Politics

Weaponized IRS – Bank Associations Oppose IRS Reporting Proposal

The American Bankers Association penned a letter to Speaker Nancy Pelosi opposing the proposal that creates a weaponized IRS. The clause states that all banks must report every deposit or withdrawal of $600 or more to the IRS – a drastic move the Biden Administration claims is needed to prosecute tax evasion. It includes both personal and business accounts. The ABA says it does not target the right people. It would be a weaponized IRS…again.

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.

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.

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American Banking Association letter

Of course, the Biden administration doesn’t care about such menial things as privacy, and targeting ordinary Americans means nothing to them. The Obama administration had a weaponized IRS that targeted everything from the Tea Party to churches in an effort to get money. This reporting clause is much, much worse – it targets everybody.

Almost every banking transaction and even transfers between one’s accounts would be aggregated and reported to the IRS, according to Paul Merski, group executive vice president at the Independent Community Bankers of America (ICBA), which represents nearly 5,000 community banks in the United States.

“It’s a dragnet, it’s a collection of data in the scale that we’ve never seen before in the financial sector,” Merski told The Epoch Times.

ICBA is among the financial groups that strongly oppose Biden’s proposal, calling it an “overreach” by the federal government…

“Banks are already reporting billions of pieces of information and you’re getting to the point where the banks are becoming the police force for the IRS,” Merski said.

I don’t think people, small business owners know about this profiling that the IRS wants to put together,” he added. “So, it’s basically a profiling; they want to see your transactions and create a profile on you, and if they don’t like what they see, then they can go after you.”…

According to Merski, the provision could be added back to the budget reconciliation bill at any stage in the process, especially at the last minute. The bill only needs a simple majority to pass in the Senate…

“Our fear is that this is so onerous that they’re waiting to the last second to put this in, but they’re dead serious about putting this proposal in,” he said.

The Epoch Times

Treasury Secretary Janet Yellen sent a letter requesting the comprehensive reporting clause so that “tax evaders” can’t get away with avoiding the IRS. The clause was left out of the “reconciliation” package, but could easily be added back in.

Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig pressed lawmakers Wednesday to give the Internal Revenue Service more information about taxpayers’ bank accounts, as the Biden administration tries to salvage its struggling tax-compliance proposal.

In letters to lawmakers, the administration officials again asked Congress to require banks to report annual inflows and outflows from bank accounts with at least $600 or at least $600 worth of transactions, a proposal aimed at letting the IRS target its audits more effectively. It would generate about $460 billion over a decade to cover the costs of Democrats’ planned expansion of the social safety net and climate-change policies, according to the administration.

Wall Street Journal

In other words, once again the Biden administration wants to fund their agendas on the backs of ordinary Americans in the name of getting the “tax evaders.” Because Biden wants to cause the rich to pay “their fair share.” Only this proposal doesn’t target the “rich,” it targets ordinary Americans who might need to buy a water heater, a lawnmower, a couch, build a deck on their home, or some other needed item.

Let your reps know that this is a possibility and that they must stand against it. No more weaponized IRS!

H/T Uncle Sam’s Misguided Children

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Faye Higbee

Faye Higbee is the columnist manager for Uncle Sam's Misguided Children. All of her posts on Conservative Firing Line are also posted on Uncle Sam's.

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