As we warned you, Democrats are still seeking to include their IRS surveillance scheme in their $4 trillion tax-and-spend bill.
The New York Times reported that while testifying before the Senate Banking Committee, Treasury Secretary Janet Yellen said that:
“[S]he still supported an embattled proposal that would require banks to turn over additional information about their customers’ accounts to the Internal Revenue Service, arguing that the proposal would help ensure that the wealthy were not dodging taxes.”
Make no mistake: Democrats’ surveillance scheme is not about enforcement. It’s about targeting working families and Main Street businesses, who Democrats assume are tax cheats.
Under the IRS surveillance plan, audits will increase for taxpayers at all income levels.
- Democrats’ tax and spending spree will more than double Americans’ chances of being audited as it targets lower and middle-income earners.
- The proposal will lead to an additional 1.2 million IRS audits each year, nearly half of which will hit middle class families making less than $75,000. All this so Democrats can wring an extra $200 billion out of the American people, particularly from middle-class families and small businesses.
Democrats want the IRS to snoop on Americans’ bank transactions…
- 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.
- Every American must pay their taxes, but 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.
…to pay for a huge tax cut for the wealthy.
- Democrats have vowed to repeal the $10,000 SALT cap before the reconciliation bill heads to the House floor – and at one point, their proposal amounted to the costliest part of Democrats’ tax hikes and spending bill at up to $475 billion according to an analysis by the left-leaning Committee for a Responsible Federal Budget (CRFB).