Another farce is being played out in the United States under the pretext of "Bringing billionaires to tax liability."
The motives are logical and understandable. US debt is on the rise, new payments, helicopter money, incentive programs have resulted in too many dollars being printed.
Over the past 12 months, the Fed has issued 40% of the dollars in circulation, which is a lot ... For those who still believe that the American national debt is going to be repaid, the Biden administration has a beautiful story to tell.
They say we need to attract the richest people in the United States, 400 of whom have increased their wealth in the last 12 months by a total of $ 4.5 trillion, to full tax transparency, and make them pay taxes on gains capital. Sounds logical.
Guess what kind of measures you have proposed to take for this? Thinking of levying the excess profits of the rich with an additional progressive tax? No, you haven't guessed.
The US Treasury proposes to give the IRS extraordinary powers, in violation of the American Constitution, namely the 4th Amendment, which states: searches and seizures must not be violated, and no warrants must be issued except for a good reason .. ”
The Treasury proposal is to give the IRS the right to receive from banks without an order in automatic mode, information on the movement on the accounts of citizens of any amounts from $ 600.
That is, if you sold your old floor lamp at a flea market for $ 600 and brought this money to the bank, then the bank must take from you an explanation of where you got such huge money from and inform the tax office , in order to be taxed automatically.
According to the Biden administration, this law will help raise as much as $ 700 billion over the next decade. It's a pity not with the rich, but with the poorest.
Janet Yellen, the US Treasury Secretary, urges lawmakers to agree to the IRS proposal because: “There is a lot of tax fraud and fraud,” Yellen explained to CBS reporter Nora O'Donnell. In addition, Yellen noted that the new requirement for financial institutions is "absolutely not" a way for the government to intervene in the financial affairs of average Americans. "
Explanation from “This is different” series. However, it looks funny and sad at the same time. Current statistics show that “IRS checks those earning less than $ 25,000 a year 3 times more often than those of the richest 1%. A $ 600 transaction offer would give the IRS even more power to persecute working-class Americans.
IRS wants to know what the poor are doing with their $ 600, while the Pandora documents published literally exposed the entire shadow economy and the tax evasion of billionaires offshore. There are trillions of dollars that can be withdrawn by one decision of the prosecutor, it is not even necessary to carry out such a decision in parliament.
By law, government agencies do not have the right to search the homes of US citizens without a warrant from the attorney, but now they will be able to see all banking transactions of citizens over $ 600 in automatic mode without any permission at all. Perhaps the best argument for the transition of ordinary citizens to settlements and savings in cryptocurrencies cannot even be thought of. Everything that happens leads exactly to this outcome.