The people most likely to have their transactions newly calculated for the IRS each year are not millionaires who scatter their holdings across 100 different $10,000 accounts, but rather freelancers, small business owners, immigrants, and anyone paid/gifted banked cash exceeding four months’ worth of minimum wage work in New York. I’m not an economist nor did I sleep in a Holiday Inn Express last night, but I’m pretty sure that $10,000 in annual transactions will still include nearly bank account - including the accounts of low and middle income wage earners - which mean the IRS will be spying on every bank account (via ): One reason Pelosi mentioned negotiations about the $600 number is because Democrats have been dealing with blowback for including low income people in their scheme to punish “the rich.” And in light of that blowback, progressives have been trying to come up with a number that will make it look like they aren’t trying to spy on everyone.įollowing the recent round of negotiations, Democrats on Capitol Hill increased the proposed IRS reporting threshold on bank accounts from $600 in combined annual transactions to $10,000. I think 600…that’s a negotiation that will go on as to what the amount is, but yes.” (emphasis mine)
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. Specifically, Biden and his far-left brethren suggested “monitoring” the financial activity of account holders by having banks report transactions for accounts holding over $600. When asked recently if the IRS monitoring provision would remain in Biden’s proposed $3.5 trillion reconciliation legislation, Nancy Pelosi emphatically said “yes.”
Originally introduced back in May as part of his proposal to spend trillions of dollars on a laundry list of pet projects near-and-dear to the hearts of the far-left, Biden suggested having the IRS serve as a financial Big Brother that would track nearly every financial transaction of account holders. Ignore the rhetoric: IRS will soon have power to spy on every bank accountĭespite the new rhetoric we’re hearing from the Far-Left about how the changes being considered for Joe Biden’s financial surveillance plan will ensure that only “the rich” who aren’t paying their “fair share” in taxes will be targeted, the truth of the matter is that every taxpayer regardless of income level will be subject to the IRS’s power to spy on our bank accounts.