The interest rate paid by most banks is .40 % less than a half of a per cent. If you have the right to withdraw the money at any time probably that is better than just letting it set idle in your bank account.

There are banks and credit unions offering interest rates of several percentage points if you are willing to commit to leave the money for several years or suffer a withdrawal penalty.

Then there is the problem now that Congress is discussing monitoring every bank account for transactions $600 or more in an effort to detect income tax evaders. If the huge infrastructure bill is approved there are millions of dollars designated to hire IRS agents so every single tax return can be audited. That sounds like and looks like an impossible task. At any rate many freedoms we have enjoyed are disappearing by leaps and bounds under the current administration.

If the proposed plan is put into operation families are going to have to plan differently in handling their banking I am sure. We all know there are many cash businesses that people operate now. The number of those businesses will increase by leaps and bounds if their bank accounts are going to be a source of controversy. There are many people like plumbers, roofers, electricians, landscapers, insect control people, beauticians, and some retail businesses like cafes. There are other individuals that only accept cash. I do not know if they report the income or not. But the government’s plan is probably only going to expand the cash system dramatically. Also I would think they will collect less in taxes because people are going to figure out ways to avoid putting the money in the bank.

People on Social Security, Retirement Programs, Government and State funded income programs will have to have a bank account to receive the money. If that is the only income they have why would the IRS want to audit their tax returns, that would be a total waste of time and money. But we all know the Federal Government is very adept at wasting money and harassing citizens.

Write to your U.S. Representatives and Senators and discourage them from supporting such a costly plan with the only purpose being to collect all the money they possibly can for them to determine how it will be used.

IT IS TIME ALL CITIZENS TAKE NOTE OF WHAT IS HAPPENING AROUND THEM AND STAND UP FOR THE IDEAS AND SYSTEMS THEY CHERISH. WE ARE LOSING OUR FREEDOMS, WE ARE LOSING CONTROL OF OUR EDUCATION SYSTEM , AND WE ARE LOSING CONTROL OF OUR COUNTRY SINCE OUR PRESIDENT AND VICE PRESIDENT WILL NOT ENFORCE OUR IMMIGRATION LAWS AND ARE GRANTING AMNESTY TO MILLIONS OF IMMIGRANTS. ALL OF THESE THINGS SHOULD LIGHT A FIRE UNDER EACH OF US. WE SHOULD MAKE IT CLEAR TO OUR REPRESENTATIVES AND CURRENT ADMINISTRATION WE WILL NOT STAND FOR IT.