WND By Thomas Catenacci Daily Caller News Foundation 8/11/2021
THE POWER TO DESTROY
Democrats give IRS green light to collect your sensitive banking info
'It subjects law-abiding Americans to more intense targeting'
• The Senate rejected a measure introduced by Finance Committee Ranking Member Mike Crapo that would have prevented the IRS from having access to Americans’ private banking records.
• “The IRS financial institution reporting requirement forces financial institutions to turn over detailed bank account information to the IRS based on vague and ‘flexible’ criteria, such as a $600 threshold and account inflows and outflows, which are determined by the IRS,” Crapo said in a statement.
• The budget resolution making its way through Congress would provide the IRS with $80 billion in additional funding over the next decade to hire 87,000 more workers in an effort to prevent tax avoidance.
The Senate on Tuesday rejected a measure introduced by Finance Committee Ranking Member Mike Crapo that would have prevented the Internal Revenue Service from having access to Americans’ private banking records.
The rule, which Crapo proposed as an amendment to Democrats’ $3.5 trillion budget resolution, was narrowly defeated 50-49 in a party-line vote. It would have prohibited President Joe Biden’s administration from requiring financial institutions to report all transactions on accounts with a balance of more than $600.
“The IRS financial institution reporting requirement forces financial institutions to turn over detailed bank account information to the IRS based on vague and ‘flexible’ criteria, such as a $600 threshold and account inflows and outflows, which are determined by the IRS,” Crapo said in a statement.
“This time-draining burden disregards banking privacy in order to squeeze more resources out of responsible Americans and entrepreneurs,” he continued. “It subjects law-abiding Americans to more intense targeting from the IRS and additional data collection, a concern that was recently amplified by a leak of private taxpayer information out of the IRS.”
More:
https://www.wnd.com/2021/08/democrats-give-irs-green-light-collect-sensitive-banking-info/
