Sen. Mike Crapo, R-Idaho blasted a revised Democrat proposal that would allow the IRS to track bank accounts of virtually every American by establishing a $10,000 threshold for incoming and outgoing transactions that banks would have to report to the IRS.
“Under the guise of ‘closing the tax gap,’ Democrats have proposed to drastically expand the powers of the IRS and turn banks and credit unions into private investigators for law abiding Americans,” Crapo said on the Senate floor. “We have been pointing this out to people across America for several weeks and the uproar is loud.”
Previously, the Democrats had proposed that the threshold to report income and outgoing transactions in bank accounts to be $600.
But Crapo said that the proposed fix to the Democrat proposal is merely an attempt to hide what Democrats really want, which is financial information about every American.
“Think of a small business in America that doesn’t run more than $10,000 a year of income and expense through their accounts,” he said.
“It will pick up every small business in America,” he continued. “It will pick up, I think, every family in America….The IRS will have data on every American’s account.”
Crapo also charged that Democrats have promised only to audit Americans making over $400,000 per year with the new tracking information, but have failed to put the promise in writing.
“There’s a lot of tax fraud and cheating that’s going on.” @SecYellen tells us the proposed $600 IRS reporting requirement for banks is “absolutely not” a way for the government to peek into American’s pocketbooks but to hold billionaires accountable.pic.twitter.com/u208I43f98
— Norah O’Donnell ?? (@NorahODonnell) October 12, 2021
“If that’s really the position they are taking, then why don’t they put it in a bill? Why don’t they put it in the proposal? Why don’t they put in the proposal that they cannot secretly or publically access the data of private individuals in their private accounts, if they make less than $400,000 per year?” asked Crapo.
Secretary of the Treasury Janet Yellen was widely panned after appearing on CBS News and saying that the $600 bank tracking requirement was designed by the administration to hold billionaires accountable.
“There’s a lot of tax fraud and cheating that’s going on.” @SecYellen tells us the proposed $600 IRS reporting requirement for banks is “absolutely not” a way for the government to peek into American’s pocketbooks but to hold billionaires accountable.pic.twitter.com/u208I43f98
— Norah O’Donnell ?? (@NorahODonnell) October 12, 2021
