In addition to all the new taxes Biden needs to bankroll his $3.5 trillion budget he wants to give the IRS the right to monitor your banking accounts. And it’s more than just an occasional glance to see what’s in there. The IRS plans to monitor what goes into the accounts and what comes out.
It doesn’t matter that the new reporting rules would create an unnecessary burden to the economy; Biden says that it is needed to make certain that the peasants aren’t cheating the government out of money needed to fund his regime. That’s funny coming from a man that owes around $500,000 to the IRS for income taxes he claims he doesn’t owe.
Cost estimates for this “little” government intrusion is estimated around $80 billion and will require the IRS to hire another 87,000 agents to scrutinize every financial transaction with at least $600 of deposits or withdrawals annually. Duh – that’s everyone who has a bank account!
Giving the IRS more power to track money that moves in and out of your accounts is supposedly meant to help the tax agency go after the wealthiest taxpayers. However, this new authority has been described as being akin to giving federal tax “cops” even more of an excuse to claim a metaphorical probable cause to financially “stop and frisk” someone.
The IRS has proven time and time again it cannot or will not do its job. They need reform, not more money and more power. Biden’s plan to give them $80 billion would do nothing to fix existing problems and would only exacerbate them. The IRS is an incompetent, corrupt agency that has been used by previous administrations to spy on and punish their enemies.
In April of this year the IRS moved 29 million 2020 tax returns to manual processing and the majority of these taxpayers are still waiting for their refunds. And that is on top of the returns from as far back as 2019 that have yet to be manually processed. These returns aren’t from the socially elite, they are from low income families that need the money; families that claimed the Recovery Rebate Credit, the Earned Income Tax Credit or the Child Tax Credit.
Now just imagine your surprise when you wake up one morning and discover that the IRS has frozen your bank accounts for some imagined infraction you may have committed in paying your taxes, leaving you only 21 days to prove your innocence before the bank gives them your money. By law, they can also place a lien against your personal property or garnish a percent of your wages or a combination of all three.
Do you really trust the IRS to do the right thing? Fighting the IRS isn’t easy. Like every possible legal issue, especially when it comes to the government, even if you know you’re right, you’re still going to have to prove it, and that takes a lot of time, money and diligence.
Biden’s plan is not about catching tax evaders – it’s about power and control – it is just another brick in the wall. Remember what Senator Frank Church, Democrat from Idaho, 1957 to 1981, warned us about:
“If this government ever became a tyranny; if a dictator ever took charge in this country, the technological capacity that the intelligence community has given the government could enable it to impose total tyranny, and there would be no way to fight back because the most careful effort to combine together in resistance to the government, no matter how privately it was done, is within the reach of the government to know.”
And Biden wants to hire another 87,000 Gestapo to pry into our lives!