WASHINGTON, DC, Oct 20 — How about we pass a law that requires each and every elected official, and the members of their immediate families, to publicly disclose any and all financial transactions of $600 and above to the public? And, if you’re reading this, Mr. Biden and, you too, Ms. Nancy Pelosi, it’s called quid pro quo. You want to see every bank deposit and/or withdrawal I make in the amount of $600 or more; it’s only fair that you show me yours.
The repercussions to the plan to scrutinize all of our bank accounts were so loud and so persistent that they revised the plan. Instead of giving the government the right to peak into everybody’s bank account — no matter how little your account — they now say they’ll replace it with somewhat different terms. According to the New York Times, “banks would be required to provide data on accounts only with total annual deposits or withdrawals worth more than $10,000, rather than the $600 threshold that was initially proposed. The reporting requirement would not apply to payroll deposits for wage and salary earners or to beneficiaries of federal programs such as Social Security.
Note that there still will be demanding to see your banking info, but this time they’re settling for “total annual deposits or withdrawals worth more than $10,000.” It’s not much of a difference.
That word game didn’t get by Senator John Kennedy, Republican of Louisiana [R-LA], who pointed out to reporters: “Whether it’s $600 or $10,000, under this proposal, the intimate financial details of everyone in this room — at a minimum, of every American who has a job — will be turned over on a daily basis to the I.R.S.”
By the way, how did they come up with the amount of $600 in the first place? They said they were going to raise their $3.5 trillion from all those rich guys and gals and leave all of us unwashed masses alone. They tried to have us think that they were proposing to care for the proletariat [that’s what they and their fellow travelers call us, isn’t it], from the cradle to the grave. So why do you need to know every time somebody makes a deposit of $600 to pay my car insurance premium or to cover a check I wrote to pay for a bicycle someone buys for a granddaughter?
If they’re after the big spenders, why aren’t they satisfied that the law already requires banks to report any deposits of $10,000 or more?
Most Americans are confused and angry that their government would want to intrude into their lives that way. Check out the new Rasmussen survey. It shows that the vast majority of citizens are teed off that the government would want to do this. Oh, and by the way, the survey shows that a majority of voters think Democrats and their crony progressive brethren are lying when the administration says they’ll only tax the rich to pay for their extravagant spending plan– a plan that is loaded with giveaways.
The survey shows “that 69% of Likely U.S. Voters are opposed to legislation that would require banks to report data to the I.R.S. on transactions over $600, including 55% who strongly oppose the measure. Only 23% support the proposal, which is part of the so-called ‘Build Back Better’ agenda Democrats are attempting to push through Congress.” It also shows that 63% of voters who were polled said they don’t believe the Biden-Pelosi claim that they’ll pay for the massive giveaway budget plan by taxing the rich.
The spending plan contains such programs as “family leave” and a “cash for kids” entitlements, according to Congressman Kevin Brady [R-TX]. He explains that neither plan requires individuals to work in order to get benefits.
As for the privacy issues raised by the government prying into the personal bank accounts of innocent citizens, Biden’s Treasury Secretary Janet Louise Yellen seemingly told a bald-faced lie when the C.B.S. Evening News asked her whether the government was trying to “peek into pocketbooks” of America’s lowest-paid earners. She said, “The proposed $600 IRS reporting requirement for banks is ‘absolutely not a way for the government to peek into Americans’ pocketbooks but to hold billionaires accountable,” she said. Ms. Yellen went on to say, “the proposal involves no reporting of individual transactions of any individual.” Duh?
And here I thought that $600 would be chump change for billionaires.
Meanwhile, when the “peek a boo proposal” was publicly suggested, there was plenty of complaining about the government intruding into the private affairs of individuals. When the plan was first reported, the New York Times reported that “Banks and their trade groups are running advertising and letter-writing campaigns to raise awareness — and concern — about the proposal. As a result, banks from Denver to Philadelphia say they are being deluged with calls, emails and in-person complaints from both savers and small-business owners worried about the proposal. JPMorgan Chase & Company has issued talking points to bank tellers on what to tell angry customers who call or come into a branch to complain.” Thus, the rewording of the intrusive plan.
The complaints seem to have had an impact, but it’s easy to see through the semantics. Cumulative amounts of transactions totaling $10,000 are not very different than individual amounts of $600.
When this issue first became public, one angry loyal American asked: is America to become the land of the not-so-free citizens bound to be hounded by socialist bureaucrats in Washington?