“There would be no meaningful financial privacy for individuals or businesses if this goes through.”
Americans for Tax Reform President Grover Norquist appeared on September 28, 2021 on Fox Business Network’s Mornings with Maria to discuss the Democrats’ proposal to drastically expand the size and scope of the IRS. He warned of the Dem plan to give the IRS access to the inflows and outflows of your bank account as well as Paypal, Venmo and CashApp accounts.
The Biden proposal calls for $80 billion in new IRS funding in order to hire 87,000 agents and auditors. Norquist noted the agency has already said it will target small businesses:
“Biden says those auditors, the 87,000 roughly new auditors, new hall monitors, are going to go around and only bother rich people, that’s what he says. But the IRS says something different and has for months. They intend to ramp up their audits of small businesses, the people who can’t afford to have the IRS go after them, they have to say ‘okay tell me what you want, keep it, it’s less expensive than lawyers, I can’t get bankrupted by the IRS harassing me’ so they’re very easy to shake down and get them to bring in money.”
On the privacy of your financial transactions, Norquist noted how this new reporting requirement would effect virtually every American while giving sensitive information to an organization unwilling or unable to safeguard it:
“They act as if they’ve backed off this monitoring your Venmo and PayPal and so on for $600, what they now said is if you move $10,000 in or out of your bank account over the course of a year — average rent in this country is about $1,000 a month — so right there if you’re paying rent you’re under the microscope, they’re going to want to look at you.
They want access. There would be no meaningful financial privacy for individuals or businesses if this goes through. The IRS can go and look at your stuff, and once they’ve decided they want to look at all the transactions what stops them from looking at who it goes to, who did you write the check to, what are you buying, what are you renting. We know the IRS leaks like a sieve and does not punish the people who have handed out the private tax data, only recently, to left-wing groups like ProPublica.”
The $1.1 Trillion bipartisan infrastructure bill and the $3.5 Trillion “reconciliation” bill are currently under discussion in Washington.
Both bills are supported by our US Representatives, Democrats Chris Pappas (CD-1) and Anne Kuster (CD-2) and US Senators, Democrats Jeanne Shaheen and Maggie Hassan.
You can click on their names for their contact information. Tell them to vote NO on both bills.
Posted here by GST Chairman Ray Chadwick.