Buchanan: Dems’ Flawed IRS Proposal Burdens Americans and Small Businesses
Democrats are still working to include their proposal to track Americans’ personal bank accounts and to turn local banks into chapters of the IRS.
Even raising the reporting requirement to $10,000 from their even more terrifying $600 proposal will burden Americans and small businesses, Ways and Means Republican Rep. Vern Buchanan (R-FL) warns in an op-ed for Fox Business.
CLICK HERE to read the full op-ed.
KEY EXCERPTS:
- “Steve Rosenthal, a senior fellow at the left-leaning Tax Policy Center called it a ‘deeply flawed proposal’ and said that ‘even at $10,000, the Biden bank proposal is still too sweeping, throws a net very wide, and it’s hard to see what fish they want to catch here.”
- “Every day Americans and small businesses across the country will inevitably get caught in the crosshairs if this ill-advised proposal ever becomes law. Anyone planning to send their child to college; take out a loan to reinvest in their business; sell goods at a farmers’ market; or even buy groceries for a family of four could unintentionally have their privacy compromised by the IRS.”
- “The current draft still includes nearly $80 billion that would allow the agency to more than double in size and hire an additional 87,000 agents.
- “However, Senate Democrats are reportedly still making a last-minute effort to get the snooping provision inserted. As recently as last week, a Treasury official said that the administration was still ‘hopeful’ that Democrats will ‘get this past the finish line.’”
KEY TAKEAWAYS:
- As Republicans wrote in a recent letter, “Even the $10,000 de minimis annual threshold would sweep up the bank information of nearly every American with a job.”
- The nonpartisan CBO analysis assumes that under the President’s proposal audit rates would “rise for all taxpayers”–including EITC audits and those of other lower and middle-income workers.
- Under the guise of closing the “tax gap,” President Biden has a proposal to spend $80 billion on an army of auditors and to turn local banks into chapters of the IRS to report on the gross transactions of your personal and business bank accounts.
- It turns out there’s very little evidence suggesting the IRS estimate on unpaid taxes (dubbed the “tax gap”) is accurate, given that it may be based on data from seven years ago or wild guesses on foreign transactions, cryptocurrency, concealed income, and other sectors.