As part of the legislation contained in the Democrats $5 Trillion (as scored by the Congressional Budget Office) “New Green Deal” bill currently faltering because of in-fighting within the Democrat Party there is a provision that has escaped the notice of most Americans. As reported by the Wall Street Journal’s Richard Rubin and Orla McCaffrey, and Updated Sept. 15, 2021:
Let’s review — “at least $600 worth of transactions” — so understand what is happening here… If you have a bank account in a US bank and most Americans do because you cannot receive a paycheck from your employer or a Social Security payment or an IRS refund because all of these transactions are done by electronic transfer to your bank account. Even for those Millennials who think having a checking or savings account in a bank is just for those “Boomers” — If you have a credit card in your pocket you too have a bank account.
So the Administration wants to know about every money transaction that you make even when you withdraw $100 from the ATM to buy groceries. Once the $600 threshold is reached all transaction after that will be reported. Just think for one minute how long it takes for your bank to make $600 worth of transactions on your behalf. Just to be clear the government already requires banks to report transactions that exceed the $10,000 threshold.
So American’s are about to be subjected to yet another round of “Big Brother” government monitoring because the government believes it will generate $460 Billion in revenue over 10 years.
But perhaps there is a better way to increase the revenue without impacting every Americans bank account.
I am talking … “remittances” — money and goods that are earned in the United States but sent back to the “home country” of those who have come to the US both legally and illegally. The website “Migration Data Portal” provides the following for our understanding: (Last updated on 3 June 2021)
So … How many $$$ are we talking about here? The website “STATITA” tells us that: “During the COVID-19 pandemic, global remittance flows have proven more resilient than expected. This is especially true for inflows to low and middle-income countries. According to new World Bank data, global remittances are expected to total $702 billion in 2020, down from $719 billion in 2019 (-2.4 percent). Of that total, $540 billion are expected to have flowed into low and middle-income countries, down from $548 billion (-1.6 percent). And were, is this money earned in the US being sent? … STATITA goes on to tell us:
Let’s be clear this is money earned in the US, in 2020 some $702Billion and is then sent out of the country to support and expand the economies of 3d world nations like China. Ok I get it – Come to America and earn money to send “home”.
In a report dated May 2019 “The Federation for American Immigration Reform” reports that …
So there it is … in 2015 it was $150Billion and in 2020 it had increased to $705Billion down from $719Billion in 2019 and neither the vast majority of states nor the federal government impose a tax on overseas money transfers.
So if the Administration is looking for additional revenue I would think that imposing a tax on all overseas transfers, some $700+Billion per year, regardless of the amount being transferred, see they all know the rules and transfers are kept below the $10,000 reporting threshold, would generate far more than the anticipated $410Billion over ten years they want to get by surveilling every bank account in America. COME ‘ON MAN – do the math! COLLECT Your Fair Share from those not paying their fair share and…
Leave Hardworking American Citizens Alone!