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Buried deep in the Dems' current $3.5 trillion spending bill is a - section requiring all banks to provide data

Posted: Oct 16th, 2021 - 12:49 pm

to the Internal Revenue Service on every account that had annual deposits or withdrawals worth more than $600.

The average rent payment in the United States is $1,200, meaning that virtually every account in the U.S. would be covered by this new invasion of privacy.

Democrats claim that this new treasure trove of private data will force wealthy individuals who don’t earn their income from labor to pay the taxes they owe. "If you earn a paycheck, you get a W-2, the IRS knows about it,” Treasury Secretary Janet Yellen recently told CBS news. “But high-income individuals with opaque sources of income that are not reported to the IRS, there's a lot of tax fraud and cheating that's going on.”

Here's a secret for Yellen and everyone else: $600 in deposits is not enough to make anyone"rich"!

Even if wealthy individuals are paying less than they are required to by law, the answer is not to endanger all Americans' financial privacy by creating a honey pot of new data about everyone, rich and poor, which the government has proven it cannot safely manage. The IRS in particular has a terrible track record of safeguarding personal tax data. There is no reason to believe it would protect this new avalanche of data any better.

From 2014 to 2015 hackers were able to breach the IRS’s Get Transcript application, compromising the data of 700,000 taxpayers. Then, just this year, someone within the IRS leaked thousands of tax return data to a liberal media entity who then broadcast the results to the entire world.

Even when the IRS isn’t being hacked or leaked from, its leadership uses the data given to it to advance the personal political agendas of the bureaucrats that run it. In 2013 the Treasury Department’s Inspector General for Tax Administration concluded that Obama appointee Lois Lerner had “targeted specific groups applying for tax-exempt status, delayed processing of targeted groups for applications for tax-exempt status and requested unnecessary information from target groups.”

Later in 2016, the Government Accountability Office released its own report finding that the IRS was still targeting individuals and groups “based on an organization’s religious, educational, political, or other views."

The IRS has proven completely unwilling and unable to protect taxpayer data. Taxpayers would be crazy to give it even more data — data on every active bank account in the U.S. Yet that is exactly what Democrats in Congress are trying to give it.



LINK/URL: Buried deep in the Dems' current $3.5 trillion spending bill is a

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