Young Americans have good reasons to dread Biden’s plan to expand the IRS

FEE’s Sean Thema writes, “Alongside the $3.5 trillion reconciliation bill is a provision that would force banks to report the transaction details of all accounts with over $600 to the IRS. But the thought of government agents breathing down one’s neck is vexing for young people, who already account for a sizable portion of the $1.7 trillion in student loan debt and have an unemployment rate twice that of older Americans. Whether it’s investing in cryptocurrency, buying a firearm, or giving to charity, this measure will only dissuade young Americans from making financial decisions that best serve their interests and values…

Young people should be paying *very* close attention to this bill.

Boomers & Gen Xers (like myself) will be riding off into the sunset. It's Millennials & Gen Zers who are going to be subjected to these privacy invasions to pay for all this stuff. https://t.co/xeFSfI1tPg — Jon Miltimore (@miltimore79) October 27, 2021

Millennials and Gen Z came of age as the surveillance state came into existence, starting with the passage of the Patriot Act in 2001. Now, the government’s oft-spoken mantra 'if you've got nothing to hide, you've got nothing to fear' is coming for young Americans’ bank accounts.”

Read the entire column.