WH Changes the IRS Snooping Provision but Here's How Deceptive That Is

From Red State.com (Oct. 19, 2021):

The Biden Administration seemed to cave, somewhat, today on the IRS snooping provision they have been pushing — getting reports on accounts that had inflow/outflow of $600 or more, a provision which would basically then give them the ability to look at everyone’s account.

Now, they’re claiming that they will scale it back to $10,000. But it’s $10,000 over the course of a year that they’re proposing now.

From Fox Business:

“Today’s new proposal reflects the administration’s strong belief that we should zero in on those at the top of the income scale who don’t pay the taxes they owe, while protecting American workers by setting the bank account threshold at $10,000 and providing an exemption for wage earners like teachers and firefighters,” Treasury Secretary Janet Yellen said in a statement.

But this is actually pretty deceptive. Because while it might not pick up a salary coming in, according to the Republicans, the provision will pick up the money going out, which again most Americans will spend more than $10,000 in a year if they are working adults. It’s also going to pick up people who are paid but don’t get a W2 or regular salary with the money coming in.

So this is basically a distinction without a difference as the outflow would pick up basically everyone anyway according to Republicans. Sen. John Kennedy (R-LA), Sen. Chuck Grassley (R-IA), Sen. Pat Toomey (R-PA), and Sen. Mike Crapo (R-ID) blasted the effort today. [read more]

Another Democrat slight of hand.

Another article on the matter:

Dems’ sneaky new rule will let IRS target and harass little guys over $600 payments