Biden wants to sick the IRS on the American people by expanding the agency to the degree that it can monitor everyday transactions Americans make that are over $600 and tax them if possible. Seriously.
But Financial experts are saying this is a dystopian invasion of people’s privacy and they are not wrong:
NEWSMAX – Financial experts are pushing back against the Biden administration’s proposal to include a provision in the $3.5 trillion spending bill to extend the IRS’ reach to have bank transactions over $600 reported. The Democrats’ goal is to garner $463 billion in additional personal income tax over the next decade.
The Biden administration has said it is merely trying to ensure that wealthy Americans pay their fair share of taxes and don’t hide money or assets.
However, experts say giving such power to a regulatory body of the U.S. government is an overreach that could infringe on privacy and place undue regulatory and compliance burdens and costs on banks and other financial institutions. Plus, taking snapshots of the massive amount of transactional data in the U.S. banking system could lead to erroneous conclusions by the IRS.
In plain English, industry insiders and experts say that extending the powers of the IRS is just not practical, too expensive, and possibly a dystopian invasion of people’s privacy.
They are shoving this radical socialistic crap into the $3.5 trillion dollar bill claiming it’s about social infrastructure when they just want to tax the hell out of the American people to pay for their grotesque spending.
They say it’s just about taxing the rich, but we all know that’s not true. First it may be targeted at 6 and 7 figure incomes of small households, but it ALWAYS trickles down to the middle class.
They keep saying this bill is already paid for and will cost ZERO dollars. But if this trillion dollar boondoggle is truly paid for, why do they need to expand the IRS to micromanage and tax small transactions made by the American people. This is truly outrageous and Biden’s trillion dollar agenda should never see the light of day.