The Biden administration has proposed a new tax law that would require banks to report account information to the IRS of all accounts with more than $600.
The proposal is being advanced in the name of "equity" and to ensure that wealthy Americans "pay their fair share." But the $600 threshold means that the law would invade the privacy of virtually all Americans and expose them to dangerous, damaging cyber attacks.
The Treasury Department proposed the rule all the way back in May, but it has only recently been uncovered by conservative media. The rule would create a "comprehensive financial account information reporting regime" by requiring banks to report annual data for both personal and business bank accounts.
"The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner," according to the document.
Crypto-currency owners wouldn't be exempt, either. The rule would require crypto brokers to also report the same information to the IRS.
As you can imagine, banks and trade associations have come out against the new rule. A group of 40 entities sent a letter to Congress expressing concern about the plan, according to the Washington Examiner.
“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.”
In other words, the rule would require private financial data on all Americans to be sent to the IRS, where it would be susceptible to hackers, thieves, and government bureaucrats (but we repeat ourselves).
This is how the federal government expands its power--one unconstitutional rule at a time. Why does the IRS need additional access to our financial information? They can already demand that information during the course of an audit. Now, they want that information automatically on virtually every American citizen so they can weaponize it against political opponents.
We the People must fight back against bureaucratic overreach. Biden and his cronies at the IRS have no right to this information, and we must stand up and stop them before they invade every aspect of our personal lives.
An Article V Convention of States is called and controlled by the states and has the power to propose constitutional amendments. These amendments can limit the power and jurisdiction of agencies like the IRS, shore up our private property and privacy rights, and shrink the authority of the executive branch as a whole.
Five million Americans have voiced their support, and 15 states have passed the Convention of States Resolution. Sign the petition below to add your name to the list!
