(RightWing.org) – Suprise! The government wants to know more about you than they already know. As it spirals out of financial control and the US debt continues to explode, the Treasury Department wants as many tools as possible to squeeze every last penny out of business bank accounts and your wallet. To achieve that, Treasury Secretary Janet Yellen and President Joe Biden devised a scheme.
So, what’s the plan? The Democrats buried a horrendous proposal in the now-dead $3.5 trillion reconciliation package. Biden and congressional Democrats want to empower the Internal Revenue Service (which is under the Department of Treasury) to monitor and track your bank account balances and any deposit or withdrawal over $600. Want to buy a refrigerator, television, or car? Under this proposal, Uncle Sam wants to know. These are the same people that want to make your health care decisions and control your lifestyle. Hmm… do you think monitoring your bank account would ultimately benefit the government?
There’s Just One Big Problem
To tax the money you earn, the federal government must know how much money you make. There’s just one small, tiny problem: the US Constitution. It’s that pesky thing that keeps getting in the way. The Fourth Amendment protects people from the government accusing them of wrongdoing without evidence. Specifically, it protects Americans from unreasonable search and seizure.
Searching through your private bank account is precisely what they would be doing if this proposal became law. Despite the odds against that happening, it’s frightening that someone would even develop such a scheme.
To appropriately get around the Fourth Amendment, the current tax law requires you to self-report your income to the IRS. You’re responsible for telling the government your income, calculating your deductions and credits, and reporting your tax liability. Under existing law, the IRS already has the tools to investigate suspected tax cheats.
However, with technology advancing as it is, the government wants to know more. Not because it needs to, but because it can. Without your money, the Left can’t spend trillions of dollars on socialist programs.
Yellen Argues the Government Already Does It
On Thursday, September 30, Secretary Yellen told Congress that banks already provide the government with your private information. You may be shocked to learn that banks must report to the government if your account earns more than $10 in interest. She also stated that the government’s not asking for bank details, just inflow and outflow numbers under the proposal.
The problem with Yellen’s logic is that deposits and withdrawals are the details. By using fancy language, she hoped to fool people into believing something that isn’t so.
In an exchange with Sen. Cynthia Lummis (R-WY), Yellen said the government needed this tool to recoup $7 trillion over the next decade (to pay for their out-of-control spending). Lummus said, “Well, $600 threshold is not usually where you’re going to find the massive amount of tax revenue you think Americans are cheating you out of.”
Here’s the worst part… Yellen agrees with the Senator, but she still wants the information.
Is the government so distrusting of its people it needs to know everything about them? Isn’t that called paranoia? Interestingly, the government can enact measures against the people when they don’t trust citizens. Yet, Americans have no recourse when the government breaks the trust of the people. Perhaps they call those who don’t trust the government insurrectionists these days?
The good news is this proposal isn’t going anywhere for the moment. Unfortunately, it can pop back up at any time. If so, the Fourth Amendment is waiting to flex its muscles.
Don Purdum, Independent Political Analyst
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