Posted 5 days ago
House Speaker Nancy Pelosi retreated from President Biden’s push to give the Internal Revenue Service access to all bank transactions above $600 on Tuesday, saying that while she was committed to the policy its threshold would be subject to “negotiation.”
Mrs. Pelosi, California Democrat, was asked during a Capitol Hill press conference about the provision, which is tucked away inside President Biden’s $3.5 trillion expansion of the federal safety net.
The speaker asserted that the proposed expansion of IRS powers would help bring in new revenue to pay for the massive spending package and would also crackdown on wealthy tax scofflaws.
“There are concerns that some people have, but if people are breaking the law and not paying taxes, one way to track them is through the banking measure,” said Mrs. Pelosi. “I think $600 … [that] negotiation will go on as to what the amount is.”
Democrats are pushing for regulations within the $3.5 trillion package that would require banks to report annua... (Read more)
Let me get this straight: Biden wants the IRS to violate our privacy by collecting info on all financial transactions over $600 so they can stop really rich people from hiding money? Its just Big Brother trying to get more power to snoop on and control regular Americans. https://t.co/ieNkKxn8hk— Tulsi Gabbard 🌺 (@TulsiGabbard) October 7, 2021
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