Rebecca Long reports:
Outraged citizens and banks alike want to know why President Joe Biden plans to allow the IRS to snoop into bank accounts, Venmo, PayPal, and crypto transactions, among other types of payment processing accounts.
The White House, said, “This type of surveillance is needed to prevent tax evasion.”
Biden plans to use any money that is confiscated during IRS audits to fund his proposed plan for the Democrats’ $3.5 trillion budget plan.
If passed, banks would be required to report every deposit and withdrawal from an account to the IRS in order to target audits.
Read more on Ocala Post.
h/t, FourthAmendment.com, who comments on whether this would violate the Fourth Amendment, as some bankers claim (spoiler alert: he says it wouldn’t).