The Biden Administration is now pushing lawmakers to pass a bill that will require banks to turn over detailed information about the input and output of most American bank accounts, which will be monitored by the Internal Revenue Service (IRS).
Wow, another invasion of the federal government on our lives...imagine that!
Breitbart reports:
Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig sentletters to lawmakers this week asking Congress to include in tax hike legislation a requirement that banks report annual transaction data on accounts with $600 or more or that have $600 worth of transaction over the year, the Wall Street Journal reported.
Their goal is to collect more taxes from individuals and businesses from unreported income and run more audits.
Ah, the American dream. To be taxed to death.
The Biden administration claims the additional information would result in the IRS collecing an additional $460 billion over a decade. The administration wants to use this additional revenue to offset some of the new spending for expanded government social policies and green new deal schemes Congress is currently considering.
The proposal did not make it into the list of tax change proposals put together by House Democrats. The Wall Street Journal reported that absence is a sign that the proposal lacked support among Democratic lawmakers.
Financial institutions say it would impose a costly compliance burden that would be especially difficult to manage for smaller banks and credit unions. Critics have also said that the IRS lacks the ability to rationally analyze the enormous amount of data it would receive.
Honestly, the IRS is behind as it is. I mean, have you ever tried to call and speak to a person there? It is nearly impossible. Unless you have an hour or more to sit on hold, don't even bother. So how exactly would they have the time or resources to do this??
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