by Jamie White
Joe Biden’s Treasury Department has announced Thursday an invasive new initiative tasking the federal government to audit virtually all financial transactions of Americans with bank accounts holding at least $600.
The 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).
“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 blatantly violates the Fourth Amendment, which protects citizens from unreasonable search and seizure.
“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,” Hedger said.
Hedger also said this targeting of lower income Americans amounts to the “ultimate regressive tax.”
“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 said.
“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,” he added.
This tyrannical move comes in tandem with Biden’s draconian edict requiring businesses to force their employees to get the COVID injection.