Democrat Budget Plan Will Empower IRS Monitoring Of Virtually All Bank Accounts

The Biden budget proposal doesn’t just include trillions and trillions of dollars in spending on programs only previously dreamed of by progressives and socialists. It does that, for sure, but it also includes proposals that give the federal government powers to invade ordinary Americans’ privacy in ways that would have caused the founders’ heads to explode.

The Democrat budget includes giving the IRS the power to secretly monitor the bank accounts of any American citizen that handles more than $600 in transactions per year. Financial institutions will act as the reporting agency for every withdrawal and deposit, including cash, electronic transfers, and transfers between accounts owned by the same person. Personal, business and corporate accounts will all be covered.

The alleged purposes of the monitoring requirements are for improved “tax administration” and providing the IRS with a method for addressing “facets of the tax gap.”

Republican lawmakers have written a letter setting out concerns about the sweeping provisions of the bill, stating that it would impose high costs on financial institutions that would be passed on to customers and would “infringe on the privacy of millions of Americans.”

In support of the reporting requirements, Joe Biden said that they would just let the IRS know what is going on with the “super-wealthy” so that we all know they are paying “their fair share.”

There is no mention, of course, about how the new proposal respects the Fourth Amendment.

The requirement for a warrant to look through private records is done away with when the federal government expresses the need to go after the wealthy as presumptive tax cheats without any reason for individualized suspicion of any wrongdoing. Biden also makes no mention of how the act defines the “super-wealthy” as anyone with a bank account that transacts more than $600 of business in a year.

It isn’t as if we haven’t already seen what happens under Democratic administrations when weaponizing the IRS against conservatives is convenient. The new reporting requirements would be like giving Lois Lerner the snooping power of the NSA without even the suggestion that a search warrant might be necessary.