Despite enormous opposition from the American people, Democrats are still insisting on turning local banks into chapters of the IRS to report on the gross transactions of both personal and business bank accounts.
On Wednesday, a Treasury official said that Democrats were still “trying to get this past the finish line.”
Democrats claim this snooping scheme is about closing the “tax gap” – but it’s really about going after the middle class to pay for handouts to the wealthy like expanding the SALT tax shelter for the rich, and achieving the largest expansion of the welfare state in our lifetime.
KEY TAKEAWAYS:
Democrats want the IRS to snoop on Americans’ bank transactions…
- Under the guise of closing the “tax gap,” President Biden has a proposal to spend $80 billion on an army of auditors and to turn local banks into chapters of the IRS to report on the gross transactions of your personal and business bank accounts.
- Every American must pay their taxes, but there’s very little evidence suggesting the IRS estimate on unpaid taxes (dubbed the “tax gap”) is accurate, given that it may be based on data from seven years ago or wild guesses on foreign transactions, cryptocurrency, concealed income, and other sectors.
…to pay for a huge tax cut for the wealthy.
- Democrats have vowed to repeal the $10,000 SALT cap before the reconciliation bill heads to the House floor – and at one point, their proposal amounted to the costliest part of Democrats’ tax hikes and spending bill at up to $475 billion according to an analysis by the left-leaning Committee for a Responsible Federal Budget (CRFB).
Under the IRS surveillance plan, audits will increase for taxpayers at all income levels. Farmers, families, and small businesses are the true targets of this dangerous expansion of the IRS.
- Nonpartisan CBO analysis assumes that under the President’s proposal audit rates would “rise for all taxpayers”–including EITC audits and those of other lower and middle-income workers.
- As Republicans wrote in a recent letter, “Even the $10,000 de minimis annual threshold would sweep up the bank information of nearly every American with a job.”
- According to local banks, the President’s financial reporting regime would expand the types of account holders currently subject to reporting and would require significant system changes.
- Because the reporting is different from current reporting, taxpayers will face substantial increases in tax preparation time and costs.
Republicans are fighting to stop Democrats’ IRS snooping scheme and protect taxpayer privacy.
- Ways and Means Republicans are committed to protecting American taxpayers from government overreach and from breaches of privacy like the one being proposed by the Biden Administration.
- Republicans have introduced Prohibiting IRS Financial Surveillance Act to stop the Biden Administration’s invasive snooping scheme.
- Republicans have also introduced the Tax Gap Reform and Internal Revenue Service (IRS) Enforcement Act, which allows for a better understanding of the tax gap, provides smarter enforcement, ensures the IRS uses all of the resources at its disposal, and addresses the expertise gap at the IRS.
- The American people understand that this surveillance plan will be incredibly broad, and like most other government programs, Democrats will try to expand this effort in the future.
- Given the agency’s inability to protect confidential taxpayer data over the last decade, the American people are rightfully concerned about the implications of giving the IRS a vast amount of new private data.
NO Unless applies to Dems TOO make=.
Otherwise NO
This administration is just plain sleazy.
Just shows how deceitful these democrats really are, say one thing and do another. I personally would not put anything past this power thirsty fascist party, the only way to describe what they are up to.
NO! However, there should now be mandatory annual public audits of all those involved in drafting this governmental overreach since they obviously don’t have any objection to having their privacy and financials violated by such fishing expeditions, let’s accomodate them.
I will be fine with the transparency of my income and expenses, right after a full audit of the U.S. Treasury occurs!
Just another way to try and control us. The IRS pretty much has carte blanch when doing audits as it is. They can accuse you and convict you without very much evidence. Imagine if the Dems give them their blessing to run rampant and threaten the general population to keep us in line. The gestopo is alive and well in America, it’s known as the IRS!!
Seems to me Consumption tax would be the way to go Eliminates all the write offs all income tax IRS and more
The only time that the Government should be looking into the financial record of any American citizen on an individual bases and with a Court order, if said citizen is believed to have committed a major criminal offence. I am no attorney I just play on here, but I believe that the 4th and 5th Amendments would come in to play, the 4th the right of the people to be secure in their houses, papers, and effects against unreasonable searches and seizures etc., the 5th no person shall be held to answer for a capital or otherwise infamous crime, unless a presentment or indictment of a Grand Jury etc.
Only loony people who wish to destroy America would think this is a clever idea, it’s evil, it’s intrusive, it’s big Government gone amuck,
Maybe it’s time to investigate the bank account of members of Congress and where they get all of their money and where they spend it and see who’s getting money from good old boy puffy eyed George Soros and the rest of the lefts slime-ball billionaires.
Let’s see and publish the names of those in Congress and big Government who promote this idea and publish their records first.
God Please Help Us!
Let’s begin with a trial run of All Federal government employees, Federal elected officials and the Democrat Party hierarchy as good faith examples… maybe ????
Biden is a slimmy snake. It is time to real him in. Pelosi says she is not worried about the Biden Bill passing. Federal courts need to slap their hands, and kick their butts, for illegal overreach
If they snoop in my bank account they should also snoop in all legislators as well
I was audited many years ago on an IRA account that grew by investing in
Zero coupon bonds that at maturity earned 16%. When the auditor came to my office
and I explained and showed her documentation she had never heard of this bond. We do not need the IRS butting into our affairs. If they want to audit you they can look at your tax returns and question anything they wish. Has anyone tried to call the IRS today? No live people and with 80,000 more you will still never talk to a live person. This is nothing more than socialist democrat control over your lives and investment. We must stop these people from destroying our liberties.
Hmmm, I want to know how much the politicians in Congress and Senate have in their bank accounts. And how they got the $$$$$$$$$$$$$$$$…
Can’t these clowns comprehend that they will be in SERIOUS trouble when the GOP next takes the White House? Pelosi should be first even if she is no longer alive.
