One of the ways that President Biden says he will “fund” the trillions in spending inside his budget reconciliation bill is by imposing additional taxes and funneling money to the IRS to go after more Americans. Among these provisions? That banks would be forced to give the IRS information on any accounts with over $600.
So that would mean almost every American and every company’s bank account would be looked at by the IRS. Now, given how we witnessed the IRS being used like a weapon during the Obama-Biden White House and the dictatorial nature of the Biden White House, does anyone really think it’s ok for the government to have that much power over us? This is not a situation where you are talking about probable cause to analyze an account; this is a general rule for everyone.
Now, over 40 trade associations are fighting back against this provision and they are demanding Congress step in:
“While the aim of this large data collection is to find tax dodgers who are wealthy, this proposal is not remotely for that purpose,” the letter states. “In addition to the huge privacy concerns, it would create greater liability for all parties by forcing financial data collection onto almost every American without a good process for how the IRS will protect, store and use this huge trove of personal data. We believe this program is costly for everyone, and not fit for purpose, and loaded with possible unintended and severe consequences.”
The groups said it would target “almost every American” and wonder if the IRS can keep that data from hackers and other bad actors.
“The associations in this group represent a cross-section of business and financial interests write to show our strong opposition to the proposal rule under consideration as a part of the reconciliation program that would create a new tax data reporting regime that would directly affect almost every American citizen and business with an account at a bank,” the letter said. “This proposal would form significant challenges for banks, increase tax costs for people and small businesses, and create serious issues about privacy. We urge members to vote against any efforts to push through this ill-advised new regime.”
Author: Scott Dowdy
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