The nation’s money movers have decided to revolt. At least 40 trade associations, “some of which represent entire industries or economic sectors,” are furious with palace plans to “beef up IRS auditing by expanding the agency’s funding and power.” Massively. If Biden gets his way, he’ll have a direct link to your checking account to track your transactions.
Revolt against the IRS
America declared independence from Britain over outrageous taxes and it seems like we need to have a new revolt now. Joe Biden knows that the only way to keep inflation from spiraling totally out of control is by taxing everything in sight.
The problem is collecting those enormous taxes and that’s where the whole thing breaks down. The palace made it crystal clear that they plan to “require banks to turn over to the Internal Revenue Service bank account information for all accounts holding more than $600.” That means you.
The “pushback” was overwhelming. Some call it outright revolt and they aren’t far from the truth.
A consortium of “more than 40 trade associations, some of which represent entire industries or economic sectors, signed a letter to U.S. House Speaker Nancy Pelosi, D-Calif., and Minority Leader Kevin McCarthy, R-Calif., raising the alarm about the plan.” They call it the “weaponization” of the IRS.
The letter is reported to have “the support of several banking coalitions.”
They’re calling on Congress “to reject that requirement, saying it violates customer privacy and would create an incredibly expensive and elaborate reporting requirement for the banks.” A total nightmare of red tape. It’s no wonder they want to revolt.
Vast data collection
The only way that the imperial palace can pull off their evil plan is by having what amounts to a backup copy of your transaction register. Furious industry watchdogs leading the revolt point out the obvious. It won’t work in the first place.
“While the stated goal of this vast data collection is to uncover tax dodging by the wealthy, this proposal is not remotely targeted to that purpose or that population.” The IRS already has “a 99 percent compliance rate on wages.” That’s because “wage earners get their earnings reported to the IRS.”
Instead, it’s an invitation for hack attack. “In addition to the significant privacy concerns, it would create tremendous liability for all affected parties by requiring the collection of financial information for nearly every American without proper explanation of how the IRS will store, protect, and use this enormous trove of personal financial information.”
“We believe that this program is costly for all parties, not fit for purpose, and loaded with potential for unintended and serious negative consequences.” If we don’t revolt over the issue now, it will be in effect before we know it.
By dipping down to accounts holding as little as $600 the IRS would clearly target “almost every American.” Benjamin Franklin and George Washington would consider that grounds for revolt.
“This proposal would create significant operational and reputational challenges for financial institutions, increase tax preparation costs for individuals and small businesses, and create serious financial privacy concerns. We urge members to oppose any efforts to advance this ill-advised new reporting regime.”