I’ve been audited 3 times over the years by HUMANS. I always made sure I had receipts for my claims.
Add this to the comments – “capital gains” tax is CRIMINAL seizure by this govt. You worked for this money, paid INCOME tax on it already ! ! NOW the communist dogs want to TAX you on that money AGAIN ? ? ? And this is because you made a solid invest to keep the financial engine of this nation “chugging” along ? Who voted in THAT tax law ? Some treason-crat no doubt.
And Biden was one of the clowns who voted to tax social security back when ! ! !
Nothing new here as regards the DemonRat Party. During the Obummer administration the IRS was digging into pro-Conservative (Republican pro) support groups … and the female heading the IRS got virtually no punishment and the news media cooled it pretty quickly. When the DemonRats complain about illegal governance practices, you can bet that they know and recognize it from their own operational doings, and thusly exaggerate and make up stuff to make it appear that the Republicans are doing it. .
Marxists(totalitarians) never stop.
The LAST thing America should ever see, is expansion of the IRS. The BEST thing that could ever happen to this country would be the IRS being abolished, followed by cutting all ties with the U.N.
Most of the older people have past away, but I remember the carter years. They would follow self employed people around to jobs for several weeks. Then go to each customer and find out what they paid for the services. This would be self employed electricians or appliance repairman types. Then come up with a new tax bill based on their assessment, usually higher and wrong figures.
It’s against the Fourth Amendment!
The story of the camel getting his nose into the tent applies here…..along with the concept that once an operation is in place, it will be near impossible to reverse it….so the administration will stick its nose into every tent in the land, take the peek, and push on through…under the guise that they are helping us. Lies never come in their true form,and this whole idea is a lie….it is, however, a matter of money and power. Your money, their power. Rich or poor, prosperous or destitute, the administration wants control over your every day life in every form….how you earn, spend and use your money. How you carry on your daily tasks. How they can push on into the tent and bury your freedoms and rights.
Non-compliance will mean fines, incarcerations, confiscations and “big brother” in the most intimate parts of your life. The next convergence will be your religious affiliations and personal contacts.
All this for the sake of power upon power. You will be defenseless in the end.
Resident “Brandon” will audit tax paying citizens so he can give $450,000 to $1,000,000 to lawbreaking immagrants.
We fully understand how evil this move really is.
The IRS proved what dastardly thugs they are when they blocked conservatives in numerous, illegal ways to keep the foreign, jihadi mooslem in for a second term.
The IRS, given any more power, will certainly misuse it.
Better to institute a Flat Tax and
KILL the IRS.
The continued fleecing of American Citizens by the corrupt politicians in the swamp!
Throw out any politician working against Citizens through their self serving policies.
This regime is a disaster for the average Americans.
“Brandon” on day 1 failed to obey his oath of office of protecting the US from invasion and keeping America and Americans safe. He should have been impeached on day 2
This is NOT about ensuring the “rich” pay their “fair share”. I sincerly doubt any millionaire ever bothered about a $600 deposit to the back account. Clearly, a scam by daddy Biden to weaken the middle class…continue to fight against this illegal search of your pockets to pay for all the Dems hairbrained spending
Reason I do not like democrats. They ban together and block any accountability. This makes the whole reason for election useless. To having politicianms who are not accountable for any thing why have them?
and Congress, the White House, etc, are exempt.
Are you kidding me?I can’t believe the Gov’t would monitor “spy”on bank accounts under $100k per year! These D.A.DemocRATS are off their rocker and should seek Mental Healthcare immediately!
The US.Gov’t has increased the amount they steal from each paycheck every time one of us get paid then most states especially DemocRATS have implemented state income taxes in addition to the Fed’s that essentially equals a double tax for the same amount each paycheck,when the hell are they gonna cut spending and Program giveaways to people that earn a crappy wage? DemocRATS believe BIG GOVERNMENT IS THE ANSWER WE ALL NOW KNOW TAXING MORE MAKES POLITICIANS MORE INCOME THAN THE LOWER WAGE EARNERS IN THE U.S.
I can tell you because I’m supposed to be able to survive on $13k a year!
If you have basic math skills you can realize it’s impossible to survive on such a low income level so what did DemocRATS do they raised taxes. It’s insane! We get a lousy 2% to our gross income if you’re one of the lucky ones.
Tax and spend! What happened to only the strong survive?
I guess TV Land has most people convinced they can better manage OUR money “ TAXES” than we can I don’t think so!
America the ONLY choice is to remove ALL democrats,rinos and Marxists from Our Government!!!
Anybody with brain could NEVER support or vote for these Anti freedom losers!!
THROW THEM OUT
This is discussing. They better be ready first to show how they became millionaires as members of Congress, down to the last penny….matter of fact they need to show that NOW!!!!
Democrats need their heads batted in
This would be another step in the eventual government confiscation of private property. Only it won’t be the US government; it will be the CCP.
Biden better stay in his lane!! Maybe the IRS needs to take a good look in the Family Business!! How much as he made off the backs of Americans and his son Hunter!! How about the Teachers union.. 3 huge million dollar payouts during civid. Where is that money? Most schools have been closed and they need to be audited. How about Hollywood and a lot of the rich have not paid their taxes!! It did not do him a bit of good going to see the Vatican because the good Lord above will make the decision and will kick his ass right into the pit of fire because of his actions throughout his lifetime!!
More appropriately, Biden’s theme should be, “Build Back Bigger, Broader, Badder.”
After this last fiasco, it’s obvious the Republicans are all RINOS.
They will arm the IRS against conservatives , as they have with other government offices when they are in charge or see the opportunity to do so
As long as all the lowlife Democrats and all politicians are included in the audit i’m fine with that!