Biden Wants to Monitor Your Bank Account Through New $3.5 Trillion Budget Plan.
President Joe Biden is quickly proving to be one of the most authoritarian presidents in modern history.
According to the Democrat's new $3.5 trillion budget plan, Biden and Democrats want to monitor inflows and outflows from your bank accounts.
“The proposal would require banks to report to gross inflows and outflows to the IRS, including transactions from Venmo, PayPal, crypto exchanges and the like in an effort to fight tax evasion,” The Daily Mail reported, adding, “The IRS would know how much money is in an individual’s bank account in a given year, whether the individual earned income on that account and exactly how much was going in an and out.”
PLUS Biden is going to hire 2,000 new IRS agents to look you over.
Vice president of policy at the Taxpayers’ Protection Alliance Patrick Hedger, shredded the idea, saying, “The IRS is first and foremost, a law enforcement agency and the Fourth Amendment protects against unreasonable searches and seizures in pursuit of, of looking for wrongdoing and criminal actions, so I think this is going to run into severe Fourth Amendment headwinds.”
“You’re going to push more folks into small cash transactions, you’re going to push more banking offshore,” he continued. “The big fish out there that do have sizable assets that are eligible for taxation offshore. This is the ultimate regressive tax. You’re going to end up punishing the worst off among us … the lower-income folks in this country have historically been the targets of aggressive IRS audits because they don’t have the CPAs and the lawyers to be able to fight back. I don’t see why they need to be going after people, you know, just the average, the average Joe and start stooping on, you know, a $600 payment. It doesn’t make any sense, these, this is, I mean this is beyond trying to pick out low hanging fruit.”
In a letter written to the Senate Subcommittee on Finance, a group including the American Bankers Association, the Bank Policy Institute, the Consumer Bankers Association said the following:https://patriotalerts.com/2021/09/biden-wants-to-monitor-your-bank-account-through-new-3-5-trillion-budget-plan/