As the liberal leftist and Marxist presidency of Biden is trying to push through Congress a staggering $3.5 trillion spending plan – and that’s after a $1.9 trillion COVID relief plan and a $1.2 trillion infrastructure plan, Sleepy Joe wants the IRS to snoop on every single personal banking transaction out there in order to be able to fund the plan’s communist projects.
The IRS will be carrying out totalitarian communist surveillance
Thus, under Biden’s plan, the IRS would be monitoring every single incoming or outgoing transaction of every single individual’s bank account – with the administration claiming that the unprecedented police state-style financial surveillance would prevent tax evasion.
Critics, however, are correct in stating that the scheme is a terrible idea that will violate the Fourth Amendment rights of American citizens and that those of us who aren’t able to afford to pay in order to fight tax audits might be hurt disproportionately.
Under the proposal, the bank will have to report to the IRS every single withdrawal and deposit from any account.
And that includes transactions from PayPal, Venmo, crypto exchanges, among others.
That will allow the IRS to know by default how much money a person’s bank account has, and how much is coming in and getting out.
The unbelievable, communist surveillance effort – design to pay for giant communist state spending – is part of an $80 billion plan to supposedly boost tax collection – or perhaps to terrorize and rob American citizens.
The plans has been pushed hard not just by Biden but also by Janet Yellen, the Secretary of the Treasury, and Charles Rettig, the IRS chief.
A number of Democrat lawmakers are also backing it, especially Sen. Elizabeth Warren.
According to the policy vice president of the Taxpayers’ Protection Alliance, Patrick Hedger, the proposal in question may be in violation of the Fourth Amendment, which declares that American citizens are protected against search and seizure without a proper cause.
Given that the IRS is a law enforcement agency, “first and foremost”, Hedger told The Daily Mail he thinks “this will run into severe Fourth Amendment headwinds.”
Part of the plan in question stipulates the setting of a global minimum corporate tax rate at 15%, plus a system to prevent multinational corporations from registering their profits in jurisdictions with the lowest taxes.
It will hurt the poor
Back in May, the Treasury Department said in a report that the US tax gap stood at some $600 billion in 2019, and is projected to grow to 700 billion during the next decade if it is left unchecked, which is about 15% of the taxes that are owed.
According to the IRS, tax compliance on wages is about 99%, whereas for “less visible” sources of income, the figure is 45%.
Even though the Treasury Department insisted that the new communist financial surveillance plan of the Biden administration wouldn’t hurt taxpayers who are “already compliant” and the rich will be paying more, according to Hedger the poor will be hurt disproportionately by the new policy.
He forecasts that it will push more people to do “small cash transactions” and “more banking offshore” – he described it as “the ultimate regressive tax” and beyond “picking the low hanging fruit.”
The Office of Tax Analysis estimates that such a crackdown on unreported income could raise $460 billion over the next decade.
However, the banks are against the proposal because it would burden them with incredible reporting requirements.
It truly seems like Biden’s communist push to have IRS surveil every little banking transaction to pay for his vast communist spending will be among the most monstrous abominations of his administration.