“As the Democrats negotiate amongst themselves over the provisions in their massive spending bills, it is astonishing to me that Joe Biden is still fighting for the IRS provision.”
Americans for Limited Government President joined host Alan Nathan on the nationally syndicated Alan Nathan radio show this week. They talked about the Biden administration’s effort to give the IRS access to everyone’s bank accounts and the Virginia elections.
Richard Manning: The reason Democrats and Joe Biden are still fighting to keep the IRS snooping provision in their massive spending bills is because it would allow the IRS to collect more money, not from the so-called wealthy Americans, but from middle-class Americans. This provision would give IRS access to your bank account if you have at least $600 in annual transactions in your bank account. If you are kid with a paper route, you have at least $600 in annual transactions! Under this provision, the IRS would hire 40,000 new employees whose job would be to look into people’s bank accounts. This would target waiters and waitresses, gig employees, people who make a living off the cash economy.
Host: What if my parents gave me a gift of $6,000, would the IRS come snooping around?
Manning: Yes. But it is even more crazy than that. For a number of years the IRS has wanted to create a system in which the IRS computes your taxes for you. That may sound like a good idea, until you realize you would be giving them full access to all your financial transactions.
Host: And unlike if you are doing your own taxes, the IRS will want to get the most money out of you possible.
To listen to full interview click below:
