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Reason's Eric Boehm writes, "In order to make sure the rich are paying their fair share in taxes, President Joe Biden says the IRS just needs two bits of information: all the money that goes into your bank account, and all the money that comes out.
That's how Biden pitched his plan for a more comprehensive financial surveillance state—all to catch those nasty tax-cheating rich folks, of course—during a speech from the White House on Thursday afternoon.
Joe Biden says the IRS needs just two bits of information: all the money that goes into your bank account, and all the money that comes out. So, an end to financial privacy for millions of Americans. https://t.co/Jomx1ask1P — reason (@reason) September 17, 2021
Joe Biden says the IRS needs just two bits of information: all the money that goes into your bank account, and all the money that comes out.
The plan 'will give the IRS the resources it needs to keep up with the lawyers and accountants of the super-wealthy. It would ask just for two pieces of information from the banks of these folks: the amounts that come into their bank accounts and what amounts go out of their bank accounts,' Biden said. Right now, he added, 'the IRS can't see what they're making, and can't tell that they're cheating."
Thankfully, he stopped short of using the "If you've got nothing to hide…" cliché."
Read the entire column.
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