Speaking to journalist at the White House this Monday, Media Secretary Jen Psaki defended the Dem proposal, hidden inside President Biden’s $3.5 trillion Build Back Better spending program, that would give the IRS the ability to watch all bank transactions over $600. She also said the “loudest” opposition against IRS funding for spying was from big banks, not individuals are small business owners worried about their taxpayer rights.
Psaki doubles down on Biden administration's proposal to have the IRS spy on almost every American's bank account pic.twitter.com/T8NxmmiQDe
— Scott Sloofman (@ScottSloofman) October 18, 2021
Last week, House Speaker Nancy Pelosi confirmed this proposal is still being discussed and that Dems want to keep it in the president’s huge spending plan.
GOP members have been pushing back against the proposal and slammed the IRS by saying the banks don’t work for them.
“My constituents in the state of Wyoming cannot believe you support a measure to force banks to report customer data to the IRS. There are real privacy concerns for here and this means a large regulatory burden for small banks and credit unions in this state and elsewhere,” GOP Senator Cynthia Lummis said during a Banking Committee hearing.
“Banking customers are not the subjects of the federal government. Banks don’t work for the IRS. This is an invasion of Americans’ privacy. Wyoming’s citizens will find an alternative to traditional banks just to remove the IRS’ access to their personal data, not because they are trying to hide anything, but because they don’t want to share everything.”
Wyoming bank customers are NOT subjects of the federal government.
Wyoming Banks do NOT work for the IRS. pic.twitter.com/648Zit7cXL
— Senator Cynthia Lummis (@SenLummis) September 28, 2021
According to the current Taxpayer Bill of Rights, taxpayers possess the right to privacy.
“IRS Publication 1 includes The Right to Privacy. American Taxpayers should expect that any IRS examination, inquiry or enforcement actions will comply with current law and not be any more intrusive than needed, and will respect their due process rights, including search and seizure safeguards and will give, where applicable, a collection process hearing,” IRS.gov says.
The Biden White House is undoubtedly, very likely, concerned about Americans using Bitcoin to avoid taxes. Which is a crime under federal law. The large tax increases that Democrats have planned will likely cause many Americans to consider making such a move. But the small group that might attempt such this dumb crime, does not justify the spying on every American in the country.
Author: Steven Sinclaire