That was my reaction to this latest bit of Government bastardy:
The Biden administration has made clear its plan to beef up IRS auditing by expanding the agency’s funding and power. Biden’s latest proposal would require banks to turn over to the Internal Revenue Service bank account information for all accounts holding more than $600.
…
“There’s a 99 percent compliance rate on wages – because wage earners get their earnings reported to the IRS,” a fact sheet says that was handed out by the White House to lawmakers to sell them on the plan. “But the super wealthy who get their income from unreported sources are able to hide their income and avoid paying the tax they owe. In fact, each year the top 1 percent chooses not to pay more than $160 billion in taxes.”
Just out of curiosity: if the “super wealthy” are not paying those taxes, how is the IRS able to put an actual number on that “uncollected” amount? Or is it just an estimated, i.e. invented number?
I note that there’s been some pushback:
“While the stated goal of this vast data collection is to uncover tax dodging by the wealthy, this proposal is not remotely targeted to that purpose or that population,” the letter said. “In addition to the significant privacy concerns, it would create tremendous liability for all affected parties by requiring the collection of financial information for nearly every American without proper explanation of how the IRS will store, protect, and use this enormous trove of personal financial information. We believe that this program is costly for all parties, not fit for purpose, and loaded with potential for unintended and serious negative consequences.”
That’s telling them. And it will be roundly ignored, as usual.
I don’t even want to talk about the intrusiveness of this motherfucking proposal because it just makes me want to sharpen my bayonet and oil the rope. As it is, my bayonet is sharp enough and if I oil the rope any more, it’ll be too difficult to tie the knot.
(for information purposes only)
At what point do we say, “Enough is enough?”
Asking for a friend. Read more
