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US Treasury Secretary Janet Yellen erroneously claims that spying on all bank accounts transacting more than $600 would NOT permit the government to peek into American’s pocketbooks

US Treasury Secretary Janet Yellen erroneously claims that spying on all bank accounts transacting more than $600 would NOT permit the government to peek into American’s pocketbooks

https://reddit.com/r/<a title="" class="aalmanual" href="https://cryptonewmedia.press/category/bitcoin/">Bitcoin</a>/comments/q7steb/us_treasury_secretary_janet_yellen_erroneously/


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26 Comments

  1. This video makes my blood boil. Straight up lying and patronizing. Just build you CBDC and put it against the real crypto currencies of the world already, we’re ready and waiting.

  2. The journalist said reporting $600 transactions but that isn’t what the budget reconciliation plan calls for. The $3.5 trillion budget reconciliation plan really says that banks would have to report all transactions to the IRS of every bank account that has a balance of $600 or more at any point during the year. So if you had at least $600 in your bank account at any time during the year, all of your transactions from that account during that year would get reported to the IRS.

    https://www.azcentral.com/story/money/business/2021/10/09/what-you-need-know-biden-plan-track-600-bank-accounts/6052734001/

    Does is really sound like they included this in the budget reconciliation plan in order to come after billionaires?

  3. If ever there was a good reason for a mass protest, it’s this. Of course, when the US CBDC is implemented and forced upon the populace, every single transaction made by every American in the system will be tracked. So, mass economic surveillance was coming anyway. Unfortunately, I suspect that the average person will be indifferent to this invasion of our privacy because they’ll say something like, ” I don’t care; I don’t have anything to hide”. But what these fools don’t realize is that the Government will FIND ways to use this information against the average citizen. Therefore, I feel like our only way to combat this tyranny is to start shifting all of our monetary and financial dealings to crypto. Every day moving forward, it’s going to get easier and easier to buy, sell, save, borrow, etc using nothing but crypto. We are all standing at a fork in the road. One fork leads us to surveillance and tyranny. The other leads us to independence, freedom and prosperity. I think all of us here know which one to take.

  4. I like how Yellen doesn’t really answer the question directly. She just starts to talk about “high income individuals” with “income streams that are opaque”.

    Then after some rambling doesn’t actually justify this $600 figure at all and how this amount will weed out those “high income, opaque income stream individuals” as opposed to ordinary citizens.

    Just sounds like an attempt at mass economic surveillance to me. I mean my monthly rent is over $600 so I’m a would-be target of this. Fortunately I’m not in the US.

  5. It’s worse than what the reporter would have you believe. The plan actually applies to bank **balances** that exceed $600, not individual transactions.

    This threshold is low enough to capture basically every American. At this point, why not just come out and say they plan on monitoring **every** account? Because that’s how it plays out in practice.

  6. It’s the same in Europe.. any transaction above €600 will get tracked and any cash payment above €3000 is now to be reported (might become illegal). Taking money out of the ATM will also cost a fee to further discourage use of cash.

  7. Portion of a recent email from my credit union.

    “As Congress considers new infrastructure spending, lawmakers are considering unconventional sources of revenue to fund their plans. One proposal under consideration would require financial institutions like Credit Union to report to the Internal Revenue Service (IRS) many activities on accounts with balances over $600. Such an unprecedented grab of your personal financial data raises several concerns.

    • This proposal would violate the personal privacy of consumers like you by forcing credit unions and other financial institutions to provide the government with information that does not reflect taxable activity.
       • Financial institutions—particularly those in rural and low-income communities—would face a new and expensive regulatory burden that could make it untenable to serve those consumers already left behind by Wall Street banks.
        • The government relies on decades old data systems to store and secure IRS information. These systems have already been compromised in recent years, and the addition of this type of data only increases the likelihood of a future breach of your personal financial information.”

  8. Absolutely disgusting. Every single thing she said is down right retarded. She even used $3 million gap as an example….for a $600 limit. Bunch of clowns.

    And by the way, if you get audited, even if the IRS fucked up, YOU have to pay a lawyers thousands of dollars.

What do you think?

why this block has no transaction on it even though the network was busy at that time?

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