Along with making OSHA the enforcement arm of his new vaccine mandate for any company with 100+ employees, the current administration (Treasury Department) seeks to make the IRS spy on every financial transaction you make.
The Treasury Department made the proposal in May 2021. The Senate Finance and House Ways and Means committees could adopt it as part of budget reconciliation legislation they are considering.
Under the measure, financial institutions would be required to annually report gross inflows and outflows from all business and personal accounts — including bank, loan and investment accounts — if the inflows and outflows of an account total at least $600 in a year, or if the account has a fair market value of at least $600.
So, for example, if you had at least $600 in your bank account, the bank would be forced to report the amounts of any debits or credits to that account to the IRS. If the debits and credits that flow through the account add up to at least $600 — including deposited paychecks or electronic payments through smartphone apps tied to the account — those totals would have to be reported, too.
The American Bankers Association opposes the measure,
"The proposal would create a significant burden on small businesses and community banks and add no discernible value to tax enforcement," the group said in a Sept. 7 letter to the House and Senate committee leaders.”
Biblical Implications
The Bible predicts that the day is coming when all buying and selling is under the control of a neo-totalitarian central power. In order for this to happen, the free markets of the world must be eliminated and a meritorious system of commerce based on false religion will be in place (Revelation 13:4, 12, 15, 17).
I am not saying that this Treasury Dept. proposal is the epitome of Revelation 13 (Rev. 13:17). I am saying that it is a significant potential step in that direction. How do you see it?
Some Adventists will defend this proposal, due to seeing themselves as democrats first and believers second. Some will object to this proposal due to seeing themselves as republicans first and believers second. Neither of these approaches satisfy me.
We should be Bible-believing Adventists first and last. This perspective will help us shun political questions and rightly discern the times we are in. And they are ominous and inspiring times.
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“That no one may buy or sell except one who has the mark or the name of the beast, or the number of his name” (Revelation 13:17).