{"id":902969,"date":"2021-10-20T17:44:43","date_gmt":"2021-10-20T21:44:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=902969"},"modified":"2021-10-20T17:44:44","modified_gmt":"2021-10-20T21:44:44","slug":"republican-senators-slam-democrats-proposed-bank-account-monitoring","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/republican-senators-slam-democrats-proposed-bank-account-monitoring\/","title":{"rendered":"Republican senators slam Democrats\u2019 proposed bank account monitoring"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frepublican-senators-slam-democrats-proposed-bank-account-monitoring%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=902969&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div id=\"attachment_2555717\" class=\"wp-caption aligncenter\">\n<p id=\"caption-attachment-2555717\" class=\"wp-caption-text\">WASHINGTON, D.C. \u2013 OCTOBER 19: Senate Minority Whip Sen. John Thune (R-SD) addresses reporters following a weekly Republican policy luncheon at the U.S. Capitol on October 19, 2021 in Washington, DC. Members of the Senate Republican leadership spoke on a range of topics including inflation, the 2022 midterm elections and the Internal Revenue Service. (Photo by Anna Moneymaker\/Getty Images)<\/p>\n<\/div>\n<h5>OAN Newsroom<br \/>UPDATED 1:57 PM PT \u2013 Wednesday, October 20, 2021<\/h5>\n<p>Republican senators have slammed Joe Biden\u2019s IRS for their plan to monitor American\u2019s bank accounts.<\/p>\n<p>Democrats in Congress are trying to pass a law that would require banks to monitor all accounts with more than $600 in transactions. On Tuesday, Republican senators held a press conference explaining everything they\u2019ve said is wrong with such a proposal.<\/p>\n<p>South Dakota\u2019s John Thune (R) said there has never been anything like this in the history of the country.<\/p>\n<p>\u201cWe\u2019ve never seen anything like it before, where you\u2019re literally talking about an IRS dragnet across the bank accounts of every single American, or at least every single American who banks,\u201d said Thune. \u201cBecause as has been pointed out, any American who uses a bank account probably at some point deposits and withdrawals exceed $600.\u201d<\/p>\n<p>The senators also expressed concerns for privacy. Idaho\u2019s Mike Crapo (R) noted the plan doesn\u2019t just include banks and credit unions, but all institutions that engage in financial transactions.<\/p>\n<p>\u201cBy the way, the proposal doesn\u2019t include just banks and credit unions. It includes financial institutions. That\u2019ll be Venmo, PayPal, you name it,\u201d Crapo said. \u201cAnd the scope of the IRS ability to dive into these accounts will be the biggest violation of individual privacy that I think this county has ever seen.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udea8 LIVE SOON \u2192 Republican Senators discuss the misguided attempt by the IRS to spy on law-abiding Americans\u2019 bank accounts<\/p>\n<p>Tune in here at approx. 12:00pET: <a href=\"https:\/\/t.co\/PsxgVadVx0\">https:\/\/t.co\/PsxgVadVx0<\/a><\/p>\n<p>\u2014 Senate Republicans (@SenateGOP) <a href=\"https:\/\/twitter.com\/SenateGOP\/status\/1450484595393245188?ref_src=twsrc%5Etfw\">October 19, 2021<\/a><\/p>\n<\/blockquote>\n<p>Democrats have since sent mixed messaging on the proposal. They\u2019re now saying the limit will actually be $10,000, instead of the $600 originally proposed. However, Republicans are not satisfied and still believe most Americans would be swept up in the monitoring and that it would hurt small businesses.<\/p>\n<p>\u201cThe vast majority of Americans have accounts that will go through $600 in a year. And if they raise it to $10,000, it\u2019ll still capture everybody and every small business, and you have to ask yourself for what purpose? It tells you nothing about taxable income,\u201d stated Sen. Pat Toomey (R-Pa.).<\/p>\n<p>When asked about the proposal at her daily press briefing, Press Secretary Jen Psaki brushed off concerns. According to her, most accounts wouldn\u2019t be monitored because they fill out W-2 forms so the income is already being monitored by the government.<\/p>\n<p>\u201cSo people who get W-2\u2019s, whether they are teachers, firefighters, employees at Fox News. Anywhere where they may be getting a W-2, that\u2019s not what we\u2019re talking about here,\u201d said Psaki. \u201cThey\u2019re already reporting their income. We\u2019re talking about high net worth individuals who are not paying the taxes they owe.\u201d<\/p>\n<p>Democrats have attached the proposal to their partisan reconciliation package, which is still facing tough intraparty opposition. If passed, it will not go into effect until December of 2022.<\/p>\n<h4>MORE NEWS: <a href=\"https:\/\/www.oann.com\/las-vegas-councilwoman-michele-fiore-launches-bid-for-nev-gov\/\">Las Vegas Councilwoman Michele Fiore Launches Bid For Nev. Gov.<\/a><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>WASHINGTON, D.C. \u2013 OCTOBER 19: Senate Minority Whip Sen. John Thune (R-SD) addresses reporters following a weekly Republican policy luncheon at the U.S. Capitol on October 19, 2021 in Washington, &#8230;<\/p>\n","protected":false},"author":7,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-902969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/902969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=902969"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/902969\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=902969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=902969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=902969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}