Democrats' IRS monitoring plan should scare everyone with a bank account: Rep. Vern Buchanan
Democrats claim their bank account surveillance scheme is necessary to beef up tax enforcement and raise revenues
By Vern Buchanan FOXBusiness
In an attempt to pay for their so-called "social infrastructure" bill, President Biden and Democrats in Congress unveiled a disturbing new plan that should rightfully scare every American with a bank account.
Under the administration’s initial proposal, the IRS would be allowed to track the personal bank accounts of individuals with a balance of $600 or more as well as anyone that conducts $600 worth of transactions in a single year.
Amid widespread public backlash, Democrats recently proposed raising the reporting threshold, as if that would somehow make one of the largest violations of your privacy in our nation’s history more palatable.
Steve Rosenthal, a senior fellow at the left-leaning Tax Policy Center called it a "deeply flawed proposal" and said that "even at $10,000, the Biden bank proposal is still too sweeping, throws a net very wide, and it’s hard to see what fish they want to catch here."
Even some Democrats in Congress like Sen. Joe Manchin, of West Virginia, have come out swinging against this radical plan, saying "this cannot happen. It’s screwed up" and declaring that "no one should be in anyone’s bank account."
I couldn’t agree more.
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https://www.foxbusiness.com/politics/democrats-irs-plan-bank-account-rep-vern-buchanan
