Dave and Ken are discussing the latest news from the Biden Administration. A headline from the Wall Street Journal reads “The IRS Wants to Look at Your Bank Account,” stemming from a recent proposal from the current administration. Charles Reddick, the current Commissioner of the Internal Revenue Service, wants banks to report annual cash flows for ordinary citizens. Janet Yellen claims this is to catch wealthy tax dodgers.
Ken Coleman believes it outrageous that the government would kick around an idea of an apparent invasion of privacy. Dave and Ken feel the destruction of smaller business are on the horizon when it comes to taxes. Most small businesses do major transactions daily and can’t afford accountants like the larger companies to help mitigate the taxes they have to pay already at the end of the year.
Dave and Ken believe this isn’t about the wealthy this is to gain more control. Doing this gives information to the current power in government to overlook transactions of rival political parties. Ken believes this is going to flood the cryptocurrency market because of government overreach. Dave thinks this stems from Covid overreach, and they took the limiter off the government, and now it’s running out of control. Regardless if this plan goes through or not, Dave states this has serious implications on what we will see in the future. People will not take this lying down. It is a blatant attack on our privacy.
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