A Biden administration proposal calls for banks to report all transactions in American bank accounts above $600. It forces banks to police deposits and withdrawals in every account with a balance above $600 at any time during the year.
The Biden administration wants the IRS to have more information at its fingertips about the contents of your personal and business bank accounts. ‘We continue to believe this proposal jeopardizes the privacy and security of financial information for nearly every U.S. account holder,” said John Kinsella, vice president of tax policy at the American Bankers Association.
GUEST: Jack Hanney, CEO of Patriot Gold Group, can discuss what this means for your right to privacy—and your savings.
This new rule would apply to every American bank account sharing an unprecedented amount of taxpayer information and directly impact an individual’s right to privacy. This is not just bad policy, but bad security in an ever-growing cyber security threat environment.
Discussion Questions:
- Washington insists this is aimed at high-income earners, is that true?
- Are wealthy households truly hiding that many income sources that the federal government wants to get into our wallets?
- The new proposal would create a privacy nightmare for everyone in America—a $600 transaction is someone’s car payment, student loan payment, rent—this seems overkill and unnecessary, what do you think?
- How will this spending affect local and state economies?
- What is Patriot Gold Group and are tangible asset investments better for privacy?
GUEST: Jack Hanney is the CEO/Senior Partner of Patriot Gold Group, with more than a quarter-century of experience in financial markets and trading.
CONTACT: To schedule an interview, contact Celinda Hawkins at (432) 349 – 2736 jerry.specialguests@gmail.com or Tamara Colbert at 626-244-5571 tamara@ohsweetliberty.com or Samantha Mao at jerrry.specialguests@gmail.com.
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