Biden Wants To Give Big Brother An All Access Pass To Your Bank Account

It’s possible that a Democratic effort to crack down on tax evasion would give the Treasury Department access to almost every American’s bank account.

Thursday’s op-ed focused on a proposal that would require financial institutions to report individual accounts with at least $10,000 to the IRS. That effort would in fact affect the vast majority of Americans who do not exclusively use cash to make purchases and pay bills.

“The details are murky, but most Americans could still get ensnared in this dragnet unless they pay bills and buy goods in cash,” the editorial board wrote. “Democrats say banks will only have to report total annual inflows and outflows, not discrete transactions. But nearly all Americans spend more than $10,000 a year.”

“The real political goal here is to create a mechanism for triggering audits—probably through an algorithm—so the IRS can rifle through all of a taxpayer’s business and other financial records,” the board added.

Democrats argue the proposal is necessary to crack down on wealthy Americans that are underreporting their income in order to pay less in taxes and that audit rates would not affect Americans earning less than $400,000 a year. According to Democrats the plan would generate revenue that could go toward paying for their multitrillion budget, since at least one Democratic senator has objected to raising taxes on corporations and wealthy Americans.

The editorial board called the argument “disingenuous,” as many lower earners’ accounts would need to be examined in order to catch the wealthy Americans who were trying to appear to have less money.

The board argued that the new regulations could drive Americans away from banks toward digital wallets, cryptocurrencies or other transactions which could be volatile and less transparent. Adding that community bands would be disproportionately burdened by the regulations’ cost because they provide more loans to small businesses.

“Banks will also be in the awkward position of helping the government police their customers,” the board said. “The IRS already has enough data to go after the wealthy and genuine tax cheats. It wants to look at everyone’s bank account so its agents have another excuse to audit and squeeze more money from non-wealthy Americans.”

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