President Biden and the Democrats’ $3.5 trillion budget plan means to monitor gross inflows and outflows from Americans’ bank accounts, prompting concern that the federal government would be willfully violating the 4th Amendment.
“The proposal would require banks to report to gross inflows and outflows to the IRS, including transactions from Venmo, PayPal, crypto exchanges and the like in an effort to fight tax evasion,” the Daily Mail noted, adding, “The IRS would know how much money is in an individual’s bank account in a given year, whether the individual earned income on that account and exactly how much was going in an and out.”
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