Due supposedly to blow-back from angry citizens, the IRS has raised its proposed bank account invasion amount from 600.00 to 10,000.00.
As previously reported, the IRS recently proposed a policy that would force banks to report on their depositors if their depositors made transactions over a 12 month period totaling 600.00 or more. In a move to apparently appease their detractors, the IRS changed the amount to 10,000.00. This would seem like a drastic increase, but was more likely a planned process to soften the blow and allow their plan to move forward.
Let’s take a look at who would be included in this stasi-like invasion of privacy. The proposed 10,000.00 would be a total of deposits for a 12 month period. That means if you make 10,000.00 or more a year and deposit that money in a bank, some unknown bureaucrat at the IRS will be reading all of your bank account transaction history.
This 10,000.00 amount will not only encompass 99% of all full-time workers, but a large majority of part-time earners as well. This fact makes the IRS statement that their overreach is intended to “help flag for the IRS when high-income people under-report their income” inaccurate, disingenuous and frighteningly laughable.
Many might view this and say “I have nothing to hide, let them see it“. To them I say we are living in a day where common actions, common speech and common law are becoming arrestable offenses all over our nation. We have allowed those with insidious agendas to create new law outside of our protective constitutional processes and to create a society ruled by imperial order and bureaucratic edict. “Something to hide” will soon be a purchase made at an “unapproved” vendor. “Something to hide” will soon be a gift from a loving relative, or a few extra dollars made from the sale of personal items. “Something to hide” will soon be today’s common transaction and tomorrow’s whatever the privacy-invaders want it to be.
So to those who say they have “nothing to hide” I say, how do you know you have “nothing” to hide if you don’t know what “nothing” is?