FCN Bank: “We work for our customers and our Community, not the IRS.”
If the Democrats gave a damn about the wealthy paying their supposed fair share they’d eliminate the deductions and write-offs in the tax code.
They don’t care because that’d mean they’d have to give those up as well.
Instead, the Democrats are using the “fair share” argument as a way to spy and snoop on you:
It’s not yet clear what the ultimate proposal may look like, but in written testimony from June 8, IRS Commissioner Charles P. Rettig described a reporting regimen that would require gross, annual inflows and outflows from “all business and personal accounts from financial institutions, including bank, loan, and investment accounts” containing at least $600. Unlike some have falsely reported, the plan does not call for monitoring individual transactions, but rather it focuses on the total, annual flow of funds.
The low threshold is designed to flag taxpayers who report little income but hide large amounts of money by moving it through different accounts, Chuck Marr, a senior director of federal tax policy at the Center on Budget and Policy Priorities, told Politico.
“It just helps the IRS get better at finding noncompliance, finding people who are cheating,” Marr said.
ICYMI: Joe Biden wants the IRS to have access to your bank account. pic.twitter.com/oJBoGmJ45v
— MRCTV (@mrctv) September 19, 2021
The American Bankers Association told House Speaker Nancy Pelosi and House Minority Leader Kevin McCarthy it opposes the plan because of privacy concerns, high costs to operate, and it is not always easy to compile or produce raw data in the system.
But the main thing is privacy:
Privacy concerns are cited as one of the top reasons why individuals choose not to open financial accounts and participate in the financial system. This proposal would almost certainly undermine efforts to reach vulnerable populations and unbanked households. In addition to the significant challenges associated with protecting this new data, policymakers should consider the potential consequences of leveraging trusted financial relationships to execute such a large-scale and detailed reporting regime. The American people feel strongly about their right to privacy and it is not reasonable to undermine their financial privacy without a clearly articulated purpose.
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