Saw this “meme” on the Book of Faces, one of several:
The meme is wrong, actually. What’s being proposed isn’t reducing the reporting requirement from transactions of $10,000 or more down to $600. No, what’s being proposed is far, far worse.
What’s being proposed is reporting all transactions if the balance in the account exceeds $600 within some particular period (a year, I think).
So, let’s say you get paid biweekly. When you get paid, you deposit your paycheck in your bank account (either by Direct Deposit or going old-school with a paper check). Well, guess what? If you make a rather modest amount more than minimum wage then that deposit, even if the balance is zero on the day you make it, will put you over that $600 mark. That means the IRS would now have access to every transaction you make.
Every transaction. Every purchase you make using a debit card. Every check you write (or have the bank make if you use online banking). Every electronic funds transfer. All of it.
This isn’t quite as comprehensive in its totalitarianism as the “programmable” digital currency I described yesterday but it is bad enough.
I am trying to imagine a way this could possibly pass constitutional muster (I’m looking at you, Fourth Amendment), but, well, I also have difficulty with how “no fly lists”, “Civil Asset Forfeiture”, and Red Flag Laws pass Constitutional Muster. And yet, the courts have allowed them so the need to pass Constitutional Muster is…not so great as it would seem.
The Left isn’t even trying to hid their desire to run a totalitarian dictatorship. This is just one of many “wouldn’t it be great if…” things that have been coming out.
Does anybody not get it yet?