In hopes of paying for his $3.5 trillion socialist spending program, which according to White House Press Secretary Jen Psaki, will "fundamentally change" America's economy, President Joe Biden is backing a proposal that would allow the IRS to snoop on the bank transactions of Americans.
The administration argues the goal is to target billionaire tax cheats, and yet, they plan to monitor minor and routine transactions starting not at $600,000 but $600.
During the 2020 presidential campaign, then-candidate Joe Biden promised not to raise taxes on anyone making less than $400,000 per year.
At the time, tax experts and taxpayer advocates blasted Biden's claim as unrealistic, even impossible, given his policy positions and campaign spending promises. This was correct then, and it's correct now as Biden attempts to pass his agenda.
With full power in Washington, D.C., Democrats don't want to simply target "the rich." They're targeting everyone. Why? In order to pay for Biden's socialist plan, backed by communist Bernie Sanders and his allies in the House, everyone must be targeted. Eventually, everyone will pay. Confiscating 100 percent of wealth from top earners in America doesn't cover the bill, not to mention bringing down $30 trillion in already accumulated debt.
This reality is obvious to anyone paying attention, and Democrats know it too. They're just lying about it.
"High-income individuals with opaque sources of income that are not reported to the IRS, there's a lot of tax fraud and cheating that's going," former Federal Research Chairman and Biden Treasury Secretary Janet Yellen said in a recent interview with CBS Evening News. "All that's involved in this proposal is a few aggregate numbers about bank accounts."
"There are concerns that some people have, but if people are breaking the law and not paying their taxes, one way to track them is through the banking measure," House Speaker Nancy Pelosi recently told reporters, confirming the proposal would be in final legislation. "I think $600, that's a negotiation that will go on as to what the amount is, but yes."
According to CNBC, the average full-time working American above the age of 18 earns around $944 per week. This number far surpasses the IRS' $600 snooping threshold by the time paychecks are deposited every two weeks. This, of course, affects hundreds of millions of Americans in a country where only 600 billionaires exist.
Luckily, Republicans in Congress are stepping up to oppose this overreach and are working with private community banks to protect the rights of account holders.
"My constituents in Wyoming cannot believe that you support a proposal to require banks and credit unions to report customer data to the Internal Revenue Service for transactions of $600 or more. There are obvious privacy concerns for all Americans here, and this represents a dramatic regulatory burden for community banks and credit unions in Wyoming and elsewhere," Wyoming Senator Cynthia Lummis said during a recent Senate Banking Committee hearing, ripping into Yellen. "Bank customers are not subjects of the federal government. Banks do not work for the IRS. This is an invasion of privacy. Wyoming's people literally will find alternatives to traditional banks just to thwart IRS access to their personal information, not because they're trying to hide anything, but because they are not willing to share everything."
"I am astounded by what you're supporting and proposing. I think it's invasive. I think privacy for individuals is being ignored. And I think that treating the American people like they are subjects of the government is unconscionable," she continued.
Bank accounts are just the beginning. There's no doubt 401K retirement plans will be next. Rest assured, tax hikes for everyone are on the way.
