The liberal-leaning audience of the NY Times got quite the surprise when they learned about Biden’s plan to monitor every bank account with over $600 in it.
Seeing that most of the readers for the Times are liberal, we got the sense of major buyers remorse. (However, don’t blame us, WE voted for Trump!)
More than 3,800 people commented on the Times’ Facebook post. Many of the comments were critical of the Biden administration for the measure or shocked that the president would do such a thing.
Here were some of the top comments absolutely shredding the Biden administration:
“I must say this is just ridiculous! $600?….really! Is Biden purposely trying to loose next election. Jesus Chris! 😠. I thought he was going after the rich folks, not the middle or lower class 🤦🏻♀️. Plus, the IRS can’t even handle tax season, let alone this huge undertaking. Oh how I miss common sense!,” said one commenter, who appeared to want Biden win again in 2024.
“It’s government overreach and will be used to target people who cannot afford legal counsel to defend themselves, which is something the I.R.S. *already* does; comes down hard on people least able to afford a proper legal defense while the wealthy illegally hiding assets in offshore accounts are left alone because it takes too much effort on the government’s part to track their money and bring claims against them to court,” said another commenter.
“$600/year is a ridiculous number. Many people have that much every week. To get a “premium “ account you have to maintain a much higher balance. How could banks, or for that matter the IRS track that many accounts? The IRS now can’t keep up with the current level of tax evasion!,” penned another.
“The problem is that rich people and corporations have accountants and lawyers to help fight IRS audits. Middle class people don’t. And so the IRS will be incentivized to go after the low hanging fruit. People who can’t fight back and will pay the IRS even if they are not guilty. Why set a $600 threshold? Why not $600,000?”
“The $600 threshold probably covers most of the people in the U.S. Nice cover story they’re using about “taxes” so they can get the financial records of almost everyone….”
Another comment put it concisely:
“What a freaking joke – dystopian USA.”
As explained by the Daily Caller:
“The new rule would force banks to disclose information about money going in and out of accounts with more than $600 in funds annually. Its purpose is to raise funds for Biden’s initiatives, according to the Times.
Finance Committee Ranking Member Mike Crapo proposed a measure that would have prevented the IRS from having access to Americans’ banking records, but Senate Democrats rejected the proposal in August. IRS Commissioner Charles Rettig said that the access to private banking records was part of an effort to crack down on tax evasion.”
What is your reaction to Biden’s overreach? Comment below…