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The ‘Holding Billionaires Accountable’ Lie — Media, Big Tech Fact Checkers Mischaracterize Angst Toward Biden’s Tax Proposal

The 'Holding Billionaires Accountable' Lie — Media, Big Tech Fact Checkers Mischaracterize Angst Toward Biden's Tax Proposal

U.S. citizens and financial institutions are concerned about the Biden administration’s goals to get banks to report to the Internal Revenue Service (IRS) aggregate inflows from a customer’s bank account annually that exceed $600. Mainstream media is reporting and Big Tech’s swarm of fact-checkers have said that some lawmakers are mischaracterizing the proposal.

Biden Administration’s $600 Tax Proposal Ignites Heated Debate and So-Called Fact-Checking

In May, it was reported that Biden’s IRS planned to add more staff and focus on cryptocurrency exchange. The accounts stemmed from a Treasury Department report, and the department’s officials projected that during the next decade it could net $700 billion from tax offenders. The following decade later, the Treasury expects the plan to net $1.6 trillion, and the Federal entity believes those estimates are conservative. At the time of writing, the tax proposal dubbed the “American Families Plan Tax Compliance Agenda” is still being debated.

There’s a lot of confusion surrounding this proposal and if users post about it on Facebook, usually a fact-checker is assigned to the post that says lawmakers are mischaracterizing the rule. Twitter’s news feed says the exact same thing as it claims skeptics are conflating the definitions of the proposal in an attempt to say the IRS can view all transactions over $600.

“Most of the money [generated by the tax enforcement plan] —$460 billion—would come from the second big piece,” explains the Wall Street Journal. “That plan increases the government’s ability to see into a current blind spot—business income where there is no independent verification to the IRS, as there is for wages where W-2 forms go to workers and the government. Banks and payment providers would be required to report inflows and outflows from accounts each year, starting in 2023.”

Janet Yellen, the Treasury secretary, has been urging lawmakers to agree on the IRS proposal. “There’s a lot of tax fraud and cheating that’s going on,” Yellen explained to CBS reporter Norah O’Donnell. Furthermore, Yellen noted that the new requirement for financial institutions is “absolutely not” a way for the government to poke around into the financial affairs of average Americans.

Liberty Activist Asks: ‘Why Is the IRS Allowed to See Any of My Bank Transactions Without a Warrant?’

Yellen and Biden have continuously stressed that the goal is to have America’s billionaire-class accountable. Meanwhile, there’s a number of loud and vocal voices explaining that the proposal is intrusive.

“Whether it’s $600 or $10,000, the IRS has NO business monitoring your bank account,” Senator Michael Rulli tweeted on October 15. “For real though, it doesn’t matter if it’s $600 or $60,000 – why is the IRS allowed to see ANY of my bank transactions without a warrant?” liberty activist Naomi Mathew said the day before. Another Twitter profile “Juliesbac” exclaimed:

We should be completely flipping the script at this opportunity. Not only should the IRS not be able to look into $600 transactions. They need to be completely banned from looking at any transaction without a subpoena. They serve us. We don’t serve them.

The co-host of the broadcast “Breaking Points,” Saagar Enjeti, said that the “IRS is 3X more likely to audit someone making less than 25,000 than someone in the top 1%. The $600 dollar proposal would only give them even more ammunition to go after working-class Americans.”

Nancy Pelosi Says $600 Tax Proposal to Be Included in Reconciliation Bill, ‘Hold Billionaires Accountable’ Line Considered a Farce

Meanwhile, Nancy Pelosi explained that Democratic lawmakers plan to support Biden’s tax proposal. The new tax enforcement concept will be included in the Reconciliation Bill, Pelosi said.

“Yes there are concerns that some people have but if people are breaking the law and not paying their taxes one way to track them is through the banking measure,” Pelosi told the media last week.

A political columnist from The Hill, Joe Concha, told his 113,000 Twitter followers that the “hold billionaires accountable” line Yellen and others are saying “will win [the] lie of the year.” Meanwhile, there are many who simply scorned the government for the new proposal as the financial rules are consistently broken by the elite.

“Can’t stop thinking about how the IRS wants to know what I’m doing with $600 while the Pandora papers literally exposed the shadow economy and tax evasion of billionaires,” one individual said last Wednesday.

What do you think about the debate over the new IRS proposal backed by the Biden administration and Treasury secretary Janet Yellen? Let us know what you think about this subject in the comments section below.

Founder of Coin Signals Funds Pleads Guilty in Crypto Scam — Faces up to 10 Years in Prison

The founder and manager of several cryptocurrency funds has pleaded guilty to luring investors to his crypto investment scam. His funds consistently lost money and his scam left investors with a $5 million loss, according to the U.S. Department of Justice (DOJ). Investors Scammed Into Investing in Coin Signals’ Funds The U.S. Department of Justice::Listen

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The founder and manager of several cryptocurrency funds has pleaded guilty to luring investors to his crypto investment scam. His funds consistently lost money and his scam left investors with a $5 million loss, according to the U.S. Department of Justice (DOJ).

Investors Scammed Into Investing in Coin Signals’ Funds

The U.S. Department of Justice (DOJ) announced Tuesday that Jeremy Spence (aka Coin Signals) has pleaded guilty in a fraudulent cryptocurrency investment scheme.

Spence “solicited over $5 million from more than 170 individual investors for various cryptocurrency funds that he operated, after making false representations in connection with these funds,” the DOJ explained. Spence was charged in June.

U.S. Attorney Damian Williams detailed:

Jeremy Spence, a/k/a, ‘Coin Signals,’ admitted today to luring investors to his cryptocurrency investment scam by touting fictitious historical returns of up to 148%.

“In reality, Spence’s investments consistently lost money, and his scam left investors with a $5 million loss,” the Justice Department continued.

Spence solicited investors for several cryptocurrency investment funds that he created and managed from November 2017 through April 2019. His largest and most active funds were Coin Signals Bitmex Fund (CS Mex Fund), Coin Signals Alternative Fund (CS Alt Fund), and Coin Signals Long Term Fund.

The Department of Justice noted:

Investors who wanted to participate in a fund would transfer cryptocurrency, such as bitcoin and ethereum, to Spence in order for Spence to invest it.

“To hide his trading losses, Spence used new investor funds to pay back other investors in a Ponzi-like fashion,” the DOJ described, adding that he “distributed cryptocurrency worth approximately $2 million to investors substantially from funds previously deposited by other investors.” The Justice Department elaborated:

Spence, 25, pled guilty to commodities fraud, which carries a maximum sentence of ten years in prison.

What do you think about this case? Let us know in the comments section below.

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The ‘Holding Billionaires Accountable’ Lie — Media, Big Tech Fact Checkers Mischaracterize Angst Toward Biden’s Tax Proposal

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