The $10,000 IRS Tax Dragnet
Posted By: Kafka2, 10/24/2021 12:59:18 PM
Democrats walked into a political ditch with their plan to let the Internal Revenue Service snoop on American banks accounts, and so far they’re doing a lousy job of scrambling to get out.(snip)The details are murky, but most Americans could still get ensnared in this dragnet unless they pay bills and buy goods in cash. Democrats say banks will only have to report total annual inflows and outflows, not discrete transactions. But nearly all Americans spend more than $10,000 a year. The real political goal here is to create a mechanism for triggering audits—probably through an algorithm—so the IRS can rifle through all of a taxpayer’s business and other financial records.
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The $10,000 IRS Tax Dragnet
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Democrats walked into a political ditch with their plan to let the Internal Revenue Service snoop on American banks accounts, and so far they’re doing a lousy job of scrambling to get out.(snip)The details are murky, but most Americans could still get ensnared in this dragnet unless they pay bills and buy goods in cash. Democrats say banks will only have to report total annual inflows and outflows, not discrete transactions. But nearly all Americans spend more than $10,000 a year.
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Comments:
This puts the lie to the Treasury claim that audit rates won’t increase for Americans with less than $400,000 in income. If the IRS hires several thousand new auditors, they will be expected to get results. They will not go after the rich who can afford to hire lawyers to defend them. They will go after the little guy that cannot afford to fight an unfair audit. You better believe it.