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Biden’s IRS Plan Targets Working-Class, Rich Elites Far Less Likely to Be Audited

IRS surveillance has another agenda than just saving money

 on 19th October 2021 @ 9.00pm
the biden administration claims such monitoring will help uncover 463 billion tax monies over the next decade © press
The Biden administration claims such monitoring will help uncover 463 billion tax monies over the next decade.

The Biden administration will move to give the IRS more powers to surveil the bank accounts of everyday Americans if a new proposal being considered by Congress is moved forward.

The administration wants banking institutions to report to the IRS the total deposits and withdrawals from accounts with a balance of just over $600 or bring in over $600 annually.

The aim is to snare wealthy tax cheats, apparently.

But wealthy elites like Bill Gates and Jeff Bezos have their ways to avoid taxes, such as loopholes and lobbying for tax breaks.

But again, it's normal working Americans who get caught in the snare, with those making less than $25,000 per year falling under this umbrella, The Federalist reported.

“The proposal for the $600 payment, according to the Treasury Department, would let the IRS look at the inflow and the outflow and compare it to reported income,” Enjeti said during the Thursday broadcast of “Breaking Points.”

banks are also pushing back because such reporting would be a massive burden © press
Banks are also pushing back because such reporting would be a massive burden.

“They say it would be targeted at millionaires. Should you believe them?”

“You know who also happens to have income that isn’t reported and often doesn’t match what’s in their bank account? People who are poor and work in the service industry, or they’re not W-2 workers: handymen, bartenders, servers — some of the most vulnerable people in our economy,” he continued.

“Right now, the IRS is pushing this law. It is three times — yes, three times — more likely to audit a person making less than $25,000 a year than to audit the income flows of the richest 1 percent of Americans,” Enjeti said.

The Biden administration claims such monitoring will help uncover 463 billion tax monies over the next decade.

“The proposal involves no reporting of individual transactions of any individual,” Treasury Secretary Janet Yellen assured us in an interview with CBS News, according to Fox.

“If somebody reports an income of $10,000 and they had $3 million go out of their checking account, that tells the IRS that’s an individual you might audit.”

 the proposal involves no reporting of individual transactions of any individual   treasury secretary janet yellen claimed © press
'The proposal involves no reporting of individual transactions of any individual,' Treasury Secretary Janet Yellen claimed

Not only will such audits be a massive burden on someone scraping a $25,000-per-year salary, but the banks are also pushing back because such reporting would be a massive burden.

“The plural of anecdote is not data,” she told reporters in a clip Enjeti highlighted in his podcast.

“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.”

It's not just the banks objecting; it's a coalition of associations of heavy industry, insurance, construction, and hotels, all who penned a strongly worded letter to Pelosi and House Minority Leader Kevin McCarthy.

“This proposal would create significant operational and reputational challenges for financial institutions, increase tax preparation costs for individuals and small businesses, and create serious financial privacy concerns,” the letter read.

“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,” the letter continued.

“Privacy concerns are cited as one of the top reasons why individuals choose not to open financial accounts and participate in the financial system.”

[RELATED] Hunter Biden Linked to Chinese Firm Set to Profit from Botched Afghanistan Withdrawal

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