Editorial submitted by Conrad Doyle
Raise your hand if you want more IRS agents on your payroll to oversee your bank account(s). In August, Treasury Secretary Janet Yellen urged Congress to give the IRS even more power in the lives of American taxpayers and has asked Congress to invest more than $80 billion so thousands of new IRS agents can be hired and trained to oversee banks and their account holders. Remember the President’s claim that, “My plan would ask just for two pieces of information from the banks of these folks that are not paying their fair share? 1. the amounts that come into their bank accounts and 2. the amounts going out of their bank accounts, so that the wealthy can no longer hide what they’re making, and they can finally begin to pay their fair share of what they owe.”
Now before you get all excited about “sticking it” to the rich, you need to know the
facts or at least one fact: If you have more than $600 in any account, in any bank, you are the “rich” that you want to “stick it to”. The fact is that your bank will be required to report all deposits and withdrawals thereby making your local bank an extension or arm of the Internal Revenue Service. The plan is to hire 87,000 new IRS employees, and if the “Rebuild America” campaign gets passed, the plan is to spend in excess of $80 billion to hire them with the claim that these new agents will secure an additional $700 billion in revenue from these “rich” people to help “rebuild” our economy. Biden’s plan demands unlimited transaction-level information from
both individual and business bank accounts.
This proposal is designed to help deliver on the Administration’s commitment to equity. His claim to not “track” accounts of individuals making less than $400,000 a year is a lie.
Under Biden’s plan, IRS audits will increase for taxpayers of all income levels including any bank account having more than $600.00 as its balance. Here is the reality: if you receive any automatic bank account deposits that will cause your bank account balance to exceed $600.00 a month, thank you for helping to fulfill this administration’s promise to “make the rich pay their fair share”. For all Social Security recipients, for all “welfare” recipients, for all disabled or medically incapacitated, for all active or retired military members, etc. I want to say thank you in advance because there is no way out of this new audit process because to receive these “benefits” you are required to have your check directly deposited into your bank account. I know many people that are barely keeping their head above water that will now have to endure the IRS intrusion into their meager bank account if the $3.5 TRILLION “Economic Stimulus Bill” is passed and signed into law.