What dose the American Families Plan really mean...

Privacy Destroyed

But then some middle-aged bald fella comes and kicks some sleepy shins. Wake up, he says, it's all a ruse.

You probably didn't catch it - the media was too busy touting all the freebies the president pitched - but the American Families Plan that Biden announced last week had a very sinister aspect to it.

Privacy wonks should freak.

It's why Yellen is out in front of the news this week, acting as if she's just now learning that millions of Americans take advantage of the thousands of loopholes buried in the tax code.

If she really is "shocked" by the news, perhaps she's not the right person for the job.

But we know a well-orchestrated act when we see one. And this is one of the best.

It should be. What's been proposed will have ramifications for generations.

Get this... the president and his troops want to force banks to report "aggregate account outflows and inflows."

It's a way to ensure we're all paying what we're supposed to be paying.

That's huge.

It means your bank won't send the IRS just a 1099 detailing the interest you earned in a year. Oh no... it will send details on everything that goes in and out of your account.

Uncle Sam will know what is in your account, how much you spent and how much you transferred here and there.

If Uncle Sam doesn't like what he sees, the suits will come knocking.

Give a graduation gift to your grandson... you'd better hope you reported it the right way.

Help a child out with a down payment on a home? Sure, it's your money... but you're allowed to gift only so much of it in a lifetime.

Deposit cash from the sale of an old boat... you'd better hope the numbers match up.

It's no wonder Biden wants to "invest" $80 billion into the IRS and its audit army. He knows that for every buck he puts into the tax machine, it will pull $10 into the government's coffers.

It's the next best thing to printing money.

The future is clear.

Washington is broke. It has gotten itself into a pickle. It can't slow spending. It won't cut back. And it's going to have a heck of a time passing any of the recently proposed tax hikes.

But it will find a way to get its money.

Whether it does it by slashing your privacy or taking the cash right out of your paycheck... taxes are on the rise.

Don't worry, though... most folks will likely never even hear about any of it.

Be well,

Andy