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Treasury Department Seeks to Track Financial Transactions of Personal Bank Accounts Over $600

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posted on Sep, 15 2021 @ 08:31 AM
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originally posted by: MDDoxs

originally posted by: neo96
a reply to: MDDoxs




The amount of data and work involved to manage this amount of information would be tremendous both on the banks part and the government


I'm sure Google,Facebook,Twitter and the rest of the technocrats have already a system in place.


I would not be surprised, but I do see limitations.

Not only is there the upfront data management challenges, there is also the backend review, interpretation, as well as the citizen interaction when they contest certain aspects of the governments probing.





14. Almost 5 billion videos on Youtube are watched every day.

(Fortune Lords)

Looking at the data generated every day by YouTube, we can see that the video platform receives a lot of attention. Overall, YouTube reached an amazing 5 billion videos being viewed every single day.


seedscientific.com...





Apple to scan U.S. iPhones for images of child sexual abuse
By FRANK BAJAK and BARBARA ORTUTAY
August 6, 2021

apnews.com...




The Technology That’s Turning Heads
From a store in Portland to a high school in Hangzhou, the use of facial recognition technology is becoming widespread in countries.
By Sintia Radu Staff Writer • July 26, 2019, at 4:38 p.m.

www.usnews.com...



Monitoring simple bank records in a number format free of media already being placed in existing databases is not going to be a problem to monitor and flag.



posted on Sep, 15 2021 @ 08:33 AM
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originally posted by: MDDoxs
The amount of data and work involved to manage this amount of information would be tremendous both on the banks part and the government


They will get the private sector involved which is what they do with a good deal of data the government is involved with.



posted on Sep, 15 2021 @ 08:35 AM
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Part of me thinks they have already been tracking this kind of data for a long time. They are just now making it legal to do so.

Either way, it's a complete invasion of privacy. Any working-class people are going to have $600 in their bank account at one point or another. Even if it doesn't stay there long.



posted on Sep, 15 2021 @ 08:36 AM
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a reply to: neo96

And new jobs! They can and do credit cks, soc accts, and internet footprint and credit report.

To get the job....



posted on Sep, 15 2021 @ 08:37 AM
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originally posted by: Klassified
a reply to: neo96
They want to be able to tax and fee every penny that goes through your hands, because they always want more. Americans Spent More on Taxes in 2020 Than on Food, Clothing, Healthcare and Entertainment Combined.


Plus, they get to profile every American and map the country's demographics in a whole new way.



Subtract $12,000 from the bottom total for a family's mortgage.... doesn't leave a lot to buy food, does it?



posted on Sep, 15 2021 @ 08:38 AM
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So...Targets n Mac's n Ford's n Sara Lee ..whatever. work the register? Credit report before hiring



posted on Sep, 15 2021 @ 08:38 AM
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a reply to: neo96

Here's the pdf home.treasury.gov...

And the relevent part.




This proposal would create a comprehensive financial account information reporting regime.
Financial institutions would report data on financial accounts in an information return. The
annual return will report gross inflows and outflows with a breakdown for physical cash,
transactions with a foreign account, and transfers to and from another account with the same
owner.


I'm guessing they think they will catch rich people avoiding taxes. But I don't like this. It's likely it will also be used to mess with middle and poor people. And even if it does pull more taxes from the rich this is to much of an invasion of privacy.

Right now it's next years revenue proposal. Lets see who gives push back on this.



posted on Sep, 15 2021 @ 08:38 AM
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a reply to: neutronflux
I agree with you, but as some fellow members point out, the government does tend to under invest in these platforms. I still feel the human element is going to strain this process.



posted on Sep, 15 2021 @ 08:39 AM
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originally posted by: AugustusMasonicus

originally posted by: MDDoxs
The amount of data and work involved to manage this amount of information would be tremendous both on the banks part and the government


They will get the private sector involved which is what they do with a good deal of data the government is involved with.

Agreed to a point. The government still is notorious for under funding these types of things.

Lets just hope it actually does go forward.



posted on Sep, 15 2021 @ 08:40 AM
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originally posted by: butcherguy
Subtract $12,000 from the bottom total for a family's mortgage.... doesn't leave a lot to buy food, does it?


The food was already accounted for, it's $7,316.



posted on Sep, 15 2021 @ 08:40 AM
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a reply to: AugustusMasonicus

Whatever the government crypto will be.



posted on Sep, 15 2021 @ 08:41 AM
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originally posted by: MDDoxs
Agreed to a point. The government still is notorious for under funding these types of things.


They'll bid it out, the platforms for tracking this type of information already exist with the banks and issuers, it's not much a challenge to then use that software to track the information the IRS is looking to collect.



posted on Sep, 15 2021 @ 08:42 AM
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a reply to: MDDoxs

Could be a bargaining tactic? Give the other side something they can remove.



posted on Sep, 15 2021 @ 08:42 AM
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a reply to: MDDoxs

1 cent tax on each money transaction, now you have the funding.



posted on Sep, 15 2021 @ 08:43 AM
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originally posted by: scraedtosleep
Whatever the government crypto will be.


It's won't be like that at first. It's will be the payment token required to pay the government for doing business with it. Are you a government contractor or making interbank transfers? Then FedPay and FedCoin will be how you interact financially with the government.



posted on Sep, 15 2021 @ 08:44 AM
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a reply to: peter_kandra

I've been thinking of this for some time now. I'm most likely going to lose my job bc of the jab and have been wondering about my financial situation....I've been debating pulling my money out of my retirement and savings account to keep their grubby paws off of it (save the massive cut they'll take if I do). But then I wondered what I'd do with it---because I, too, have noticed that it is getting increasingly difficult to pay cash for things now...thinking of buying a bit of land...? Although, I can't buy groceries with land...
edit on 15-9-2021 by SideEyeEverything because: (no reason given)



posted on Sep, 15 2021 @ 08:45 AM
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From 2013



How the Government Keeps Track of Your Money
Posted by Mark Horwitz | Oct 17, 2013 |

orlandostylemagazine.com...

First, the Bank Secrecy Act requires banks to keep records of all transactions. In addition, the bank must file a Currency Transaction Report for any currency transaction over $10,000. Banks must also file reports of currency transactions under $10,000 that the bank considers suspicious. All bank records are available to government investigators, including the IRS, through legal process which is easily obtained.

In order to keep track of cash spending, the government also requires every business to report cash transactions over $10,000. A cash transaction not only includes currency, but also cashier checks and official bank checks under $10,000.





posted on Sep, 15 2021 @ 08:48 AM
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Just another brick in the wall. For a social credit / citizen score program.



posted on Sep, 15 2021 @ 08:49 AM
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originally posted by: SideEyeEverything
a reply to: peter_kandra

I've been thinking of this for some time now. I'm most likely going to lose my job bc of the jab and have been wondering about my financial situation....I've been debating pulling my money out of my retirement and savings account to keep their grubby paws off of it (save the massive cut they'll take if I do). But then I wondered what I'd do with it---because I, too, have noticed that it is getting increasingly difficult to pay cash for things now...thinking of buying a bit of land...? Although, I can't buy groceries with land...


My neighbor told me about what his grandfather told him. Raise cows. You will always have food, and or money. Sell a cow or eat a cow. But the upkeep takes a bit of work.

I think I want fainting goats, just to mess with them. Is that wrong?



posted on Sep, 15 2021 @ 08:50 AM
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originally posted by: network dude
I think I want fainting goats, just to mess with them. Is that wrong?


You're a Mason, you have a genetic predisposition to like goats.




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