Before Casting An IRS Dragnet For All Americans’ Bank Accounts, Audit Joe Biden Over His Unpaid Taxes
Democrats will say nothing about President Joe Biden, who when not telling others to 'pay their fair share' dodged more than $500,000 in payroll taxes.
By Christopher Jacobs
October 26, 2021
“Tax enforcement for thee—but not for me!” That’s Democrats’ mantra for their multi-trillion-dollar spending blowout, as they continue to promote provisions that will enable Internal Revenue Service agents to monitor the banking details of millions of Americans.
Meanwhile, Democrats say absolutely nothing about President Joe Biden, who when not telling others to “pay their fair share” dodged more than $500,000 in payroll taxes. If Treasury Secretary Janet Yellen and congressional Democrats want to make a statement about tax enforcement, they have a more obvious target right down Pennsylvania Avenue.
Tax Reporting Requirement Modified…The issue involves a provision, included in Section 138402 of House Democrats’ draft reconciliation legislation, that would force banks to disclose account information to the IRS, purportedly to improve tax compliance.
Treasury recently announced it agreed with congressional Democrats to modify the provisions, in light of public outrage over the issue. While the original proposal would have required banks to report information on any bank account with $600 in deposits and withdrawals, the revised proposal would set that threshold at $10,000.
Treasury also claimed that “the new, tailored proposal carves out wage and salary earners and federal program beneficiaries, such that only those accruing other forms of income in opaque ways are a part of the reporting regime.” It also included various arguments to rebut “misinformation” about the new requirements, claiming that “any additional reporting will be minor” and that “only total money into accounts and total money out of accounts will be reported to the IRS.”
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https://thefederalist.com/2021/10/26/before-casting-an-irs-dragnet-for-all-americans-bank-accounts-audit-joe-biden-over-his-unpaid-taxes/
