Representative Jason Smith calls for impact assessment of Biden IRS spy program that targets working families

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WASHINGTON DC – Today, Republican House Budget Committee Leader Jason Smith (MO-08), in a letter to the Joint Committee on Taxation (JCT), called for a formal assessment of how the proposed the Biden administration to empower the Internal Revenue Service (IRS) to spy on the financial activity of U.S. citizens – including working families, farmers, small businesses, and workers in the odd-job economy – reportedly an impact on middle to low income Americans. Specifically, Smith explained how the administration’s latest proposal would reach out to Americans who can least afford to protect themselves from unwarranted government intrusions. The letter requests an analysis of the IRS’s targeting of Americans earning less than $ 400,000.

“Like his multibillion dollar tax and expense bill, President Biden’s proposal to empower the IRS to spy on Americans’ bank accounts is grossly inappropriate and reflects an administration totally disconnected from the concerns of the people. American. This sweeping policy, far from serving as a tax on the rich, would target working families and effectively give the IRS the power to check under the sofa cushions in every living room in America. It sets up millions of families, farmers, small businesses and odd-job workers for potential audits and legal battles against one of the federal government’s most formidable agencies – an agency with a troubling history of abuse of his own powers, ”said the House Budget Committee Republican. Chief Smith.

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The Biden administration says its policy targets wealthy Americans. But the recently suggested reporting threshold on gross inflows or outflows of $ 10,000 from any personal or commercial bank, loan, or investment account would allow the IRS to monitor account activity for any American who spends 833 $ per month, or $ 28 per day. Additionally, while the proposal would exclude wage earners, it would impact millions of American workers who earn income that is not reported on traditional W-2s. The idea is also being put forward at the same time that the Biden administration wants to give the IRS $ 80 billion to double its number of agents in order to target more Americans.

“During the Obama-Biden administration, the IRS targeted and discriminated against conservatives, and just months after the start of the Biden administration, the IRS disclosed some very sensitive taxpayer information. These are just a few examples of IRS abuses that make it clear that turning local banks into a new enforcement branch will only further strengthen the IRS to harass Americans and violate their privacy, ”Smith wrote. . “I am concerned that the consequences of this policy proposal are far-reaching – affecting Americans at all income levels.”

Read the letter to JCT here.


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