Why Does the IRS Want to Monitor Bank Accounts for Transactions Over $600?

Just another manifestation of government control. Big government requires bigger and more taxes. For those bloodsuckers in Washington D.C., it’s never enough. Socialists have a habit of taking money out of personal accounts for the government. Cypress did it in 2013, and Obama wanted to recapture assets in everyone’s retirement accounts in 2013.

Historical Examples of Government Impositions

FDR forced all Americans owning gold to sell it to the federal government in 1935 for 27 per ounce. The next day, FDR sold the gold overseas for 35 per ounce. He then outlawed any American from owning gold until the law was overturned in the 1970s. These actions reflect the government's desire for control over personal finances and assets.

Government's Motivation for Full Financial Surveillance

The government wants to have full control over your life. Transactions over $600 affect everyone, including your rent or home mortgage. The IRS wants to know all the money you make so that they can charge you taxes if you mow your neighbor's lawn for $30 a week. This is an uncomfortable cooperation between the government and the tax system, allowing for an invasive level of financial monitoring.

Invasion of Privacy and Tax Retribution

To pay for their political agenda, the Democrats found another sneaky way to pretend to tax the rich but actually tax the middle class and the poor. By monitoring transactions over $600, the middle class and poor people can now be monitored and forced to pay their fair share of taxes. Billions of unpaid taxes by the middle class and poor are exactly what the Democrats are looking for.

The Sweet Spot for Monitoring

I’m sorry to put this squarely on the Democrats’ shoulders, but it is what it is. The rich are not going to quibble and hide transactions over $600; it is meaningless and far too much work for them. That would be nickel and diming. On the other hand, $600 transactions are the sweet spot for the middle class. How many times have you had a $600 bill to pay? That is not difficult for most people to rack up $600 on their credit card. Hell, I have even had $600 utility bills. All those people who get cash and never report it and all those tips and side jobs that paid cash and you used to deposit into your bank are now going to be monitored. The system is tracking the use of your funds to ensure tax compliance.