Assessment: “Marx is on our doorstep right now,” Senator Kevin Cramer (R-ND) said. “It shouldn’t surprise us that [Democrats] have got the boldness to do this.”
In response to pressure from the Republican Party and the banking industry, Democrats have decided to scale back their original plan to have all bank transactions over $600 to be reported to the IRS. Instead, the cap has been raised to $10,000.
The revised plan was announced by Senator Ron Wyden (D-Ore.), chairman of the Senate Finance Committee, and Elizabeth Warren (D-Mass.).
“A tyrannical ruler practices extortion, but one who hates ill-gotten gain will enjoy a long reign.” Proverbs 28:16
“Today’s new proposal reflects the Administration’s strong belief that we should zero in on those at the top of the income scale who don’t pay the taxes they owe, while protecting American workers by setting the bank account threshold at $10,000 and providing an exemption for wage earners like teachers and firefighters,” Treasury Secretary Janet Yellen said in a statement.
Republicans, however, still aren’t behind this blatant invasion of privacy.
“If they raise it to $10,000, it will still capture everybody and every small business,” Senator Pat Toomey (R-Penn.) ranking member of the Banking Committee said in a press conference prior to the announced change.
“What will happen if they actually implement this? Americans will lose their privacy Read More @ Zero Hedge HERE