I thought the IRS already did this??

[The Heretic]

IRS would track all bank transactions over $600 under Biden plan; Businesses revolt

A major component of President Joe Biden’s plan to raise revenue to pay for his trillions of dollars in new federal spending is now under fire from trade associations across the country.

news.yahoo.com

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[Alexx1401]

When I first started hearing about this I had to wonder. With the way all is connected by the web I have serious doubt they (IRS) can not already see this if they wish too. I can see why banks are blowing a gasket though. Them telling everyone they are going to do this will drive a LOT of business away from banks. At this point though with the current administration its often hard to really know. Are they really just complete morons who have no clue the damage they are doing or, is there some scheme here they really think will bring in more money. So many of the people in charge now have never in their life had a real job its often hard to tell.

 

[The Heretic]

I know the NSA can and does do this (they track ALL financial activity that goes on via computers, and just about every other kind electronic comms), and that the IRS is supposed to be informed (by financial institutions) of $10K+ transactions (or those that add up to $10K) or "suspicious activity". I am sure my cash ATM activity is probably been reported - I often go in and get $1k+ in hundreds - about once a month (for ammo/guns) - they probably think I am buying something illicit.

 

[bigbearbear]

Ahhh......I see what they're doing. Ladies and Gentlemen, please say hello the latest in US big government tech: Artificial Intelligence.

My employer sells such a product and one of its nature is that it works a lot better if you give it a lot of data to learn from. This is what the Biden administration is doing here, they're feeding an AI with lots and lots of information from banks, hence the very low $600 threshold, which basically means almost every single bank account info in US will be fed to this AI.

Based on this info, the AI will be able to see pattern in banking and money movement, and spot odd behavior such as tax dodging.

My employer sold this same product to a telecom carrier to help them sort out their cell tower placement and contracts. It is VERY effective.

 

[The Heretic]

The gov has been able to do this and has done it for decades - but the NSA & maybe the CIA has kept it under wraps for a while. As you say, the AI/etc. needs the data, that is why everybody, private entities & gov, are pushing to acquire it.