Big Brother Expands His Watch
The States are now using more creative ways to increase their revenue. If they can’t raise taxes, they increase the cost of parking tickets. What used to be a few dollars is now close to $100. What used to be $100 for a moving violation is now $468 for making a right turn on a red light where not permitted.
And, now! Where a taxpayer is delinquent on taxes due and owing, financial institutions subject to a new California law must provide to the Franchise Tax Board (the State equivalent of the Internal Revenue Service) on a quarterly basis the name, record address, and other information for those people who maintain an account at the financial instiution.
The cost of this new initiative will be paid by banking consumers on opening new accounts. And/or banks may decline to open accounts for depositors who are on the delinquent tax debtor list.
How do you get on this list? Fail to pay a demand for payment for 30 days. Nothing is said about the right of the taxpayer to protest the validity of the State’s demand.
Technology is becoming a bill/tax collector … First, for deadbeat dads who have a job or who receive money from the government. Now for those who have money in a financial institution but don’t pay their taxes to the State. And, as we know from recent exposes, we are being tracked by the use of our Smartphones. And tracking us by the use of our credit cards at gas stations, ATM machines, seems to be commonplace.
There seems to be no plalce to hide. What’s next?Tags: Bank, Cash Flow - Finances, Gone, Managing, Money, Secrecy, Technology