Biden Wants To Spy on American Bank Accounts
Biden tax plan would cull financial data on masses of law-abiding, tax-compliant Americans. In the name of catching tax dodgers, the Biden administration is seeking serious snooping rights to oversee all American bank accounts and payment apps. “Instead of promising a chicken in every pot, Biden’s plan promises an auditor at every kitchen table,” commented Sen. Chuck Grassley (R–Iowa).
Under President Joe Biden’s proposal, 87,000 new IRS employees would be hired and everyone could expect more scrutiny of the flow of money to and from their financial accounts.
As it stands now, the government gets alerted to most income when the payer reports it to the IRS...Biden would change this, putting thousands of new IRS agents in charge of monitoring how much money goes into and out of individual bank accounts and payment service providers (like Paypal and Venmo) each year and investigating people whose cash flow doesn’t match what they report as income.
It’s how the administration proposes paying for the massive new spending measures in Biden’s American Families Plan. The schemes “would raise $700 billion in additional tax revenue over the next decade,” according to the American Families Plan Tax Compliance Agenda.
Maybe the IRS wouldn’t investigate those who only bring in a relatively small amount of untaxed money—but maybe they would. After all, those 87,000 new employees can’t all be catching wily millionaires and billionaires.
The bottom line is that the IRS would have an unprecedented ability to at least target even the tiniest bits of unreported income.
https://reason.com/2021/05/21/biden-wants-to-spy-on-american-bank-accounts/
They say they are spying on our money because of taxes, and then it will be expanded to lots of other reasons. Like confiscation.