Washington, D.C. routinely passes trillion dollar bills that no one bothers to read.
But at the same time, Democrats like Nancy Pelosi want to know what’s in your bank account.
And now, Joe Biden is about to direct the IRS to do the unthinkable.
Democrats may have just unveiled the most outrageous proposal yet.
Even after hearing an outcry of opposition from across the country, Nancy Pelosi, Chuck Schumer, and Joe Biden are working on a bill to have banks report the status of Americans’ bank accounts to the IRS.
The Washington Post reports, “Senate Democrats on Tuesday will unveil a scaled-back version of a Biden administration proposal to crack down on wealthy tax cheats after conservative groups and the bank industry raised major privacy concerns, three people with knowledge of the coming announcement said.”
Even worse, the latest attempt to “water down” the bill now shows just how determined the Democrats are to get this 4th amendment violation passed as soon as possible, all in the hopes that by raising the threshold for reporting, that no one will care.
The only problem is, raising the threshold doesn’t mean the IRS won’t have the power to snoop around through people’s bank accounts.
In fact, the attempt to raise the threshold still will affect the overwhelming majority of Americans across the country.
“Initially, the Department of Treasury and Senate Democrats had proposed requiring financial institutions to provide the Internal Revenue Service with additional information on bank accounts with more than $600 in annual deposits or withdrawals,” adds the Washington Post.
“After a backlash, the new proposal will instead require the provision of additional information for accounts with more than $10,000 in annual deposits or withdrawals, a measure Democrats have been considering for weeks but have not formally endorsed, the people said.”
$10,000 a year simply means that any American making more than $192 a week will still have their bank account transactions reported to the IRS.
What’s more, the amended proposal still demands that withdraws be reported to the IRS as well.
Of course, Democrats working to pass this proposal into law do not have any problems violating the 4th amendment. Their only priority is to make sure the government can spy on more Americans’ financial transactions and possibly squeeze more money out of them at a time when Federal tax receipts are at an all time high.
But the latest push to alter the initial proposal and raise the threshold from $600 to $10,000 means that public backlash against Biden’s plan to monitor the bank accounts of tens of millions of Americans is mounting.
There’s even concerns among Democrats that the proposal could end up backfiring in a major way during the 2022 elections.
Already, many Republicans are pointing to the plan as one of the largest examples of proposed government overreach in recent decades.
“But even many Democrats privately concede that the proposal gave Republicans an opening to attack them on the issue, provoking a fury of opposition among conservative groups,” the Washington Post concluded.