Biden Budget Plan Provision Would Let IRS Look Into Virtually Everyone's Bank Account
People didn’t put up enough of a fight when the Democrats tried to grab President Donald Trump’s private tax information. They were trying to do that for a fishing expedition, not based upon any specific action of wrongdoing. When his information was improperly leaked, nobody seemed to care enough to prosecute that, either.
The problem is when you go down that slippery slope, it starts to get more slippery pretty fast.
Now, the Biden team wants not just to look into Trump’s account, but into the accounts of virtually every American, as well.
As part of their budget plan, they want to empower the IRS to be able to look into the account of any American with at least $600 in inflow/or outflow in the year, imposing a requirement on the banks to report such information, which is pretty much any adult.
Financial institutions would be responsible for reporting your withdrawals and deposits – breaking down physical cash, transactions with a foreign account and transfers to and from another account with the same owner. This would apply to all business and personal accounts with at least $600 in it.
According to the testimony, the purpose of this plan would be to “…improve tax administration and provide the IRS with a blueprint to address various facets of the tax gap.”
The plan however has been met with major criticism. Arkansas Congressman Steve Womack joined other lawmakers in writing a letter expressing their concern with the data collection proposal saying, “The requirements of this proposal would impose significant compliance costs on our banks, credit unions, and related financial institutions, but also infringe on the privacy of millions of Americans.”
Listen as Joe Biden tries to explain it.
So, he just wants to know what’s going into and out of the accounts of the “super wealthy.” Not because there’s any evidence of wrongdoing or a warrant, but just because he thinks he wants to do it. Forget about the Fourth Amendment — the government is entitled to people’s private information because they’re “wealthy.” Oh, and now, the “super wealthy” apparently includes anyone who has at least $600 going into or out of their account in a year.
Now, it’s one thing to ask for account information, when you have probable cause. It’s quite another when the banks are reporting the information on everyone without cause to the government. As we’ve seen in the past under the Obama-Biden administration, there were all kinds of questions about the IRS being used politically against against people of the other party. Like many Obama scandals, folks who should have been prosecuted for doing that never were.
So what prevents that from happening again, if the IRS now would have the private bank records of virtually every American? Just one more reason that Biden’s budget plan is an unimaginable power grab for the Democrats.