Posted on 10/27/2021 3:18:23 AM PDT by RandFan
Sen. Joe Manchin (D-W.Va.) on Tuesday criticized a proposal to increase the amount of information the IRS receives about bank accounts, saying he thinks it is unlikely to be included in Democrats' social spending package.
"I think that one's going to be gone," Manchin said at an event hosted by The Economic Club of Washington, D.C.
Democrats are considering the IRS bank-reporting proposal as a way to raise revenue to finance their social spending measure. It would require banks to report to the IRS the total amount of money that came in and out of an account during a year.
The Biden administration initially called for the reporting requirement to apply to accounts with more than $600 in deposits and withdrawals in a year. Last week, congressional Democrats narrowed the scope of the proposal, raising the threshold to $10,000 and excluding wage income from that amount.
Key administration officials and Democratic lawmakers argue that the proposal would help the IRS enforce tax laws against wealthy tax cheats. But banks and Republicans have been intensely attacking the proposal, saying it raises privacy concerns.
Manchin said he shared his objections to the proposal in a meeting with President Biden. He indicated that he thinks the proposal is problematic even with a $10,000 threshold.
Manchin said he told Biden, "Do you understand how messed up that is, to think that Uncle Sam is going to be watching?"
"I told him, I said, 'Mr. President, I don't know what happened. This cannot happen. It's screwed up,'" Manchin added. The West Virginia Democrat said that Biden expressed support for his arguments.
The Hill has reached out to the White House about Manchin's comments.
Manchin isn't the only Democratic lawmaker to raise concerns about the IRS bank-reporting proposal in recent days.
Rep. Abigail Spanberger (D-Va.) said in a letter this week that she worries the proposal "might jeopardize my constituents’ rights to privacy without any clear tax law enforcement purpose." She also expressed concern that small- and medium-sized financial institutions will face burdens in implementing the reporting requirement.
She said raising the threshold to $10,000 "would certainly be a shift in the correct direction," but wouldn't full mitigate her apprehension.
House Ways and Means Committee Chairman Richard Neal (D-Mass.) told reporters Tuesday that he thinks the IRS proposal should remain under discussion. He also said, "If Senator Manchin is going to go over the goal line with us, I think that we should be listening to some of what he has to say on it."
The whole damn population should be objecting. You Dems who say nothing...wait until they go after you.
Manchin will do whatever Deep State tells him to do.
ALL the VILE DEMS are FOR this except for Manchin?? YIKES!
Don’t lose sight of the fact that the dems have been trying to insert this language and funding of the IRS as an internal police force at least since Obamacare.
$600 also just happens to be a nice convenient figure to back into all sorts of leftist goals like gun control (all they’d have to do would mount a campaign to get low cost guns out of the stores because those would be the ones criminals use most), massive control over online purchases and massive control over anything that tries to circumvent central control through cash sales. The law against “structuring” bank withdrawals could now be selectively applied to harrass anyone buying car parts or paying a guy to deliver mulch...
Anyone can become a criminal if they’re inspected closely enough and the government has unlimited resources to grind troublemakers down to a nub if they so choose.
my only solace in all of this is knowing that when the fascists have full control, the liberal-college-intellectual-educated ones will be the first ones purged.
Just like under the sunshine of the human race, the glorious Stalin.
Any sign of real intellect was a one-way ticket to Siberia.
heck, if you didn’t subscribe to Stalins brand of communism, you were treated worse then an anti-revolutionary.
As soon as Russia moved into Eastern Poland at the start of WW2, they emptied the jails and rounded up all of the Polish Trotsky brand communists and imprisoned them!
With all the crap in this Bill that’s all this lying phony objects to?
Can’t we have one day of honesty and reality instead of TOTAL INSANITY! The Democrat party should be banned from America,sent to Russia and China,Venezuela.
I hope and pray that Senator Manchin will do the right thing. He is in the spotlight. Isn’t it amazing that when someone is doing the prudent thing he becomes the center of attention?
THE 45 GOALS OF COMMUNISM (excerpt):
12-Resist any attempt to outlaw the Communist Party.
The 45 Communist Goals (1963)
https://edberry.com/blog/polymontana/political-platforms/the-45-communist-goals-1963/
This is a throwaway. No way will looking at transactions of 600 or more ever make it into a law. The rats will pull this off the table so Manchin can support the rest of this folly.
Where’s the heavy lifting?
EVEN the lowest earning Social Security recipient moves $10,000 annually thru his account.
Rep. Abigail Spanberger (D-Va.) said in a letter this week that she worries the proposal "might jeopardize my constituents’ rights to privacy without any clear tax law enforcement purpose." ...House Ways and Means Committee Chairman Richard Neal (D-Mass.) told reporters Tuesday that he thinks the IRS proposal should remain under discussion.
The child's name was Joe Manchin - holding back the horrors of the flood....
The child's name was Joe Manchin - holding back the horrors of the flood... saving his country.
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