Why IRS reports on $600 bank accounts?
A question most Americans should ask is: Why does the Biden presidency want to force banks to report to the Internal Revenue Service bank accounts with a balance of $600?
The answer seems obvious – to help raise the $3.5 trillion this regime is seeking to destroy the American economy, targeting working people.
Destroying America’s partially free enterprise economy is the obvious goal of the “Build Back Better” program the Biden team pushes.
A key ingredient of this program is to do away with oil companies, about the only genuinely free enterprise left in our economy.
It should be known by all at this point that the IRS was weaponized on behalf of the Democrat Party during the Obama years.
Obama – or whoever pulls his strings – obviously is whispering his continued tricks to fundamentally transform America into Biden’s ears.
The new $600 threshold for reporting income balances apparently is designed to catch all the tax cheats that operate with small bank accounts (sarcasm intended).
The $3.5 trillion wasteful spending bill should be enough to raise the ire of every American by itself, but the $600 reporting threshold is even more detestable.
Invading peoples’ privacy and putting financial data at risk is of little concern to this administration.
House Ways and Means Chairman Richard Neal, D-Mass., still considers it a financial issue and said that Democrats may raise the threshold from $600 to $10,000.
Meanwhile the globalist elite are meeting in Glasgow, Scotland, to figure out how to more quickly bring every person in the world under their control.
The would-be world rulers are sort of put out because Communist China’s President Xi is indicating he won’t attend.
Columnist Pat Buchanan points out that nations like China are discovering that meeting goals for cutting carbon emissions can stall economic growth to where the regime itself is at peril.
Forced to choose between what is best for the country now and what is deemed by climate radicals better for mankind in some indeterminate future, leaders are putting the needs of the nation today over the call of the world of tomorrow.
Elite to meet in Glasgow
As the countdown to Glasgow proceeded, China’s energy situation is described by The New York Times:
“China’s electricity shortage is rippling across factories and industries, testing the nation’s status as the world’s capital for reliable manufacturing. The shortage prompted the authorities to announce a national rush to mine and burn more coal, despite their previous pledges to curb emissions that cause climate change.”
Forced to choose between fighting climate change and preventing a possible recession or depression, Xi is unapologetically putting China first.
Nor is China the only Asian economic power grappling with an energy shortage. India, the world’s third-largest producer of carbon emissions after China and the U.S., is facing a potential power crisis.
Coal accounts for 70% of India’s electricity generation. Yet, four in five of its 135 coal-fired power plants have critically low levels of coal inventory. With its economy picking up, New Delhi is going to be in the market for more coal to burn. Lectures about carbon emissions are likely to go unheeded, Buchanan says.
In Europe, wholesale electricity prices have increased 200% since 2019, a result of surging natural gas costs driven by high demand in Asia and lower-than-expected deliveries from Russia. With completion of the Nord Stream II pipeline, German and EU dependence on Russian gas is going to rise.
Is Russia, rich in fossil fuels that are still in demand, and the world’s fourth-largest producer of carbon dioxide, likely to placidly accept watching its customers move away from Russian coal, oil and gas to solar and wind? Buchanan asks.
Oil prices Soar
U.S. oil prices hit a seven-year high amid a surge in global demand and a supply crunch induced by OPEC. West Texas Intermediate crude, the U.S. oil benchmark, climbed to $82 a barrel. Gas prices followed.
Oil is at its highest price since OPEC launched its price war against U.S. shale producers. In November 2014, OPEC stunned world oil markets by refusing to curb production amid soaring shale output.
Crude prices went into free-fall as OPEC sought to drive the higher-cost U.S. producers out of the market.
Such economic nationalism raises a relevant question:
Why would OPEC nations that depend on oil exports for much of their national income champion a worldwide abandonment of the fossil fuel sales upon which their regimes’ survival depends?
This raises a question:
Will fighting oil companies cause the Biden regime to unintentionally boost the Kingfisher County economy where shale oil and fracking remain viable?
The administration cannot control the world price of carbon fuels.