You have to at the very least give Joe “Brandon” Biden a little bit of credit. After all, he told America while he was running for president that no one that made under $400,000 per year would receive a tax increase. America bought the lie. And Joe “Brandon” was elected president.
Alas, not all is what it seems to be.
Once Joe “Brandon” got into the White House, that number changed. All of a sudden, if you were single and made less than $400,000, you were ok. But if you were married, it was the household income that counted toward the $400,000, NOT the individual’s income. I guess that alone would cause a lot of people to start filing “married filing separately”.
And now, in an effort to “pay” for his $3.5 trillion boondoggle, Biden has decided that there are a lot of tax cheats out there that need to be reined in because they are taking money out of his spending bill! And he and his administration have told us that this bill “will cost zero dollars”. It’s a neat trick if you can do it, but I don’t think even Penn & Teller could achieve such magic. If they were, they wouldn’t be working in Vegas at the Rio!
No, Biden is now trying to look into your bank account. Any time that you take out or put in a whopping $600, he wants to know about it. Currently, by the way, the IRS is notified anytime you move $10,000 or more. But Biden realizes that even that figure can’t get him to the $3.5 trillion he so desperately needs to transform the United States economy.
So, it got me to wondering why $600? What is so magical about that number that Biden wants to keep a watch on? Hell, the average credit card bill in the United States shows an average balance of $6,194, with an average minimum monthly payment of $123.88. The average American has four credit cards. Well, if you are paying $123.88 four times, you are almost to that $600 figure. And if you’re like me, and you have a reward card that gives you say airline miles for what you spend, it’s well north of $2,500 a month. Yeah…I charge pretty much everything. Of course, I keep a zero balance on it too! And I never have to pay cash for flying anywhere.
House Minority Leader, Kevin McCarthy (R-CA), penned a letter to Nancy Pelosi (D-CA) that basically said, “While the stated goal of this vast data collection is to uncover tax dodging by the wealthy, this proposal is not remotely targeted to that purpose or that population,” the letter said. “In addition to the significant privacy concerns, it would create tremendous liability for all affected parties by requiring the collection of financial information for nearly every American without proper explanation of how the IRS will store, protect, and use this enormous trove of personal financial information. We believe that this program is costly for all parties, not fit for purpose, and loaded with potential for unintended and serious negative consequences.”
McCarthy has it right.
If you want to go after tax cheats, have at it. And the current policy of tracking expenditures of $10,000 is a good place to start. I mean, when was the last time you withdrew or deposited $10,000 into an account? It does happen on occasion, but not regularly. But $600? Most people will go over that writing a check to cover their mortgage every month. Some out here in the desert pay that every month just to pay their electric bill…especially in the summer months when the temperature reaches 118 degrees! When banks and conservative groups clamored loud and long, the FED actually listened. This past Tuesday, they decided that $600 was too small a number to be going after. They are proposing that the number be based on annual deposits and withdrawals of $10,000. That’s still only a little more than $800 a month! Pretty meager pickings even for middle class families!
This is just another liberal power grab designed to try and ferret out not the big tax cheats that take billions out of the treasury, but the little guy trying to make ends meet. Are we really going to try and collect from people withdrawing or depositing $600? Rasmussen released a poll this past weekend that showed 69% of Americans are against this move. That coupled with the fract that the IRS is so low on staff that they can’t keep up with going after the current tax cheats shows not only has Biden lost his marbles, I think Janet Yellen is right there as well and should resign.
And I’m not alone. Banks, businesses, and many different organizations that keep our economy running strong (usually), are banding together with Kevin McCarthy to fight this. Somehow, I think it will have a very difficult time become law, and even if it’s just IRS policy, you’re going to see pushback like you’ve never seen.
Sharpen the knives…the revolution is about to begin!
Carry on world…you’re dismissed!