Armstrong Economics Blog/The Hunt for Taxes Re-Posted Oct 7, 2021 by Martin Armstrong
Treasury Secretary Janet Yellen is now defending the Biden administration’s proposal that would require banks to report ALL data to the Internal Revenue Service (IRS) on transactions over $600. With the NSA collecting every email, phone call, and text you make, and now the IRS will have every time you even pay rent or a car payment, they will know absolutely everything about everybody.
Yellen has the audacity to claim there will be $7 trillion of income over ten years that people will not pay taxes on. This is what I have been saying. They look at us, we the people, as the Great Unwashed who are nothing more than stupid cattle to be herded.
She thinks, oh, it really will not impact the average person, and that is absurd. It used to be $10,000 transactions, then the Patriot Act lowered that to $3,000, and now it will be $600. I was going to go to Singapore for a conference and to work there in the region with our many clients. I asked a friend there to find a nice furnished apartment rather than a hotel. He rented it for me, and I sent him a bank wire. When I showed up two months later, he said, “By the way, I never got that wire.” I called my bank to put a trace on it since it was deducted from my account. HSBC returned it the next day, as they were just sitting on it until someone asked.
HSBC refused to credit it to his account BECAUSE they could not verify that I had no interest in that account, for perhaps he was just a holder for me to hide money offshore. I had to physically write him a check. That is the new state of the world. I can ONLY wire money internationally to a business, but not to any individual.
And now that will be $600! If your child is in need of money because someone stole their credit card and wallet, will you be able to send them money urgently?
Yellen is calling this collection of information “routine,” which is the total end of all privacy. Did those who voted for Biden expect this too? When I bought a house in the nineties, I simply added my children on the deed. Today, you can’t do that. The IRS calls that income and wants their pound of flesh.