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.

The post Young Americans have good reasons to dread Biden’s plan to expand the IRS appeared first on Liberty Tree.

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

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.

The post Biden’s plan to snoop on everyone’s bank account appeared first on Liberty Tree.