ABA is calling on bankers to contact their lawmakers and express opposition to any new reporting requirements for banks to track and report customer accounts and financial transactions to the IRS. A vote on the issue is expected in the coming days. The new reporting requirements would raise questions about customers’ right to privacy, create unnecessary and expensive burdens for banks and raise the cost of tax preparation for small businesses, ABA noted. While all banks would be affected, small community banks with limited internal resources will be especially burdened by this new requirement, ABA said in a message to members, adding that new requirements will require “a massive and expensive compliance effort to track and report inflows and outflows on all bank products.” Take action now.
Sounds like an effort to eliminate competition in the banking industry by advantaging the big banks and lending institutions.
No doubt plays a large part in it. Same way small business is burdened with employee taxes/reports where a large company simply hires a person/department to handle it. Loss of yet more of what little privacy you had is also a concern. More reason to join the 'un-banked' while you still have the option of using cash.....no doubt to soon be rectified as well. Given the MASSIVE amount of data this would involve, and given the IRS's computer inability, I doubt most of it will ever see a human eye....but no doubt algorithms will be employed to look for patterns outside the norm.....deposits from sources like Etsy (my wife gets a few bucks/mo from a clothing pattern she published years ago) for example, will cause a look by a human eye if not reported on your 1040, and subsequent audit. Or cashing checks from other sources of income rather than depositing for a record of deposit. No doubt in my mind billions of dollars of income escapes 'the man' today in small transactions too piddly to go after in a human to human audit, and this is what they are after.
Also when they have a list of everything you bought and when it was bought they can label you a hoarder in need of reeducation.
They are already blocking you from purchasing certain things because they don't think you should! This sets a very dangerous president, when they can dictate what you may purchase and what you may not!
They can only do so if you are using their “Credit” for your purchase… Not quite the same…. just like Dope, you can’t use their credit for Dope… but you can hit an ATM, and then use cash…
