Joe Biden is looking to expand the control that the federal government has.
It will not be looking over most financial transactions.
Joe Biden plans to expand the IRS in a way that should scare every America.
In an effort to pay for his massive $3.5 trillion spending spree President Joe Biden is giving the IRS significantly more power.
The Biden administration wants to require banks to turn over to the Internal Revenue Service bank account information for any account that holds more than $600.
Democrats claim that this information is needed to make sure that the that super wealthy pay their fair share of taxes.
However, 40 trade associations, are so disturbed by the idea that they wrote a letter to U.S. House Speaker Nancy Pelosi, D-Calif., and Minority Leader Kevin McCarthy, R-Calif.
The noted that the plan would violate customer privacy.
“While the stated goal of this vast data collection is to uncover tax dodging by the wealthy, this proposal is not remotely targeted to that purpose or that population,” the letter said. “In addition to the significant privacy concerns, it would create tremendous liability for all affected parties by requiring the collection of financial information for nearly every American without proper explanation of how the IRS will store, protect, and use this enormous trove of personal financial information. We believe that this program is costly for all parties, not fit for purpose, and loaded with potential for unintended and serious negative consequences.”
The groups argued it would target “almost every American” and question whether the IRS could keep that information secure from hackers and bad actors.
“The undersigned associations representing a cross-section of financial and business interests write to express our strong opposition to a proposal under consideration as part of the reconciliation package that would establish an expansive new tax information reporting regime that would directly impact almost every American and small business with an account at a financial institution,” the letter said. “This proposal would create significant operational and reputational challenges for financial institutions, increase tax preparation costs for individuals and small businesses, and create serious financial privacy concerns. We urge members to oppose any efforts to advance this ill-advised new reporting regime.”
Republicans on the House Ways and Means Committee are addressing the issue with a virtual roundtable Wednesday called, “Weaponization of the IRS: A Sordid History and the Need for Taxpayer Protections” to discuss these concerns.
“The meeting will highlight the efforts of congressional Democrats to nearly double the size of the IRS with a massive funding increase while doing nothing to address the weaponization of the IRS, including the massive, criminal leak of taxpayer information to ProPublica in June of this year,” Texas Republican Rep. Kevin Brady’s office said.
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