Biden wants to further weaponize the IRS and up their snooping on Americans.
The White House is pushing a plan that would require all banks to notify the IRS about any transaction of $600 or more.
This comes as Biden is pushing to give the agency an additional $80 billion so they can target even more Americans.
Wyoming Republican Senator Cynthia Lummis tore into Treasury Secretary Janet Yellin over this proposal during the Senate Banking, Housing, and Urban Affairs Committee hearing this week.
“my constituents cannot believe that you support a proposal to require banks and credit unions to report customer data to the Internal Revenue Service for transactions of $600 or more. There are obvious privacy concerns for all Americans here, and this represents a dramatic new regulatory burden for community banks and credit unions in Wyoming and elsewhere.
Our banks will have to hire contractors to rat on their customers, implement new computer software, deploy resources better used elsewhere, in order to collect data for the government.
Bank customers are not subjects of the federal government. Banks do not work for the IRS. This is invasive of privacy…
Do you distrust the American people so much that you need to know when they bought a couch or a cow?
I am astounded by what you’re supporting and proposing. I think it’s invasive. I think privacy for individuals is getting ignored. And I think treating the American people like they are subjects of the government is unconscionable.”