Republicans, Banking Institutions Slam Biden’s Proposal for IRS to Spy on Americans’ Financial Accounts

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The Biden administration is trying to sell a falsehood to the American public. This falsehood asserts that trillion dollar social spending bills will come at no cost to the American public.

The citizens of this country know the Biden administration’s claim about this matter is false. However, the White House is still sticking to it. This false claim is also why President Biden wants the IRS to oversee the financial accounts of Americans who make transactions surpassing $10,000 annually.

Democrats have put this proposal into one of their spending bills. If it passes, banks and other financial institutions will have to turn over to the IRS the account information of Americans who meet the aforementioned criteria.

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This is not a popular measure, by any means. Both Republicans and banking institutions alike are pushing back against it.

The problem with letting the IRS spy on Americans’ bank accounts

Biden alleges this proposal exists to halt wealthy tax cheats from skimping out on paying their dues to Big Sam. However, Americans know better. Many middle class people have more than $10,000 going through their bank accounts on a yearly basis.

This is why Republicans are calling out the president and his administration on this. GOP lawmakers and other leaders across the country maintain the measure is an assault on the middle class. Conservatives furthermore note the privacy infringements of such a proposal.

Ultimately, the goal here is for the Biden administration to get their hands on money to fund the spending bills they’re falsely claiming won’t run up the national debt. However, even banking institutions aren’t supportive of the president’s proposal.

Several banking institutions have written to lawmakers, advising against this measure. Likewise, banks are warning this new proposal would create serious headaches on their end, if it became law.

Multiple attacks from big government

The Biden administration is doing all it can to insert big, intrusive government into the lives of the American people. Republicans aren’t having it, though.

In fact, Jimmy Patronis, the chief financial officer of Florida, maintains if this measure becomes law, the Sunshine State won’t abide by it and will fight it in court until it’s defeated.

On top of this, Biden is pushing COVID vaccine mandates that are prompting mass firings, mass resignations, protests, and people refusing to go into work. Collectively, this is the chaos that big government breeds.