President Joe Biden’s plan to get the IRS to look at bank accounts with $600 or more is highly unpopular among Americans, and it’s unlikely to pass any Supreme Court ruling. There’s a confident expectation of privacy that people have when it comes to their bank records, and the premise is “innocent until found guilty,” not “guilty until proven innocent.”
According to the Treasury Department, “Under the current proposal, financial accounts with less than $10,000 in annual transactions are exempt from further reporting.”
That means that if your account hits $10,001, you’re getting flagged, and the IRS will investigate. That’s still an insane amount of people. That’s not even the income portion. The $10,000 is for in and out. Even an average mortgage will have $10,000 going out of the account if it’s just under $1,000 a month. How about just leaving people alone? If there’s a reason to audit someone, then do it. Otherwise, mind your own business.
“Ultimately, these measures are aimed at combating tax evasion by casting light on hidden income sources and providing the IRS with the resources it requires to deal with high-end noncompliance.”
According to the Tax Foundation, the tax laws and regulations are over 10 million words long. How about the IRS start fixing that nonsense and get their own house in order before targeting Americans.
The Tax Foundation also says that “Due to increasing tax complexity, over 90 percent of taxpayers now hire professional tax preparers or use tax preparation software.” No wonder they have to. Americans read an average of 225 words per minute, meaning that reading 10,067,000 words would take 745.7 hours.
Press Secretary Jen Psaki says that people who have $10,000 of in and outflow are “high-net individuals,” which tells you exactly who the IRS and the Biden administration would be targeting. Let’s say someone makes $8,000 a year on a side business. If there are $2,001 of payouts for products etc., the IRS will look at that person and determine if they paid the correct taxes. These aren’t precisely “high-net individuals” that Psaki is talking about. It’s a targeted attack on the middle and low-class.
The Democrat plans are coming toppling down as they are surprised that Americans wouldn’t want this government. It’s socialism with a bow wrapped around it, and as they explain that the government isn’t trying to target anyone, that tone will change when these plans are enacted, if they are at all, because it’s difficult to take this type of stuff back. Once someone gets power, the only way they give it up is with force.