Can you trust your financial institutions? That should be the question on everyone’s mind right now, and it would be if more people knew what Biden is planning. Imagine your government giving the Internal Revenue Service (IRS) to your private banking information including your transactions—You may not have to wonder what that’s like if Democrats get their way.
Daily Signal warned, “President Joe Biden and congressional Democrats are trying to force financial institutions to report their customers’ account balances to the Internal Revenue Service, thereby invading your privacy and putting more of your financial data at risk.
It’s part of a provision in the $3.5 trillion spending bill that should raise the ire of all Americans.
Under this requirement, the Internal Revenue Service—an already scandal-ridden and historically politicized government agency—could once again be weaponized against political opponents while leaving middle-class Americans vulnerable to having more of their financial information hacked or leaked.
This is because the Biden administration’s proposal would require financial institutions to report all transactions from accounts holding more than $600. It is couched as an effort to catch tax evaders and pay for the $3.5 trillion spending package.”
Essentially, Biden plans to turn the IRS into a political weapon with unchecked authority. With more of your personal data being transferred, how susceptible would we all be to potential hackers?
“It won’t be effective in reducing the tax gap,” said Matthew Dickerson, director of The Heritage Foundation’s Center for the Federal Budget. (The Daily Signal is the news and commentary platform of The Heritage Foundation.)
“The [Internal Revenue Service] would accumulate massive amounts of data on peoples’ financial records, but much of that information would not actually show the [Internal Revenue Service] what the person’s taxable income is.”
In a Senate Banking, Housing, and Urban Affairs Committee hearing on Sept. 28, Sen. Cynthia Lummis, R-Wyo., questioned Treasury Secretary Janet Yellen on the necessity of this proposal, stating the new regulation would treat the American people as “subjects of the government.”
You can say that the only people who should worry are the ones trying to evade taxes. To which I would argue that this is a horrific overreach of government and an invasion of privacy like none we have seen in recent history.
Erica Carlin is an independent journalist, opinion writer and contributor to several news and opinion sources. She is based in Georgia.