The IRS Can Seize Your Money Based On A Hunch. This Bill Will Bring That To An End.

The federal government currently wields a tremendous amount of power over the citizens of the United States, far more than the Founders intended.

One manifestation of federal overreach is civil asset forfeiture. This practice allows the federal government to confiscate the wealth of its citizens upon the mere suspicion of wrongdoing.

The IRS, not content with expropriating the wealth of its citizens on April 15 every year, has now taken up the practice of seizing funds that have been involved in perfectly legal transactions on the basis of a hunch.

Thankfully, legislation in the House and the Senate has been introduced to bring this practice to a halt. Both chambers should act on the bills swiftly.

Under the Bank Secrecy Act, financial transactions of over $10,000 trigger bank reporting requirements. If there are multiple transactions of just under $10,000—by a business, for example—the IRS may become suspicious that there is nefarious activity occurring.

…continue reading

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