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Yes, the government has a good idea about how much money is in your bank account. First, they have your work withholding for federal tax, so they know how much money you make. Then if you earn investment income, you get a 1099 form, which shows how much income you made off your investments, which they can then apply statistical tables to get a pretty good idea how much you have in your accounts.
The only loop hole is tax, but if you try to convert cash into other types of money (bank account, investments, etc) it passes through forms which are then reported to the government.
Your regular bank account is insured by the FDIC (the F is federal) so how much money is in bank accounts is reported to the Feds so they can manage the FDIC insurance policies.
None of this means the govt knows how much money is in your account. The FDIC exposure is a total sum the bank keeps track of not individual reporting
The FDIC exposure is a total sum the bank keeps track of not individual reporting
How do you figure? If the FDIC has to pay out, then they will know the number of accounts and the balance in each one, they wouldn't leave it up to the bank to have the only copy of balances because it would be easy to adjust those for fraudulent purposes.
And fine. There are tiny edge cases where people whose income is insanely variable whose income wouldn't be very accurate based on tax forms, but for everyone else, they know.
How do you figure? If the FDIC has to pay out, then they will know the number of accounts and the balance in each one, they wouldn't leave it up to the bank to have the only copy of balances because it would be easy to adjust those for fraudulent purposes.
If FDIC has to payout, if. They (the FDIC )don't maintain a customer balance for every customer at every bank. When a bank fails typically another bank takes them over, if not the FDIC steps and only at that point would they have the granular data they don't get it on an ongoing basis just to have it
How do you figure? If the FDIC has to pay out, then they will know the number of accounts and the balance in each one, they wouldn't leave it up to the bank to have the only copy of balances because it would be easy to adjust those for fraudulent purposes.
And fine. There are tiny edge cases where people whose income is insanely variable whose income wouldn't be very accurate based on tax forms, but for everyone else, they know.
Also incorrect. Knowing my tax situation wouldn't tell you how much I have in the bank it's a false assertion on your part
The only thing tracked is aggregate amounts in things collectively, not individual holdings . The main survey that looks at what americans have is the acs survey that goes out as a random sampling with the census.
Pew does some informal random samplings too
Last edited by mathjak107; 05-24-2016 at 02:42 PM..
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