Democrats will do anything to enact as much power of the population as possible.
First it was medically, and recently it’s become financial.
But Republicans are not standing for it.
On Tuesday, Democrats were forced to scale back on a proposal to surveil Americans’ transactions over $600 after severe GOP backlash.
Treasury Department Secretary Janet Yellen, the former Federal Reserve chair under President Barack Obama, and Senate Democrats proposed requiring financial institutions to provide the Internal Revenue Service (IRS) with more info on bank accounts with more than $600. in annual deposits or withdrawals.
Democrats’ new proposal would exempt all wage income from counting towards the $10,000 threshold to capture higher-income Americans. The proposal would help offset the cost of the $3.1 trillion infrastructure reconciliation bill, otherwise known as the Infrastructure Investment and Jobs Act.
Democrats weakened the provision after Republicans, conservative groups, and industry lobbyists revolted against the provision, contending that the provision would enable the IRS to spy on Americans’ private information. Yellen has argued that the proposal would only help the IRS find tax evaders.
Alabama Republican Sen. Tommy Tuberville proposed the Protecting Financial Privacy Act to prevent the IRS from requiring financial institutions to report the financial transaction data of their customers to what is currently required by the Bank Secrecy Act.
Every time you would spend or earn $600, the Biden administration’s IRS wants to know about that transaction … it’s a trip to the grocery store, maybe you’ve got a repair on your car, your paycheck coming in, maybe you’re sending some money to your kids through your bank.
This is the kind of intrusion Republicans are forced to fight against.
Author: Asa McCue