ALERT: Banks Warn That ‘Americans From All Income Levels’ Will Still Be Snooped On By IRS

(Rallying Patriots) – The Biden regime has settled comfortably into tyranny but the American people aren’t taking it lying down.

On Monday, a group of 99 banks and industry groups penned a letter to Biden requesting that he abandon his proposal to hand over transaction data to the IRS. The groups noted that they were not satisfied with the proposal to simply raise the threshold from $600 to $10,000.

The nearly 100 organizations that claim to represent business and financial interests pleaded with the White House to end its support of the measure and find “more targeted measures” to reduce the tax gap.

The original proposal was for financial data to be handed over to the IRS for all aggregate inflows and outflows on accounts with more than $600 in total transactions. That would be a massive chunk of Americans.

It was met with united outrage from Republicans and banks. Instead of abandoning the plan, Democrats raised the amount to $10,000. The Monday letter to Biden noted that this only amounted to a “cosmetic” change.

While the groups expressed support for the Biden regime’s “good-faith attempt” to ensure all Americans pay the taxes they owe, they also said, “our members, and the American people, believe that they have a reasonable right to privacy and this overly broad proposal to report gross annual inflows and outflows from nearly every account is disconnected from its purported narrow purpose of focusing government scrutiny on Americans with actual income above $400,000.”

“The privacy concerns for Americans who pay their taxes and would be swept into this account reporting program are real and should not be taken lightly,” the letter continued.

The letter was signed by a wide variety of groups including the American Bankers Association, the American Farm Bureau Federation and the Chamber of Commerce, the Asian American Hotel Owners Association, the National RV Dealers Association, the National Grocers Association and the North American Die Casting Association.

The revised proposal would require accounts with $10,000 or more in total deposits and withdrawals, excluding wage income, to be reported to the IRS for greater scrutiny. Banks would be forced to send over their aggregate inflow and outflow to aid the agency in targeting their audits.

The inflow would not include wage income or Social Security payments which are already under the purview of the IRS under W-2 forms.

“At its core, this program that has not had a significant study or detailed examination to show consumer impact, will collect financial ‘metadata’ on nearly every American in the hope that the IRS will be able to discern patterns in aggregate numbers that do not correspond to tax liabilities and target audits only to those who are breaking the law,” the letter read.

“This is a substantial expansion of the IRS’s authority that, once established, is sure to expand rather than roll back.”

The increase of the threshold is just a pathetic attempt by Democrats to appease Republican, banks and other organizations. Fortunately, these groups see right through it and are standing strong against this absurd proposal that would essentially give the IRS permission to spy on the personal financial activities of Americans.

This is a very dangerous precedent to set and should absolutely not be allowed to come into fruition.

Copyright 2021.


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