{"id":909887,"date":"2021-10-22T12:43:44","date_gmt":"2021-10-22T16:43:44","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=909887"},"modified":"2021-10-22T12:43:48","modified_gmt":"2021-10-22T16:43:48","slug":"wsj-editorial-board-democratic-proposal-will-let-the-irs-snoop-on-your-bank-account","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wsj-editorial-board-democratic-proposal-will-let-the-irs-snoop-on-your-bank-account\/","title":{"rendered":"WSJ Editorial Board: Democratic Proposal Will Let The IRS Snoop On Your Bank Account"},"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\">28<\/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%2Fwsj-editorial-board-democratic-proposal-will-let-the-irs-snoop-on-your-bank-account%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=909887&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--><p>The Wall Street Journal Editorial Board said that a Democratic effort to crack down on tax cheating would give the Treasury Department access to almost every American\u2019s bank account.<\/p>\n<p>The Thursday <a href=\"https:\/\/www.wsj.com\/articles\/the-10-000-irs-tax-dragnet-treasury-bank-account-reporting-audit-11634852734?mod=opinion_lead_pos1\" target=\"_blank\" rel=\"noopener noreferrer\">op-ed<\/a>&nbsp;focused on a proposal that would require financial institutions to report individual accounts containing at least $10,000 to the IRS. That effort, the board wrote, would affect the vast majority of Americans who did not exclusively use cash to make purchases and pay bills.<\/p>\n<p>\u201cThe details are murky, but most Americans could still get ensnared in this dragnet unless they pay bills and buy goods in cash,\u201d the editorial board wrote. \u201cDemocrats say banks will only have to report total annual inflows and outflows, not discrete transactions. But nearly all Americans spend more than $10,000 a year.\u201d<\/p>\n<p>\u201cThe real political goal here is to create a mechanism for triggering audits\u2014probably through an algorithm\u2014so the IRS can rifle through all of a taxpayer\u2019s business and other financial records,\u201d the board added.&nbsp;<strong><a href=\"https:\/\/dailycaller.com\/2021\/10\/19\/janet-yellen-democrats-walk-back-irs-bank-monitoring-proposal\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Democrats Scale Back IRS Bank Monitoring Proposal)<\/a><\/strong><\/p>\n<div id=\"attachment_7250420\" class=\"wp-caption alignnone\" readability=\"32\">\n<p id=\"caption-attachment-7250420\" class=\"wp-caption-text\">President Joe Biden Treasury Secretary Janet Yellen in February. (SAUL LOEB\/AFP via Getty Images)<\/p>\n<\/div>\n<p>Democrats say that the proposal is <a href=\"https:\/\/dailycaller.com\/2021\/08\/11\/democrats-internal-revenue-service-banking-information-mike-crapo-irs\/\" target=\"_blank\" rel=\"noopener noreferrer\">necessary<\/a> to crack down on wealthy Americans underreporting their income in order to pay less in taxes and that audit rates would not increase for Americans earning less than $400,000 yearly. The plan, Democrats add, will generate revenue, some of which would go toward paying for their multitrillion budget, since at least one Democratic senator has <a href=\"https:\/\/dailycaller.com\/2021\/10\/20\/democrats-forced-scrap-tax-increases-budget-due-to-kyrsten-sinema-opposition-joe-manchin\/\" target=\"_blank\" rel=\"noopener noreferrer\">objected to raising taxes<\/a> on corporations and wealthy Americans.<\/p>\n<p>The editorial board, however, called that argument \u201cdisingenuous,\u201d since many lower earners\u2019 accounts would have to be examined in order to catch the wealthy Americans who were posing as low-earners.<\/p>\n<p>The board argued that the new regulations could drive Americans away from banks and toward digital wallets, cryptocurrencies or other financial transactions which can be more volatile and are less transparent. It added that community banks would be disproportionately burdened by the regulations\u2019 cost since they provide more loans to small businesses.<\/p>\n<p>\u201cBanks will also be in the awkward position of helping the government police their customers,\u201d the board said. \u201cThe IRS already has enough data to go after the wealthy and genuine tax cheats. It wants to look at everyone\u2019s bank account so its agents have another excuse to audit and squeeze more money from non-wealthy Americans.\u201d<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Wall Street Journal Editorial Board said that a Democratic effort to crack down on tax cheating would give the Treasury Department access to almost every American\u2019s bank account.The Thursday &#8230;<\/p>\n","protected":false},"author":1,"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-909887","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\/909887","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=909887"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/909887\/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=909887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=909887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=909887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}