Despite the Backlash, IRS Will Still Monitor Your Bank Accounts

Earlier last month, the Biden administration revealed its plan to have the IRS monitor the bank accounts of almost all Americans. The plan is to empower the IRS to check the accounts of any American with an inflow or outflow of $600+ in a year.

With this plan, it is clear the Biden administration wants to have its noses in the accounts of almost every adult. The new plan will make it mandatory for all banks to report the transactions to the IRS.

Explaining The Plan

Under this new plan, banks have a responsibility to report your deposits and withdrawals. They will also break down any transaction you make with a foreign account. The Biden administration says this will only apply to personal and business accounts with at least $600.

The administration says the plan would help improve tax administration. It will also help the IRS address different sides of the tax gap.

Upon revealing this plan, the majority of Americans have railed against it. They believe this will infringe on their privacy. Some also talked about the financial cost the new plan will have.

Besides, Arkansas Congressman Steve Womack expressed his displeasure over this. He said he is worried about the data collection plan. The congressman said the proposal would come at a colossal compliance cost for financial institutions. He added it is also an infringement of the privacy of millions of Americans.

Furthermore, the Chamber of Commerce described the plan as an “existential threat.” It says the plan is a complete intrusion of the American people’s privacy. In addition, Senator Tim Scott also expressed his dissatisfaction over the plan from the Senate floor.

Interestingly, Biden said the plan is only in place to know what’s in the accounts of the ‘super-wealthy.’ The president said the law would make it impossible for the super-wealthy to hide their money and avoid tax.

The justification is silly because he wants to look into people’s accounts without evidence or warrants. He also said it is for the super-wealthy. Can someone tell the president that anybody with only $600 in their account is not super-wealthy?

The Plan Will Go On

Despite the criticisms and the backlash, Pelosi says the plan will go on and the IRS will snoop into your transactions. Interestingly, aside from IRS monitoring accounts, the new bill will help add 87,000 new IRS agents and give the IRS $80 billion.

As the president explained, the provision is only to go after the ‘super-wealthy.’ However, if the plan was for only this small number of wealthy people, why does the IRS need 87,000 new agents?

It is clear the Biden administration is lying about its actual plans, as they are interested in seeing what goes on in the bank accounts of ALL Americans. Besides, House Speaker Nancy Pelosi said the provision would remain in the bill.

She was asked if Democrats would leave the controversial provision in the bill, despite the backlash from people. She replied “yes” many times. In light of this, it seems Democrats do not care about what Americans want; they just want to have their way.