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Biden's Plan for Tax Cheats: IRS Will Access Bank Accounts

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EDITOR NOTE: Biden’s American Families Plan is a claim on income that the government itself didn’t earn. It’s an indirect claim on goods that the government didn’t produce. It’s a claim that, by any other name besides “government,” would be considered a criminal act. It goes further. Biden’s claim on this income, promising to generate (or steal?) $700 billion over a decade, is a claim to the right to surveil American citizens’ bank accounts for tax cheats, transactional records, and ePayment histories. It’s a claim to the right to restrict freedom and privacy. Now it’s purely financial. Later, this “right” will pave the way for more intensive interventions--from behaviors to thoughts to physical actions. 

The White House says cracking down on tax cheats will generate $700 billion over 10 years to help offset a $1.8 trillion expansion of welfare programs.

To pay for a glut of new federal spending, President Joe Biden on Wednesday announced plans to hike taxes on businesses and wealthy Americans—and to sic the federal tax cops on everyone.

Biden's American Families Plan calls for spending $80 billion on the Internal Revenue Service (IRS) to increase tax compliance in the hopes of generating $700 billion over the next 10 years to partially offset the plan's $1.8 trillion price tag. The $700 billion that will supposedly come from stepped-up tax enforcement will be the largest single funding source for the American Families Plan—the revenue from tax enforcement is six times larger than what will be produced by raising the top income tax rate back to 39.6 percent.

The additional funding for the IRS will allow the agency to hire 15 percent more enforcement staff. The White House's fact sheet on the American Families Plan says the additional resources will be aimed primarily at high-earners and corporations. "The IRS will crack down on millionaires and billionaires who cheat on their taxes," Biden said during his address to a joint session of Congress on Wednesday, adding that he was "not out to punish anyone."

To pay for a glut of new federal spending, President Joe Biden on Wednesday announced plans to hike taxes on businesses and wealthy Americans—and to sic the federal tax cops on everyone.

Biden's American Families Plan calls for spending $80 billion on the Internal Revenue Service (IRS) to increase tax compliance in the hopes of generating $700 billion over the next 10 years to partially offset the plan's $1.8 trillion price tag. The $700 billion that will supposedly come from stepped-up tax enforcement will be the largest single funding source for the American Families Plan—the revenue from tax enforcement is six times larger than what will be produced by raising the top income tax rate back to 39.6 percent.

The additional funding for the IRS will allow the agency to hire 15 percent more enforcement staff. The White House's fact sheet on the American Families Plan says the additional resources will be aimed primarily at high-earners and corporations. "The IRS will crack down on millionaires and billionaires who cheat on their taxes," Biden said during his address to a joint session of Congress on Wednesday, adding that he was "not out to punish anyone."

Original post from Reason

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