If they’re only going after millionaires, why $600?
The Biden administration’s plan to fund a multitrillion-dollar spending plan includes having the IRS snoop into every American’s bank account to examine transactions that are $600 or greater. This alarming proposal has implications far beyond the government looking to extract tax money. It is also a potential way for the Biden administration to track who is purchasing firearms.
Treasury Sec. Janet Yellin was on Capitol Hill defending the Biden administration’s proposal.
“I think it’s important to recognize that we have a tax gap that’s estimated at $7 trillion over the next decade,” Sec. Yellen said, according to a Fox Business report. “That is taxes that are due and are not being paid to the government that deprive us of the resources that we need to do critical investments to make America more productive and competitive.”
By Larry Keane