We’ve previously reported on the incredibly intrusive reporting requirement in the Build Back Better bill — requiring banks to report about any accounts that have transactions of $600 or over — which is basically the accounts of virtually all Americans.
This bill gives the IRS $80 Billion and 87,000 additional IRS agents.
Every American should take notice of what the Obama/Biden Administration IRS did for conservative groups.
But beyond that, it’s just flat-out wrong and unconscionable. The government doesn’t have any right to violate your privacy that way. This basically allows the government access to your account information. If you are committing a crime, that’s another thing, if there is probable cause. But otherwise, it’s a huge privacy issue. Not to mention an incredibly overbearing, reporting requirement on the banks, who may not even be able to comply — and it may kill smaller banks as a result.
The Chamber of Commerce has even come out against it, calling it an “existential threat,” showing how serious an intrusion that they think this all is. Senator Tim Scott (R.S.C.) decried the Senate floor vote.
Now, the Democrats are trying to claim this is about catching “billionaires” cheating. This is what Treasury Secretary Janet Yellen tries to explain.
“There’s a lot of tax fraud and cheating that’s going on.” Treasury @SecYellenSend us your stories @NorahODonnell the proposed $600 IRS reporting requirement for banks is “absolutely not” a way for the government to peek into American’s pocketbooks but to hold billionaires accountable. pic.twitter.com/M3VKOhdtSu
— CBS Evening News (@CBSEveningNews) October 12, 2021
If that were true, the amount wouldn’t be $600, and you wouldn’t have this kind of a requirement or 87,000 new agents coming on board — there aren’t that many billionaires. It is clear that this plan involves going after all Americans.
House Speaker Nancy Pelosi (D.CA) insists on the provision. When she was asked this week if Democrats were going to leave that provision in the bill, even with all the backlash from people questioning it, she said emphatically, “Yes, yes, yes, yes, yes.”
Pelosi confirms Democrats’ plan to grant the IRS new broad powers to oversee American banking transactions worth more than $600.
Hiking your taxes isn’t enough for the Democrats — they want complete oversight over your personal information. pic.twitter.com/gAEVpz8kE1
— America Rising (@AmericaRising) October 12, 2021
“I mean, with all due respect, the plural of anecdote is not data,” Pelosi claimed. “I’ve said that before here. There are legitimate concerns. However, if someone is breaking the law or not paying taxes, the bank measure can be used to trace them. I think $600, that’s a negotiation that will go on as to what the amount is. But, yes.”
It’s not the amount that’s the only problem. To make it easier to push it through, they will probably try to increase the amount. But it’s the principle that’s wrong — they don’t have any right to be in your accounts without probable cause. They want it and believe they can get away without being caught is troubling. They might be able to do it, provided that everyone objects to such a principle and crashes the boards. How about first, all the Democrats who are in favor of this — including Nancy Pelosi — explain how they pulled in their millions while working in government?
Democrats want the government sticking its nose in every aspect of our lives, and it’s more than about time to say no.