Biden's Total Financial Surveillance | WHAT REALLY HAPPENED

Biden's Total Financial Surveillance

The administration's proposed "comprehensive financial account reporting regime" would dramatically increase the types of financial institutions and transactions exposed to the feds' prying eyes. "All business and personal accounts from financial institutions, including bank, loan, and investment accounts," would be forced to "report gross inflows and outflows" to the IRS. And not just bank accounts: The dragnet would now include PayPal, settlement companies, and "crypto asset exchanges," for starters.

The new domestic surveillance program, which requires congressional approval, is one prong of a tripartite strategy for transforming the entire global financial system into a harmonious, haven-free collection funnel to the IRS. The second part, which has taken up the bulk of Biden's multilateral diplomacy thus far, is getting the industrialized world to agree on a global minimum corporate tax of 15 percent, while setting up a system to prevent multinational companies from registering their profits in the lowest-tax jurisdictions.

Cutting corporate taxes is "a self-defeating competition," Yellen said in April, "and neither President Biden nor I are interested in participating in it anymore. We want to change the game."

In July, representatives from 130 countries, including finance ministers from the G-20 representing the world's richest democracies, agreed in principle to a worldwide minimum corporate tax. "We have a chance now to build a global and domestic tax system," Yellen crowed. "The race to the bottom is one step closer to coming to an end."

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA