For those of you that Voted for Joe Biden, your privacy is about to be forever gone. Joe Biden is seeking $80 billion dollars for the IRS, so that he has the ability to scrutinize your bank account and require you to come in for an audit if you deposit as little as $600 over the course of a year.
Treasury Secretary Janet Yellen claims the proposal is for the rich nut some rich people spend $600 for a haircut, but the poor could easily hall into that same category as most in the middle class already do.
This proposal would create a comprehensive financial account information reporting regime. Financial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600 .
Also, the proposal would give Yellin the ability to unilaterally add more regulations she feels are necessary with absolutely no oversight.
Yellin claims that this proposal is to keep an eye on the millionaires and the billionaires, but the $600 limit proves that is an utter lie.
“Look, the big picture is that we have a tax gap that over the next decade is estimated at $7 trillion. Namely, a shortfall in the amount that IRS is collecting due to a failure of individuals to report the income that they have earned.”
Critics pointed out the obvious: If the proposal is about holding accountable wealthy Americans, like billionaires, why is the annual transaction threshold proposed to be a mere $600?
- “Can’t tell you how many billionaires got that way by withdrawing $600 at a time from a bank. Because that would take literally 1,666,666 transactions,” Ben Shapiro questioned.
- “Biden will double the size of the IRS and surveil every bank account in America… and find that billionaires are corps still have better tax lawyers than the government and can defend everything they claim. But millions of small businesses will be audited blind,” Phil Kerpen warned.
- “That’s insane. You don’t become a Billionaire by hiding transactions of $600 from scrutiny,” National Review’s Michael Brendan Dougherty responded.
- “$600 to hold billionaires accountable. This is an insult to the intelligence of the American people,” another person reacted.
- “This is the Chinese Communist Party’s police state right here in America, Biden-style,” Rep. Mark Green (R-Tenn.) said.
- “Everyone knows this is bulls**t. They know everyone knows this is bulls**t,” another person said.
- “I’m having a hard time understanding how this holds our billionaires accountable,” one person wondered.
- “Wow, if $600 is the threshold then I know more billionaires than I realized,” another person mocked.
If the proposal ever came to fruition, it would take effect for tax years beginning after 2022.