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Graph from May Treasury Department report entitled 'The American Families Plan Tax Compliance Agenda'
From the Daily Mail:
One key prong of President Biden's plan to bankroll Democrats' $3.5 trillion budget plan is to monitor every inflow and outflow of an individual's bank account.
The Biden administration says such surveillance would target audits and prevent tax evasion, but some are concerned that it might run up against the Fourth Amendment and those who can't afford to fight tax audits or move their money into offshore accounts.
The proposal would require banks to report to the IRS every deposit and withdrawal from an account, including transactions from Venmo, PayPal, crypto exchanges and the like in an effort to fight tax evasion. The IRS would know how much money is in an individual's bank account in a given year, whether the individual earned income on that account and exactly how much was going in an and out.
https://archive.md/dikuU#selection-1065.0-1073.393
We all remember when Obama weaponized the IRS against republicans too: https://www.npr.org/2017/10/27/5603...or-aggressive-scrutiny-of-conservative-groups
But here we are. Biden claims he wants to catch those big bad rich people making over $400,000 a year who keep evading their taxes. To do that, he has to review all those times grandma paypal'd you $50.
Justify this you schills.