Biden, Dems Want To Monitor Americans’ Bank Accounts, Blasted As Violating 4th Amendment

[Revmitchell]

President Biden and the Democrats’ $3.5 trillion budget plan means to monitor gross inflows and outflows from Americans’ bank accounts, prompting concern that the federal government would be willfully violating the 14Amendment.

“The proposal would require banks to report to gross inflows and outflows to the IRS, including transactions from Venmo, PayPal, crypto exchanges and the like in an effort to fight tax evasion,” the Daily Mail noted, adding, “The IRS would know how much money is in an individual’s bank account in a given year, whether the individual earned income on that account and exactly how much was going in an and out.”

Patrick Hedger, vice president of policy at the Taxpayers’ Protection Alliance, blasted the idea, saying, “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.”

Biden, Dems Want To Monitor Americans’ Bank Accounts, Blasted As Violating 4th Amendment

 

[Reformed1689]

This is crazy. And I can't imagine that tax evasion is THAT widespread of an issue.

 

[just-want-peace]

This is crazy. And I can't imagine that tax evasion is THAT widespread of an issue.

Probably just one more diversion tactic to put all the screw-ups by this admin. on the back burner 'fore the '22 elections!!!
DON'T LET THEM SUCCEED!!

 

[Joes Adelin]

President Biden and the Democrats’ $3.5 trillion budget plan means to monitor gross inflows and outflows from Americans’ bank accounts, prompting concern that the federal government would be willfully violating the 14thAmendment.

 

[JonC]

They do it now (to an extent) anyway. Go sell a vehicle and deposit 10k.

 

[Reynolds]

This is crazy. And I can't imagine that tax evasion is THAT widespread of an issue.

It's all about "and no man will buy or sell without his mark.". We are rapidly headed there.

 

[Reynolds]

They do it now (to an extent) anyway. Go sell a vehicle and deposit 10k.

I deposit all my paychecks into my checking account. At one time, I transferred every other paycheck to my stock broker account. The brokerage reported me for "multiple similar amount small transactions".
I was actually contacted about it and asked where the money came from.
To me that is stupid. The money was being transferred bank to bank. It should be the responsibility of the bank I deposit the checks in to detect fraud. Granted, I am not the smartest person in the world, but that makes no sense to me

 

[Reynolds]

They do it now (to an extent) anyway. Go sell a vehicle and deposit 10k.

Go deposit 5k.

 

[Reformed1689]

I deposit all my paychecks into my checking account. At one time, I transferred every other paycheck to my stock broker account. The brokerage reported me for "multiple similar amount small transactions".
I was actually contacted about it and asked where the money came from.
To me that is stupid. The money was being transferred bank to bank. It should be the responsibility of the bank I deposit the checks in to detect fraud. Granted, I am not the smartest person in the world, but that makes no sense to me

It sounds stupid, but that is actually one of the ways money laundering can take place.

 

[JonC]

Go deposit 5k.

Give me 5k to deposit.

 

[kyredneck]

Give me 5k to deposit.

ME TOO

 

[JonC]

I deposit all my paychecks into my checking account. At one time, I transferred every other paycheck to my stock broker account. The brokerage reported me for "multiple similar amount small transactions".
I was actually contacted about it and asked where the money came from.
To me that is stupid. The money was being transferred bank to bank. It should be the responsibility of the bank I deposit the checks in to detect fraud. Granted, I am not the smartest person in the world, but that makes no sense to me

When I did investigations for clearances this happened all the time. I'd get a FENCEN report where the subject transfered from savings to checking (most of the time to purchase a vehicle, or land....or for a child's education). It is a flag.

 

[Reynolds]

It sounds stupid, but that is actually one of the ways money laundering can take place.

I agree, If I was depositing multiple small transactions in my bank. Transferring funds from a bank to a brokerage fund makes no sense. The money has already been deposited to the bank and any red flags that should go up, should happen at the bank.

 

[Reynolds]

When I did investigations for clearances this happened all the time. I'd get a FENCEN report where the subject transfered from savings to checking (most of the time to purchase a vehicle, or land....or for a child's education). It is a flag.

Why is transferring from acct to acct a flag?

 

[Reformed1689]

I agree, If I was depositing multiple small transactions in my bank. Transferring funds from a bank to a brokerage fund makes no sense. The money has already been deposited to the bank and any red flags that should go up, should happen at the bank.

They should, and do. They should go up at all financially involved institutions. For example, me, being an insurance agent, I have to report things that seem relatively harmless but the bank would also have to report the same exact activity.

 

[Reynolds]

They should, and do. They should go up at all financially involved institutions. For example, me, being an insurance agent, I have to report things that seem relatively harmless but the bank would also have to report the same exact activity.

The bank reports me depositing my paycheck every week? It's always the same amount.

 

[Reformed1689]

The bank reports me depositing my paycheck every week? It's always the same amount.

No no, maybe I misunderstood. If it was an irregular transaction or if some reason to be flagged.

 

[JonC]

Why is transferring from acct to acct a flag?

I don't know. When we got a case it came with an FBI check, credit report, and financial report indicating flags.

All we had to do ask about the issue....without letting them know how it was reported.

 

[canadyjd]

They do it now (to an extent) anyway. Go sell a vehicle and deposit 10k.

I don’t think the IRS has access to the accounts. The banks have a reporting obligation for large deposits, if I understand it correctly.

peace to you

 

[JonC]

I don’t think the IRS has access to the accounts. The banks have a reporting obligation for large deposits, if I understand it correctly.

peace to you

That is my understanding.