Dale Folwell joins other state treasurers in opposing expansion of IRS snooping | Beaufort County Now | This is an idea that should be extinguished

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David Bass, writing at the CarolinaJournal.com reports:

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.

 


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( October 8th, 2021 @ 7:57 pm )
 
The IRS even now has an impressive arsenal of weapons for use against citizens and the Biden crew wants to arm them even more. I'm already in a situation where I have to choose to pay thousands more on top of my regular tax bill or hundreds more to an accountant to keep the IRS from taking more advantage of my family. It becomes a matter of which proportion above and beyond I choose to pay and who I choose to pay it to, all because of current IRS activities.

Ronald Reagan said, "The most terrifying words in the English language are 'I'm from the government and I'm here to help'" Never have truer words been spoken.

Rather than giving the IRS more weapons how about providing more oversight of that agency (and others). I'm about ready for my congressional representatives to start representing my family and me, but I would settle for just being left alone. I wish we had more Dale Folwells in government.



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