MCRAE: The IRS Has No Business Monitoring Your Bank Account

By: Treasurer David McRae

Under the Biden administration, the federal government’s role in our lives has become increasingly obtrusive, increasingly socialist, and increasingly concerning. What’s more, with the House of Representatives under Nancy Pelosi’s control and Chuck Schumer running the Senate, the executive overreach has gone unchecked.

As a result, the Biden administration has begun forcing individuals across the country to be vaccinated – whether they want to be or not. The White House has worked with social media companies to control what information gets posted online and who is permitted to post. Even the types of vehicles Americans have access to is being manipulated by presidential overreach.

Most recently, Democrats announced a plan that would allow the IRS to more closely monitor any deposit or withdrawal over $600 that you make from your bank account. That means, a new set of tires, a new fridge, even a generous gift from your grandmother could be reported to the federal government.

Among Americans, resistance to such a plan is resounding and bipartisan with two-thirds of voters opposing the proposal according to a new survey from the Independent Community Bankers of America. Nonetheless, Democrats are moving forward. Why? Because they’re struggling to find a way to pay for a $3.5 trillion spending spree that funds amnesty, new entitlement programs, and portions of the Green New Deal. As always, they’re turning to Big Brother – rather than reduced spending – for a solution.

The problems with this idea are serious and multifaceted. First and foremost, it’s an unprecedented invasion of privacy. The federal government simply has no businesses monitoring Americans like this.

Second, it is unnecessary. The IRS collects plenty of information already to ensure tax dodgers are found.

Finally, the proposal would hurt small businesses already struggling to recover from government-mandated shutdowns and federal policies that discouraged work. For many small businesses, the risk of double-counting income would increase significantly. Additionally, their access to loans could be affected, as the regulatory costs of this scheme could gravely impact community banks and potentially put some out of business. Without these local banks which distribute about half of small business loans, many job creators will have difficulties accessing the capital they need to expand or hire.

For these reasons, I will be fighting tirelessly against the implementation of this proposal. Under our Constitution, the federal government is responsible for facilitating commerce and providing for the national defense – and not much beyond that. Most certainly, the Founding Fathers, who fought for independence from an overreaching regime, did not hand future politicians the authority to monitor every withdrawal or deposit from your personal bank account.