Guest Post by Mara Zebest
The IRS admits Navy Veteran Andrew Clyde did nothing wrong, but this is what tyranny looks like in Obama’s redistribution of wealth. When Obama wants your money, he takes it via the arm of the IRS.
It should be noted that if a business makes deposits of $10,000 or more, the IRS can seize money on the assumption that an individual is attempting to launder money, thus using the “suspicion of criminal activity” excuse—even if no criminal activity exists. These deposits mandate that the bank collect a massive amount of personal information before processing a deposit of 10k or more. Many people keep deposits under $10,000 to avoid filling out the intrusive government forms. Thus, the IRS goes after this activity as well—when the money deposits are consistently below $10,000—the IRS claims “structuring” to avoid the $10k or over rule.
Basically depositors are damned if they do and damned if they don’t. The IRS will seize money on either side of the amount limit and use whichever rule on the book applies to their agenda.
The below video says it all and is an absolute OUTRAGE!
FoxNews reports the following (via RightScoop):
Andrew Clyde, a Navy veteran who served in Iraq, started his small firearms store in Athens, Ga., in the 1990s.
Over the years, he watched his business grow.
And then, on April 12, 2013, two IRS agents swooped in and seized nearly a million dollars from his company’s bank account.
Clyde was on the wrong end of a murky federal program that allows agencies to seize assets they suspect could be tied to criminal activity — even without actual criminal activity.
The soft-spoken small businessman joined others in recalling their ordeals before a House hearing on Wednesday, where IRS Commissioner John Koskinen also testified.
Koskinen, who apologized to those snared by the IRS practice, assured that the agency stopped seizing assets without clear wrongdoing in October.
But the law that allowed Clyde and others to be targeted is still on the books.
“I did not serve three combat tours in Iraq only to come home and be extorted” by the government, Clyde testified Wednesday. He urged Congress to change the law.
The law in question falls under the Bank Secrecy Act. Under the law, financial companies must report cash deposits more than $10,000. But since terrorists and other criminals know this rule, banks also must report patterns of deposits slightly below the $10,000 threshold.
Clyde was accused of what’s known as “structuring” — that is, making deposits deliberately calculated to skirt reporting requirements — because he made frequent deposits just under $10,000. […]
Read more here.
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