Commentary By Michael Austin October 15, 2021 at 2:23pm
A proposal within Biden’s new $3.5 trillion plan will allow the Internal Revenue Service to stick its fingers in your personal finances. More specifically, the measure will give the IRS the authority to track each year the total deposits and withdrawals from accounts that have a balance of over $600 or bring in over $600 annually, according to WMUR-TV.
Americans are understandably upset over the prospect of having the government spy on their bank accounts. According to Just the News, this has become so much the case that some are even pulling their accounts from credit unions over the prospect of possible government surveillance.
The president and CEO of the National Association of Federally-Insured Credit Unions, Dan Berger, claims that Biden’s new spying plan will carry with it “extremely serious and costly implications for consumers and financial institutions.”
“If this provision goes into effect, credit unions would not only be left facing technical challenges and added costs to meet the reporting requirements, they would also have to deal with an increase in questions and concerns about what they are reporting from their members,” Berger said according to Just the News.
“Not to mention the major financial data privacy concerns they’d need to address to ensure their members feel safeguarded and still willing to place their trust in credit unions.”
“Some credit unions are already seeing consumers withdraw their accounts because they are concerned about the possibility of this government intrusion,” Berger said. “Any increase in compliance burdens ultimately leads to higher operational costs that could impact service and credit unions’ lending capacity. Every dollar spent on cumbersome compliance costs is one less dollar to lend to members.”
These new rules won’t hurt the richest Americans. They already have a team of lawyers making sure their client is able to use every possible loophole. Moreover, the rich elite who are trying to evade taxes don’t keep the money they’re trying to hide in checking accounts at credit unions.
Rather, the targets hit worst will likely be lower-income single mothers who run businesses out of their homes and high-school dropouts working for the minimum wage, to name just two examples. Those are the people on whom the IRS will clamp down.
Many Americans are already aware of this reality. According to Just the News, some of the Americans most concerned over the new proposal are immigrants who escaped from countries with “state-controlled banks.”
“We work with a number of minority banks across the country, minority depository institutions,” said Aaron Stetter, the executive vice president of The Independent Community Bankers of America.
“And many of them that are within our membership have come to us, and their concern is that many are serving a community that have come from authoritarian regimes, that have a natural distrust for governments and big government. And this is actually furthering or exacerbating those concerns, so they’re very concerned with how they communicate to their customer base.”
When big government is given more power, despite what Biden may claim, rich elites aren’t ultimately the ones who pay the price. It’s everyday, low-to-middle income Americans that will face the consequences.
Michael Austin joined The Western Journal as a staff reporter in 2020. Since then, he has authored hundreds of stories, including several original reports. He also co-hosts the outlet’s video podcast, “WJ Live.”