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House Republican Conference

10/28/2021 | Press release | Distributed by Public on 10/28/2021 08:00

House Democrats’ Socialist Reconciliation Package Would Allow The IRS To Spy On Americans’ Bank Accounts

One of the most egregious provisions in President Biden and House Democrats' Far-Left Socialist reconciliation package would allow the IRS to spy on the bank accounts of nearly every hard working American. This IRS surveillance scheme would nearly double the number of IRS agents and force local banks to report the transactions of personal and business accounts.

If you earn or spend $192 per week or $28 per day, you would get caught up in the IRS dragnet. If the average family of four were to only purchase their weekly groceries and nothing else, their account will be reported to the IRS. This is a major privacy infringement that targets virtually all working-class Americans.

HERE ARE 10 WAYS THAT YOU COULD FIND YOURSELF SURVEILLED BY THE AGENCY (Courtesy of the House Ways And Means Committee):

  1. Sending your child to college. You worked hard, you saved, and now that investment in your child's future pull you into the IRS dragnet.

  2. Working as a blue-collar worker. If you're a local contractor, plumber, or hairdresser - or simply don't get paid on a W2 - you will have your bank accounts monitored.

  3. Taking out a loan to buy equipment. Want to start a new business or invest in your current one? That'll cost you your privacy.

  4. Sending money or loan money to family members. Have you ever helped a loved one financially who has fallen on tough times? Biden wants the IRS to know.

  5. Providing financial support to elderly parents. Do you help pay household expenses for your elderly parent or grandparent? If so, their account will be swooped up in the IRS surveillance scheme.

  6. Receiving Democrats' "cash-for-kids" welfare. If you receive the Child Tax Credit payments by paper check - you'll have your bank account monitored.

  7. Receiving dependent care flexible savings account reimbursements. If you pay for childcare using the Democrat's beefed up dependent care flexible spending account (FSA), your account will be reported to the IRS.

  8. Taking up a part-time gig as an Uber driver. Do you work hard and make $200 or more on nights and weekends driving for Uber? Gas is expensive but it's nothing compared to that IRS audit that will be triggered as part of the Biden bank surveillance scheme.

  9. Selling goods at a farmer's market or Etsy shop. Do you create something or grow something and sell it directly to a consumer? If you did and deposited those dollars into a bank account, you'll be reported.

  10. Saving for and making a large purchase. Want to buy a new car? Or do some home renovations? Or take your family on a trip to Disney World? Your bank accounts will wind up in a dragnet.

BOTTOM LINE: The Democrats' IRS surveillance scheme is NOT about going after high earners and wealthy corporations, it is designed to go after working Americans and Main Street job creators.