Folwell joins 24 state treasurers in opposing provision to expand IRS | Beaufort County Now | N.C. State Treasurer Dale Folwell has joined 24 state treasurers in signing a letter opposing a portion of national Democrats’ $3.5-trillion budget reconciliation bill that would expand the power of the Internal Revenue Service.

Coronavirus Disease 2019 (COVID-19)
Publisher's Note: This post appears here courtesy of the Carolina Journal. The author of this post is David Bass.

    N.C. State Treasurer Dale Folwell has joined 24 state treasurers in signing a letter opposing a portion of national Democrats' $3.5-trillion budget reconciliation bill that would expand the power of the Internal Revenue Service.

    The proposed legislation - backed by the Biden administration - would give the IRS new power to monitor American bank accounts with more than $600 in deposited funds. Under the bill, banks would be forced to report deposits and withdrawals from bank accounts above that threshold. The proposal is meant to "improve tax compliance" and "will enhance the effectiveness of IRS enforcement measures and encourage voluntary compliance," according to the U.S. Department of the Treasury.

    Folwell is objecting to the proposal based on its capacity to hurt lower-income Americans and smaller community banks.

    "I believe that everyone should pay their fair share of taxes," said Folwell, a Republican, in a statement. "However, this proposal is an unprecedented invasion of privacy that could actually increase the problem of the 'unbanked' and 'underbanked' in America.

    "These new IRS powers will have a chilling effect on those who already operate outside of the current banking system,"
Folwell added. "They are already frequent victims of predatory lenders and others that seek to take advantage of them because they don't have access to traditional financial services."

    According to Paige Terryberry, fiscal policy analyst for the John Locke Foundation, the provision would also infringe on privacy.

    "This action would weaponize the IRS, increase the risk of financial leaks for working Americans, and further burden small businesses and community banks with reporting requirements," Terryberry said. "Folwell is right to oppose this trespass on Americans."

    Overall, the Democrat-based budget would allocate $80 billion to the IRS over the next 10 years to hire new staff and sharpen the agency's auditing teeth.
Go Back

HbAD0

Latest Op-Ed & Politics

House Republicans, led by Rep. Chip Roy (R-TX), have sent a letter to Biden administration Attorney General Merrick Garland calling his recent schools memo an effort to weaponize the DOJ and curb Constitutional rights.
Today, U.S. Senator Thom Tillis (R-NC) and 49 Senate Republican colleagues filed a formal challenge against President Biden's vaccine mandate under the Congressional Review Act.
Last week, the UNC Board of Governors met at NC State’s Hunt Library for its November meeting.
Amid the shopping bags, holiday music, and twinkle lights, smash and grab crime videos are plaguing the retail season this year.
The parents of the suspect accused of shooting up a high school in Michigan were hit with involuntary manslaughter charges on Friday, prosecutors announced.
If you are covering Kamala Harris’ visit to Charlotte today, please consider the following statement from the Republican National Committee
Democrat Rep. Rashida Tlaib (MI) effectively admitted on Wednesday that she only wears a mask when there are cameras around, which undercuts a number of public statements she has made about the importance of wearing masks.
In a letter a few weeks ago, State Auditor Beth Wood insisted that applications to purchase the Bald Head Island ferry (System) by the Village of Bald Head Island (Village) and the Bald Head Island Transportation Authority (Authority) not be included in the December Local Government Commission (LGC)

HbAD1

So far this year, Gov. Cooper has pledged over $930.7 million in tax incentives to just 22 corporations, including $845.8 million over four decades to Apple
Candidate filing for the 2022 statewide primary and rescheduled municipal elections begins at noon on Monday, December 6, and ends at noon on Friday, December 17.
In May, the UNC School of Medicine revised its Guidelines for Appointment, Reappointment, and Promotion.
While a bill that would legalize sports betting across North Carolina passed a House committee last week, odds are heavily against it passing the full General Assembly before the session ends.
James W. Frick had a head full of Carolina common sense. Born in New Bern, in 1924, he was raised in a Catholic orphanage and graduated from Notre Dame.
Tristen Wallace began his college days at the University of Oregon with dreams of eventually playing in the NFL. But shortly into his college career, he was accused by two women of rape and expelled.
State Sen. Tom McInnis, R-Richmond, has moved his permanent residence from Richmond County to his second home in the Pinehurst area of Moore County to run for the newly-drawn state Senate District 21, which will include all of GOP-rich Moore County, and much of Cumberland County.
Former Border Patrol Chief Rodney Scott, who was forced out of his position by the Biden administration earlier this year, issued a stark warning during an interview, saying that the greatest threat that the U.S. is facing is the current administration withholding information from the public.

HbAD2

Amanda Knox fiercely defended teenager Kyle Rittenhouse, who was found not guilty last month on all charges related to a fatal shooting that took place in August 2020.
Last year, Forbes published a headline, “Americans rank a Google internship over a Harvard degree.” It seems higher education is quickly losing hold of its value proposition as the best way to prepare for a job or advance in one’s career.
''independent redistricting commissions'' actually more corrupt
A N.C. company looking to bring a lithium mine to Gaston County is facing pushback from environmental groups, despite a deal already in place to use the mine’s products for electric vehicle batteries.
An assistant director yelled “cold gun” as he handed a prop weapon to Alec Baldwin, which the actor fired, killing cinematographer Halyna Hutchins and injuring director Joel Souza.
Chicago Mayor Lori Lightfoot is asking the federal government to intervene and examine evidence after the Cook County States Attorney, Kim Foxx, refused to charge five men alleged to have taken part in a gang-related shooting that left at least one dead and two injured.
I have been following the Sheppard case and the Franks case the last couple of years with a somewhat dispassionate interest. The wheels of justice grind and they do grind slow.
“Squid Game,” the current Netflix sensation taking the streaming service by storm, may have tons of fans, but one woman in South Korea says her life has become miserable because of the show.
To preserve liberty, it is essential that the whole body of the people always possess arms and be taught how to use them.

HbAD3

 
Back to Top