We’ve previously reported on the incredibly intrusive reporting requirement in the Build Back Better bill — requiring banks to report about any accounts that have transactions of $600 or over — which is basically the accounts of virtually all Americans.
So, not only is the IRS going to be snooping into your accounts, but then this bill will give the IRS $80 billion and add 87,000 new IRS agents to go after Americans.
Given what the Obama/Biden Administration IRS did to conservative groups, that should give every American pause as to how this all might be used or more exactly, misused.
But beyond that, it’s just flat-out wrong and unconscionable. The government doesn’t have any right to violate your privacy that way. It basically gives the government a window into your accounts. If you are committing a crime, that’s another thing, if there is probable cause. But otherwise, it’s a huge privacy issue. Not to mention an incredibly overbearing, reporting requirement on the banks, who may not even be able to comply — and it may kill smaller banks as a result.
The Chamber of Commerce has even come out against it, calling it an “existential threat,” showing how serious an intrusion that they think this all is. Sen. Tim Scott (R-SC) even decried it from the floor of the Senate.
Now, the Democrats are trying to claim this is about catching “billionaires” cheating. Listen to Treasury Secretary Janet Yellen try to explain this.
“There’s a lot of tax fraud and cheating that’s going on.” Treasury @SecYellen tells @NorahODonnell the proposed $600 IRS reporting requirement for banks is “absolutely not” a way for the government to peek into American’s pocketbooks but to hold billionaires accountable. pic.twitter.com/M3VKOhdtSu
— CBS Evening News (@CBSEveningNews) October 12, 2021
If that were true, the amount wouldn’t be $600, and you wouldn’t have this kind of a requirement or 87,000 new agents coming on board — there aren’t that many billionaires. The very number and the requirement shows that the plan is to go after every American.
But House Speaker Nancy Pelosi (D-CA) is very insistent on this provision. When she was asked this week if Democrats were going to leave that provision in the bill, even with all the backlash from people questioning it, she said emphatically, “Yes, yes, yes, yes, yes.”
Pelosi confirms Democrats plan to give the IRS sweeping new powers to monitor Americans' banking transactions of more than $600.
Hiking your taxes isn't enough for the Democrats — they want complete oversight over your personal information. pic.twitter.com/gAEVpz8kE1
— America Rising (@AmericaRising) October 12, 2021
“I mean, with all due respect, the plural of anecdote is not data,” Pelosi claimed. “I’ve said that before here. Yes, there are concerns that some people have, but if people are breaking the law and not paying their taxes, one way to track them is through the banking measure. I think $600, that’s a negotiation that will go on as to what the amount is. But, yes.”
It’s not the amount that’s the only problem. They will likely try to raise the amount to make it more acceptable to shove it through. But it’s the principle that’s wrong — they don’t have any right to be in your accounts without probable cause. The fact that they want to, and that they think they can get away with it, is more than a little troubling. And they might just manage to get away with it, unless everyone crashes the boards and objects to the very principle of such a requirement. How about first, all the Democrats who are in favor of this — including Nancy Pelosi — explain how they pulled in their millions while working in government?
Democrats want the government sticking its nose in every aspect of our lives, and it’s more than about time to say no.