The proposal would also exempt inflows such as those from direct-deposited wages.Įven that doesn't satisfy the banking industry, which like all industries has never met a regulation it couldn't describe as the end of civilization as we know it. They're considering changing the threshold for reporting to $10,000, which would give tax cheats sizable headroom to hide income. Nevertheless, congressional Democrats are bailing on the proposal. Not a single one of these assertions is true. Right-wing pundit Candace Owens: "The Biden administration is attempting to empower the IRS to monitor every single withdrawal, deposit, and transaction you make from your personal banking accounts, PayPal, Venmo, etc." Now they want to know exactly how you spend it." Senate Minority Leader Mitch McConnell (R-Ky.): "Washington liberals want to let the IRS leaf through Americans’ checking accounts as if everyone were a potential criminal or terrorist until proven otherwise. By hiring 85,000 new IRS agents to dig through every aspect of your life the Democrats want to enlist a bureaucratic army to achieve their goal of a big-government socialist nation.”
Here's House Minority Leader Kevin McCarthy (R-Bakersfield): "Democrats want to spy on anything you earn or buy that is more than $600. As depicted by congressional Republicans and their peanut gallery of right-wing commentators, the proposal would empower legions of gimlet-eyed IRS agents to poke their snouts into even your tiniest financial transactions.
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