The Biden Administration’s latest invasion into our privacy is reportedly set to include the IRS tracking every deposit or withdrawal from your private bank account, including any transactions from transfer apps like Venmo, PayPal, and crypto trading.
Biden needs money to pay for his $3.5 trillion Green New Deal Infrastructure overhaul that many believe has little to do with infrastructure and more with turning America into a socialist country dependent on Chinese battery manufacturing to produce enough lithium batteries.
Now the Daily Mail reports, “Biden, Treasury Secretary Janet Yellen, IRS chief Charles Rettig and a number of Democrats in the Senate, most especially Elizabeth Warren, are pushing for the deep dive into individual financial transactions as part of an $80 billion plan to enforce tax compliance.”
There is an issue; this is a massive violation of our 4th Amendment rights, according to Patrick Hedger, Vice President of policy at the Taxpayers’ Protection Alliance.
Hedger told the Daily Mail that the Biden Administration’s move to spy in individual American’s bank accounts violates American citizens’ protection from unlawful search and seizure as granted by the 4th Amendment.
“The IRS is first and foremost, a law enforcement agency, and the Fourth Amendment protects against unreasonable searches and seizures in pursuit of, of looking for wrongdoing and criminal actions, so I think this is going to run into severe Fourth Amendment headwinds,” Hedger said.
Hedger called this a “regressive tax” that will likely only be imposed on the middle to lower-class Americans while “the big fish out there that do have sizable assets that are eligible for taxation offshore” is going to be okay.
Biden’s Treasury Department claims this will only affect those Americans for are not complying with tax laws. “For non-compliant taxpayers, this regime would encourage voluntary compliance as evaders realize that the risk of evasion being detected has risen noticeably,” the Treasury Department said.
Hedger believes this will “end up punishing the worst off among us.” He said, “The lower-income folks in this country have historically been the targets of aggressive IRS audits because they don’t have the CPAs and the lawyers to be able to fight back.”
The report indicated this could raise $460 billion in tax revenue over the next ten years. Still not enough to cover the massive spending planned by the Democrats over the next four years.
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