Think Venezuela, where they long ago ate all the zoo animals because there was nothing else to eat, but everyone is equal, until the zoo animals run out, and then they’re equal in destitution and starvation too.

Ms. Omarova thinks asset prices, pay scales, capital and credit should be dictated by the federal government. In two papers, she has advocated expanding the Federal Reserve’s mandate to include the price levels of ‘systemically important financial assets’ as well as worker wages. As they like to say at the modern university, from each according to her ability to each according to her needs.

In a recent paper ‘The People’s Ledger,’ she proposed that the Federal Reserve take over consumer bank deposits, ‘effectively ‘end banking,’ as we know it,’ and become “the ultimate public platform for generating, modulating, and allocating financial resources in a modern economy.’ She’d also like the U.S. to create a central bank digital currency—as Venezuela and China are doing—to ‘redesign our financial system & turn Fed’s balance sheet into a true ‘People’s Ledger,’ she tweeted this summer. What could possibly go wrong?

Banks are not amused…

Uh, that would be everything.  Even better, in submitting her resume to the Senate banking committee, Omarova scrubbed any mention of her thesis on Marx, written during her days at Moscow State University.  She has, thus far, declined to respond to questions about it and to a request from Sen. Pat Toomey for a copy.  This is known in DC as “transparency.”

Take the link and read the whole article, but the main point is Omarova wants to do away with all banks, establishing instead a single, central federal bank.  I’m sure it’s just a coincidence Biden’s handlers want a communist as the Comptroller of the Currency, the person who supervises all banks.  Biden?  He’s wondering who that hostile old man that appears in his bathroom mirror every morning is.  Insane?  Of course, but it’s oh so communist, and would include something else Biden’s handlers want: digital currency.  They’ll do away with all paper money and coinage.  All wealth will be held–and manipulated–by the central government in their central bank.  That way the government would never run short of free money.  No need for confusing tax paperwork.  They’ll just take whatever they think you owe.  Government short on cash?  All they’d need to do is raid the accounts of peasants like us, but I’m sure that would just be a “fee,” not a tax.

Government has recently demonstrated what they plan to do if they can federalize all health (“single payer”) care.  If you haven’t had the Coronavirus vaccine, no kidney transplant for you.  Sure, you die, but there have to be priorities!  Yes, healthcare is a human right, but not if you don’t absolutely obey the government in every way.  Now imagine all of your wealth, not only your savings, but your ability to buy a gallon of milk—if any is available this month—is controlled by the federal government.  You toe the line—no thought crime, no wrong speak—or your digital currency balance somehow, mysteriously, reads “0.”  But government would never do that!  Yes they would.  As I just demonstrated, they already are–with people’s lives.  Would they hesitate to deprive people of a gallon of milk?

But what about those hundreds of thousands of IRS agents?  Wouldn’t they be out of a job?  Of course not.  Government needs the maximum number of people absolutely dependent on government.  Besides, they’ll need people to use all that new, valuable data, to ensure no one is engaging in wrong think or wrong speak, because the only crimes that matter are against the benevolent, all knowing central government.  That takes a lot of manpower, including informants on every block, who will be among the only people getting a gallon of milk.

It’s all connected, gentle readers, but one has to dig a bit to get the whole picture.  One additional angle is this will surely be used as a back door means of unlawful gun registration.  It won’t catch every sale of a gun, but every transaction of $600 or more, which will include millions of guns, which are seldom bought without accessories that could easily total $600.00.  They’ll quickly discover $600 is too high; the trigger will have to be much less, say $200 or so.  And if they monitor guns—which we’re too stupid to know we don’t need–what other goods will government decide, in it’s morally and intellectually superior wisdom, we don’t need?  They’ll have the information at their fingertips.

Many aren’t fond of banks, but when they’re right, they’re right.

Final Thoughts:  Some will argue the proposed reporting requirements are only yearly, an aggregation of every $600+ dollar account variation in a year, but that’s nonsense too. That would require 100,000 additional IRS agents?  It would be quickly discovered—what a surprise!—there are so many accounts that need close scrutiny, the rules–we can’t expect Congress to be bothered to actually pass laws–would have to be amended to encompass every transaction every day, because if not, how could we possibly catch those wealthy tax cheats with their hundreds of thousands of accounts and legions of accountants and tax attorneys?  Would the government, given the technology, manpower and temptation to control everyone’s life, pass on that opportunity?  Did you ever imagine the DOJ and FBI would be focusing on soccer moms unhappy with local school boards rather than actual terrorists who want to murder every American and have had considerable success at doing just that?  Gotta have priorities.

For anyone still harboring the delusion IRS agents wouldn’t willingly become enforcers of a corrupt, totalitarian state, this is an issue I’ve been covering for years in the Second Civil War series.  

There are certainly patriots working for the IRS and the FBI, the DOJ and other federal agencies, but when the corrupt among them break the law, violate the rights of innocent Americans, destroy their lives, where are they?  Why don’t they blow the whistle?  They know the people they work for.  They know how evil they are.  They have to pay mortgages, feed their families, earn a pension.  Free health care is only for illegal immigrants.  Most of them, even if they’re not fond of what they’re doing, will go along to get along.  Some will jump at the chance to have power over the lives of Normal Americans, and they’ll give it to them good and hard.  If they do it good and hard enough, they’ll get promoted. They’ll get to become one of the evil, illegal/immoral order givers. And in a true communist state, they’ll be among those who actually have access to what we now consider the bare minimums of daily survival.

Keep in mind too our tax system relies on patriotism, on voluntary compliance.  If our federal institutions lose very much more of their credibility, there’s going to be no compliance at all, quite the opposite.  The IRS is already less than popular and trustworthy, and for good reason.

If things get to that point, we wouldn’t be far from a split, civil war, and a very ugly time indeed.  Those who oppressed fellow Americans, willingly or not, would not come to happy ends.

If we’re going to avoid that, and every sane person knows we must, we must hinder every step on that evil path.  And now, to paraphrase the late Paul Harvey, you know a little more of the story.