Democrats Turn On Biden’s ‘Dictator Rule’ – They Just Shut Down Plan To Use IRS To Review Citizen’s Transactions As Low As $600
Joe Biden is desperate to get his socialist bill passed. But in order to get over $3 trillion to spend, he needs to shake down every last American for cash. And he’s gone to great lengths to make it happen.
Although Americans already pay tremendous amounts to the IRS, Biden doesn’t think that’s good enough. In fact, he wants to force banks to report even small transactions, so that the IRS can micro-manage your life.
How small are talking about? As low as $600 transactions will be reported to the government. But it looks like Democrats are turning on Dictator Joe.
From Bloomberg:
Democrats have reached a deal to narrow President Joe Biden’s plan to require financial institutions to report account flows to the Internal Revenue Service in a bid to improve tax compliance, according to a key House Democrat…
A Democratic aide said the discussions currently are focused on raising the threshold to $10,000, but cautioned that is still tentative and could change.
Democrats are opposing Biden’s demand that banks report $600 transactions to the IRS. The goal was obvious, force banks to rat on you for every minor transaction you make. So that the IRS can decide if it should take you more.
Anytime you buy or sell anything that costs more than $600. If you transfer money to an account. If a small business moved some money around. All of that would be reported to the IRS. Not only would that put you under the government’s microscope, but it would put a huge burden on banks.
It could not only result in more audits against you, but it could raise the fees banks charge for basic services. All so that Joe can bleed Americans dry to pay for his socialist schemes.
But even Democrats realized this was insanity. And they are opposing Biden by raising the amount. There isn’t a firm word, but it could be $10,000 or higher—a much different scenario than what Joe wanted.
None of this might happen, though, if the Democrats can’t pass their $3.5 trillion spending bill.
Do you stand with the Democrats, or against them?
Source: Bloomberg