(Republican Party News) – A new report from WND has revealed that thousands of readers of the New York Times have reacted with absolute panic after the paper reported that Joe Biden’s administration is going to propose requiring banks to report information about customer transactions of $600 or more to the Internal Revenue Service.
The NY Times posted a link to the story on their Facebook page, which then got more than 3,000 comments on it, the vast majority of which were critical of the Biden administration.
“It’s government overreach and will be used to target people who cannot afford legal counsel to defend themselves, which is something the I.R.S. *already* does; comes down hard on people least able to afford a proper legal defense while the wealthy illegally hiding assets in offshore accounts are left alone because it takes too much effort on the government’s part to track their money and bring claims against them to court,” one reader commented.
On Tuesday of this week, Treasury Secretary Janet Yellen gave a defense of the proposal, trying to assure Americans during an interview on CNBC that “collection of information is routine.”
Well, I don’t know, but maybe it shouldn’t be routine? Just throwing that thought out in the wind.
Yellen went on to say that the measure will help fill an estimated shortfall of $7 trillion over the next decade to what is owed. The gap, she explained, comes from “places where the information on income is opaque and can be hidden.”
Another reader of the Times then observed that the $600 threshold “probably covers most of the people in the U.S.”
“Nice cover story they’re using about ‘taxes’ so they can get the financial records of almost everyone,” the reader said in their comment.
Another commenter argued that “rich people and corporations have accountants and lawyers to help fight IRS audits” while middle class people do not.”
“And so the IRS will be incentivized to go after the low hanging fruit. People who can’t fight back and will pay the IRS even if they are not guilty. Why set a $600 threshold? Why not $600,000?” The user continued.
Yet another stated there’s “a better way to deal with tax evasion without obliterating privacy.”
Another Times reader then commented that Biden is “doing everything he can to get Americans not to vote for him again.”
“What a freaking joke – dystopian USA,” another user stated in the comment section.
Former Speaker of the House Newt Gingrich also weighed in on the proposal, saying the $600 rule combined with the hiring of 85,000 new IRS agents “should frighten every American.”
“This is big government socialism going crazy,” he wrote in a post on Twitter. “Call your congressman and senator and demand they stop it.”
Senate Minority Leader Mitch McConnell also posted on Twitter that Biden and other Democrats “want to fund their reckless taxing and spending spree by allowing the IRS to snoop on transactions as small as $600 – effectively treating every American as if they were under IRS audit!”
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