Aloha kākou. Did you know that Jim Crow Joe Biden has instructed the IRS to know more about how you spend and earn your money. The Marxist democrats are calling the scheme that fleeces you of your money, the American Families Plan. Simply put, the American Families Plan calls for banks and other financial institutions to report more than just a taxpayer’s interest earned, capital gains and losses. Banks and other financial institutions would also be required to report “aggregate account outflows and inflows.” In other words, the IRS will know about all of your bank accounts, whether you earned income on that account or not, how much is in the account in a given year, and how much was transferred in and out of the account.
Under current law taxpayers don’t have an obligation to report how much money they have in their bank accounts, how much they deposited, or how much they withdraw. Federal law allows you to withdraw as much cash as you want from your bank accounts. It’s your money, after all. Take out more than a certain amount, however, and the bank must report the withdrawal to the Internal Revenue Service, which might come around to inquire about why you need all that cash. A 1970 anti-money-laundering law known as the Bank Secrecy Act spells out the rules for large cash withdrawals. In general, banks must report any transaction exceeding $10,000 in cash. However, that’s changing.
Hidden inside the 3.5 Trillion spending bill is a provision to give the IRS the power to examine any transaction of $600.00 dollars or more. Six Hundred Dollars, that’s not a typo. If the IRS gets what Jim Crow Joe Biden wants to give it, then the IRS will have before it any individual’s financial accounts with gross inflows and outflows of more than $600. Your stimulus checks were $600 dollars.
It’s another reason why the Marxist democrats don’t trust the American people to handle their own money. By making financial transaction laws to monitor the inbound and outbound flow of your money, the government is automatically assuming Americans are using their money for criminal activities. One of the simplest ways for the IRS to snoop on citizens’ banking transactions is the notorious “Suspicious Activity Report” (SAR). The Bank Secrecy Act mandates that employees at banks, credit unions, and even car financing companies, file such a report with the federal government for any transaction by one of its customers, if it appears “unusual” or out of the ordinary. The SAR is to be filed in every such instance, even if there is no evidence the transaction is illegal; only that it “might signal criminal activity” to the teller or other bank employee. Now that amount will be any transaction $600 dollars or more.
Remember that Barry the Bullshitter Obummer tried to seize people’s life savings by making the claim that your money is just sitting in a bank doing nothing. Your 401K’s, your IRA’s, your Roth Accounts, and your retirement pensions were all targets of the IRS. Barry the Bulshitter Obummer claimed that you didn’t earn your money. Obama’s logic was that you stole that money from someone else and the government could spend it better than you. Jim Crow Joe Biden, is continuing with the Marxist democrats anti-capitalism by making it even easier for the IRS to monitor individuals’ financial dealings by requiring financial institutions report any accounts where transactions over the year total more than a paltry $600, without further justification. This is how communism works by the state owning and controlling all economic resources and property.
So If I go out and spend $600 dollars on a new television, buy new tires for my car, any transaction, it will trigger the government to invade very last vestiges of financial privacy enjoyed by Americans. It’s more intrusive because people still use cash transactions for employment, gambling, food shopping, upgrading homes, paying rent, and a host of other transactions that are cash based. But this new IRS rule will include checking, transfers, payments, and electronic transactions. The question is why does the government need to know every $600 dollar transaction? It doesn’t. It’s an invasion of your privacy.
Just remember that Marxist democrats want to control all aspects of your life. What house you can own, where you can rent, what foods you can purchase, what transportation you can use, anything of commerce must be controlled by the government. It’s a war on cash.
The move towards digital money is where the government wants to go. It’s the exact same model that the Communist Chinese use for their currency. I’ve been studying virtual currencies like BitCoin, Libra, Litecoin, and others that seem to be popping up everywhere. Digital currencies are stored in and transacted through designated software, applications, and networks in digital form. I compare it to digital cloud storage. It’s useful when you want to store your data, but if you’re not connected to the cloud services then you have no access to your data. This is the primary reason why I back my data up on redundant physical hard drives. All my documents, pictures, files, and software programs and passwords are stored on physical storage system. I do not trust cloud based services to be reliable.
I liken digital currencies to the same virtual model. It looks good on paper, but it not real unless it’s physical money. Stuff you have touched and counted and packed in your wallet. With the backing of Federal Reserve. Unless, of course, if our financial system fails then it’s Planet of the Apes, Baby. Some digital credit is good. Credit cards and loan financing have been around since banking began, and their uses and stability has been fairly reliable. Just watch out for predatory lenders. I can neither use my mattress to keep my money, nor could I dig holes in the ground to store my money. Especially when I can earn compound interests in a banking system.
Regulations over virtual currencies are not comprehensive or systematic enough, hindering their worldwide acceptance. My broker does not offer any virtual investments, and even if they did, I’d probably wouldn’t invest in vapor money. I’ll invest in soap to oil, because it’s tangible. They are commodities that has real physical value. Virtual currencies are highly volatile. For example, Bitcoin peaked at the end of 2017 at nearly $20,000 per unit. It later dropped to around $3,000 per unit within one year. That’s not a stable long term investment. As the security encryption techniques are challenged and exploited by hackers, the loss or leakage of authentication information is still possible and can cause great losses to virtual currency owners.
This brings me to the where I see the government going with snooping in on your business transactions. Digital currencies are easier for the government to control and track. The government is nudging us towards a social credit system much like Communist China has today. A reward and punishment system that allows the government to dig into your pockets and manipulate your net worth. Your wealth is not the government’s business, but as government intrudes into more of our lives, the more liberties we will lose.
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Today started very cloudy skies. Tradewinds are from the east northeast at 6mph, gusts 16mph. Cloud cover is 88%. Visibility is 10 miles. We got a whopping 3-1/16 inches of precipitation in the rain gauge overnight. Flood watched overnight and landslides. Temperatures are in the upper 70’s. Humidity is at 81%. Barometric pressure is 30.34 inches and dewpoint is 57 degrees. UV index 4. Air quality Index is good at 19.
Kepakemapa ‘Umi Kūmāono, 2021