Should Joe Biden Have Access To Your Bank Records?

Joe Biden and Democrats in Congress have proposed new requirements for banks to disclose new information to the IRS as part of a plan to fund their reckless $3.5 trillion tax and spending spree. Privacy advocates, banking industry groups and Republicans all raised concerns about the plan and called on Democrats to remove the provision that provides the authority — as well as 80,000 new IRS agents and $78 billion — for the IRS to track taxpayers’ bank accounts.

The new law would require banks to disclose every transaction to the IRS that totalled more than $600 — including everything from paychecks and mortgage payments to credit card payments and travel expenses. 

Fox Business: In a letter addressed to House Speaker Nancy Pelosi and Minority Leader Kevin McCarthy, more than 40 banks urged lawmakers to vote against such a proposal, warning it could create a “tremendous liability” for all involved by requiring the collection of financial information for the majority of Americans “without proper explanation of how the IRS will store, protect, and use this enormous trove of personal financial information.”

Republicans in Congress, including Oklahoma Senator James Lankford, introduced new legislation to protect taxpayers from this intrusive government overreach.

Senator James Lankford: “Unfortunately, Biden and his team have ignored, or sometimes celebrated, the violation of taxpayer privacy and want to create an intrusive IRS,” said Lankford. “Our solution forces the IRS to protect taxpayers from regular IRS monitoring of their bank accounts, targeting based on their private beliefs, and the political weaponization of the IRS. Oversight and transparency are critical to a well-functioning government that works for the American people.”

Bottom Line: Higher taxes aren’t enough for the Biden-Harris administration and Democrats in Congress — they also want access to personal information on your bank statements and 80,000 new IRS agents to harass hardworking taxpayers.