Home Penny blacks Don’t let Joe Biden snoop on your bank account

Don’t let Joe Biden snoop on your bank account

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President Biden likes to claim his $ 3.5 trillion in taxes and the spending madness will only hurt the richest Americans, leaving everyone unscathed. However, as his plan becomes clearer, it becomes increasingly clear that Democrats intend to radically transform the lives of every worker, small business owner and family in America.

Their latest ploy is a plot to give the IRS new authority to snoop around Americans’ personal finances, providing federal agents with data on every transaction over $ 600. This unprecedented expansion of government surveillance should leave everyone alarmed and outraged.

Currently, the government has the special power to require information on wire transfers over $ 10,000. Theoretically, this allows them to sniff out things like money laundering, terrorism or tax evasion. But President Biden’s new plan creates a massive new sweep that would wipe out all sorts of ordinary transactions that normal, law-abiding Americans do on a regular basis.

Indeed, the Washington Liberals want to let the IRS flip through Americans’ checking accounts as if everyone is a criminal or a potential terrorist until proven guilty. The IRS already knows how much you earn. Now they want to know exactly how you are spending it.

Is your monthly rent or mortgage payment over $ 600? If the Democrats in Washington got what they wanted, the government would be notified. Do you have your eye on a new rifle and equipment before the next hunting season? The IRS would hear. Do you have a large balance on your PayPal or Venmo account that you would like to transfer to your checking account? Federal agents would see him.

Unsurprisingly, this extreme invasion of privacy shocked Kentuckians.

Over the past few weeks, I have received over 14,000 messages from voters expressing concern about this provision. They are uniformly dismayed that their private financial decisions could be subject to real-time IRS monitoring. Kentuckians are tired of being subjected to big government and excessive bureaucrats.

If you think you can trust the IRS to protect your personal information, think again. This year alone, an IRS leak revealed sensitive financial data from several Americans – information that was quickly exploited by the political left. This is the same IRS that made targeting conservative organizations a domestic policy issue under the last Democratic administration. Americans simply cannot trust the federal government to keep their financial information confidential.

This vast expansion of government surveillance is more than a simple threat to your individual freedom and privacy. For community banks and credit unions, these new reporting requirements would be devastating.

Kentucky’s community financial institutions are strongly opposed to this unnecessary sweep of IRS data. They wrote letters telling me that they would face “an unprecedented, complex and costly new burden” that would strain their limited resources. They think it is utterly unreasonable to force credit unions and community banks “to become the police arm of the IRS.” I completely agree.

So let’s recap: Democrats want to pile new red tape on small community bankers, recover an unprecedented amount of your personal financial data, and turn it over to a notoriously partisan federal agency. This vast expansion of government oversight is not only unnecessary; it’s downright dangerous.

I am proud to support the Kentuckians who oppose President Biden’s radical transformation of American society. I have always fought against this kind of liberal takeover in the past, and I will make the Republicans united to do it again.

We cannot treat every American as a potential criminal. We cannot regulate the disappearance of community banks. We can’t make everyone’s sensitive financial information a free game for hackers and partisan leakers.

If you’re worried about this massive IRS data sweep, wait until you read what Democrats are trying to block in Congress with their tax insanity and reckless spending. As the Republican Senate leader, I will continue to lead my conference against President Biden’s plan and ensure he does not receive Republican support.

Mitch McConnell, a Republican from Kentucky, is the Republican leader of the Senate.