On Monday, I wrote about the IRS practice of emptying private bank accounts when it appears to the government that there exists a pattern of bank deposits seeking to skirt the bank reporting laws requiring all deposits of $10,000 or more to be reported by the bank to the government.
The seizures are the result of a law passed in 2000 requiring banks to look for and report ‘structuring’ cases where bank deposits by an individual or business reveal a pattern of depositing sums just below the $10,000 reporting trigger in an effort to hide large deposits from the government.
The point of the law is to help the federal government hone in on terrorists, drug dealers and other criminals who deal in large sums of cash.
As noted in my earlier piece, the most recent statistics indicate that the law has gone wildly off-course with approximately 80 percent of those who had their accounts seized in 2012 turning out to be completely innocent people who did not meet the profile of a terrorist, drug dealer or any other sort of criminal that the law was created to impact.
While I suppose one can argue that mistakes happen—particularly when the government is involved—one might also suppose that, upon learning of the error, the IRS would be all too anxious to return the money, with interest and damages, along with a profound apology for any damage done.
Not so much. READ MORE
TO SIGN THE WHITE HOUSE PETITION CLICK HERE
(note link didn't work previously because of changes to how the white house petition system now operates, until 150 people sign the petition is only available through this link. which you may copy and post elsewhere. Thank you.)
FIND THE BILL HERE H.R. 5212 Civil Asset Forfeiture Reform Act