Once again, the “new”
Trump-run GOP takes a Biden/DEM proposal, idea, or policy suggestion out of
context for their own political gain – e.g., “Biden wants to audit and control any
bank deposit over $600.00.”
Simply stated: That is not
true. It is totally false.
The details follow.
The Treasury Department posted a fact sheet before a Senate
Republican wild news conference, noting that the proposed reporting requirements
would help pinpoint unusual circumstances, such as “a taxpayer who reports $10,000 of
income, but has $10 million of flows in and out of their bank account.”
The Treasury fact sheet states:
“To be clear: The financial reporting proposal does not include reporting on
individual transactions of any amount. Instead, banks would add two additional
data points to the information that is already supplied to the IRS: (1) How
much money went into the account over the course of the year, and (2) How much
came out.”
Sen. Mike Crapo
(R-ID), the ranking Republican on the Senate Finance Committee, said at the
news conference that a large number of Americans still would get swept up by
the IRS “dragnet,” adding: “The average American runs over $61,000 through
their account, on housing ($20,000), transportation ($9,000), personal
insurance and etc. ($7,000), the list goes on” (he cited Labor Department data).
Crapo was not the only senator to make some version of the
claim that the IRS would be snooping on bank accounts.
Sen. John Kennedy
(R-LA), who once served as secretary of the LA Revenue Department, repeatedly
said: “Americans intimate financial details would be collected,” calling it
a “squid-brained idea.”
FYI for Sen. Kennedy: Scientists all say squids and octopuses
are the smartest invertebrates.
Sen. Pat Toomey (R-PA),
the ranking Republican on the Senate Banking Committee and retiring said: “We’re
going to give all kinds of personal, private information about American
citizens to the same IRS that famously discriminated against conservative
organizations seeking tax-exempt charters?”
Sen. Kevin Cramer
(R-ND) said: “We are talking about some of the most private of information
being shared, turning bank presidents, bankers, community bankers, credit-union
lenders, and clerk tellers into spies for the IRS.”
FYI for Sens. Toomey and Cramer: That level of scrutiny does not
appear anywhere in the Democrat proposal.
From two outside
banking experts:
1. Samantha Jacoby a senior tax legal analyst at the left-leaning CBPP (Center for Budget and Policy Priorities), called these GOP claims complete fabrications saying in an email: “The IRS would have no way to monitor individuals’ transactions. Moreover, the modified proposal from Senate Democrats would exempt W-2 wages and federal benefits from the $10,000 threshold. (So for example, an account holder with $50,000 in wages but less than $10,000 in other types of deposits would not be covered.)”
2. Garrett Watson, a senior policy analyst at the right-leaning Tax Foundation, said the new reporting requirements could lead to audits but declined to endorse the senators’ statements, adding in an email: “The IRS reporting proposal would share aggregate inflow and outflow information on a subset of bank accounts based on the $10,000 threshold (potentially excluding certain income sources, such as wage income through direct deposit). It’s worth noting, however, that this information may trigger audits in certain situations, which would then potentially include a more detailed examination of bank account activity that otherwise would not happen. The Treasury Department has noted that the audit focus would be on those earning over $400,000, but it’s not clear how this would be measured as a counterfactual or how this would play into IRS auditing decisions.”
All of the following
is also related to the “new” Trump-run GOP:
Why the GOP plays dirty (2019).
The GOP is soulless (2020).
The GOP is grave threat to American democracy
(2021).
GOP primary fights getting nasty
(2021).
Mapped out Voting Rights (2022).
My 2 Cents: All that stated above clearly shows how far this “new” Trump owned and operated GOP go, do, say, try, lie, and deny anything about any issue to paint Biden as evil or worse.
All the while the GOP ducks their own feeble hair-brained stunts and ideas and policies that prop up Trump and his tons of lies coupled with utter nonsense to get as much political gain and mileage as possible to try and regain power in in Congress, and to ensure that they never lose another election ever. Worse, all the while (over and over) blaming DEMS.
That in my view would be a disaster just waiting to happen and right now those actions pose a “Clear and Present Danger” to us all and our right to vote in a free, fair, safe, and secure election at any level at any time and place, and not by fly-by-night rule changes made just because your side lost an honest election the way Trump continues to advocate and push about the 2020 election.
Example of a new GOP voting site for DEMS, minorities, students, and non-Republicans:
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