The House Ways and Means Committee left out the Biden regime’s proposal in the legislation approved by the committee on Wednesday last week, due primarily to the growing backlash. It is unclear whether some version of the proposal will make it into the final bill, however. That comes nowhere near the amount needed to cover the massive spending package the Fascists want passed, which also a 10-year proposal. It’s about the super-wealthy finally beginning to pay what they owe.”Īccording to an information paper released by Treasury when the new regulations first became public, the additional reporting would potentially raise another $700 billion over the next decade. With the new reporting rule, “the wealthy can no longer hide what they’re making,” Biden said on September 16 during a speech on the economy. Treasury Secretary Janet Yellen sent a letter to House Ways and Means Committee Chairman Richard Neal (D-MA) last week, asking Democrats to include a “ sufficiently comprehensive” reporting provision in the bill “so that tax evaders are not able to structure financial accounts to avoid it.” it has often been stated that, even taking 100 percent of the wealth of the top one percent, it would be a drop in the bucket compared to the Left’s frightening wish list of Fascist programs.Ī full-court press is being instituted to get the controversial expansion of IRS powers into law, with Treasury Secretary Janet Yellen pushing for it to be included in the massive $3.5 trillion spending bill and Joe Biden trying to sell it directly to the American public. It is a continuation of the Fascist Left’s demonization of wealthy Americans, though you can be assured their corporate cronies in Big Tech, social media and regular media will be granted exemptions. Rep, Kevin Brady (R-TX) introduced the same legislation in the House Monday.Ĭiting alleged and dubious claims there are increasing efforts at tax evasion among the rich, the Biden cabal put on the full-court press to include this questionably constitutional measure in the proposed super spending bill and enormous tax increase the House may vote on this week.
Mike Crapo (R-UT) filed legislation that would block the effort from going into effect, an unusual move given the proposal has not yet been considered in committee as part of the $3.5 trillion spending bill. “They want this new authority to look at transactions of $600 or more, rather than $10,000 or more, Boozeman told the Epoch Times Thursday, “because they have a $3.5 trillion ― or some would say $5 trillion bill, depending on how you score it ― so they desperately need ‘pay-fors.’ That is how desperate they are.”įriday Boozeman and Sen. citizen to make sure the government gets enough money to pay for it all. John Boozeman (R-AR) said Thursday the change is to ensure the massive increase in spending can be paid for by essentially looking in every nook and cranny of the personal finances of every U.S. The purpose of the new, much lower ceiling should be obvious, given the massive spending plans the Fascist Democrats have in store.
Biden proposes the sweeping reforms take effect in 2022. In addition, the Treasury Secretary would also receive broad new powers to make additional regulations that would further infringe on taxpayer rights and expand the IRS’s invasive audit and examination procedures. ― banks, savings and loans as well as credit unions ―would be required to report an individual’s or family’s transactions over $600 is in cash and report whether the transaction originates in a foreign country or if it represents a transfer from another account also owned by the account holder. Under Biden’s proposal, all financial institutions in the U.S. The puppet masters behind Biden wants to add $76 billion to the IRS budget and hire an additional 87,000 agents to carry out these investigations. This proposal would drop the threshold of private and corporate transactions the Internal Revenue Service (IRS) is allowed to examine from its current $10,000 to a mere $600. Last week, the Biden cabal stepped up pressure to include proposed legislation in the regime’s massive spending bill totaling $3.5 trillion. Joe Biden is trying to weaponize the IRS. Biden’s desire to reach inside your bank accounts and, if you’re “cheating,” take his regime’s share, is universally opposed by voters, banks and Republicans trying to stop him.