This commentary is by Deb Billado, chairwoman of the Vermont GOP.
We all should pay taxes, right? Certainly. It’s the right thing to do. We can and should object to them politically when they’re onerous and burdensome, but at the end of the day we have to pay our taxes or get in big trouble.
But the Biden administration doesn’t just want you to pay taxes. It now wants to monitor your bank accounts — including all accounts with a balance of more than $600 — and send the data to the IRS for “tax enforcement” efforts against so-called wealthy tax-dodgers. Now Biden is discussing raising the threshold to $10,000, as if that addresses any of the fundamental issues.
This spikes obvious privacy concerns — what right do bureaucrats at the IRS have to monitor my bank transactions?
But practically speaking, it makes even less sense. If this is an attempt to get the wealthiest Americans to pay taxes they owe, why set the threshold for monitoring accounts at $600 or $10,000? Why not, say, $600,000? The latter is far less intrusive, far less widespread, and far more tailored to the actual problem.
And are we really supposed to take this proposal seriously when the same administration that wants to spend $3.5 trillion in a massive expansion of government thinks your bank accounts need monitoring? Isn’t this getting just a bit hypocritical?
All of this is part of Biden’s plan to hire 85,000 new IRS agents in his “tax enforcement” efforts. And it’d be one thing if this so-called tax enforcement would avoid tax cuts — but it doesn’t. That’s why Biden includes nearly $3 trillion in tax increases in his “Build Back Worse” — I mean, “Better” — plan.
Further, Biden said improved tax enforcement would save $240 billion over the next decade. Turns out, the true number is closer to half that figure. Is that worth the investment of 85,000 new IRS bureaucrats, plus the virtual elimination of banking privacy for more than 100 million American households? I don’t think so.
So hold onto your wallets — or better yet, keep an eye on your bank accounts — because if Biden’s bureaucrats have their way, who knows what will happen.