Financial ‘Stop-and-Frisk’ Is Coming Soon

 Members of Congress, the president and the Internal Revenue Service are increasingly concerned that you are now committing tax fraud against the federal government, and they want your banks to throw you against the wall and frisk you. A lot of Americans deal in cash or with apps that digitally transfer funds between people. They then deposit the funds into bank accounts. From hairdressers to housekeepers and from drivers to plumbers, everyone is now a suspected tax cheat. Like stop-and-frisk, this will disproportionately impact minorities and white blue-collar workers, all of whom participate more significantly in the gig economy than college-educated white voters.

In a letter to Congress, the Biden administration stated it wants to, in the words of the Wall Street Journal, “require banks to report annual inflows and outflows from bank accounts with at least $600 or at least $600 worth of transactions.” The requirement would also apply to services like Venmo, Cash App and Apple Pay — services used by individuals to pay each other. It amounts to a financial stop-and-frisk program where every American is a suspect, but the little guy is the chief suspect… (Excerpts from the  Patriot Post)