Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today explained the danger of the Biden administration’s plan to require banks and other financial institutions to expand their reporting of individual, confidential taxpayer information to the Internal Revenue Service (IRS).
“[Sec. Yellen] says we need to do it to catch rich tax cheats. She knows better than that. Why throw the net so wide? This proposal, like a lot of proposals, in my Democratic friends’ bill is not about public policy, and it’s not about taxes. It’s about control. There are too many people in charge right now in Washington, D.C., who just don’t trust Americans to know what’s best for themselves. They just don’t trust Americans to make decisions for themselves. Their attitude seems to be: Do what you’re told. Just do what you’re told, and if you do that, we might let you eat meat occasionally,” said Kennedy.
“I don’t think you can understate the risk that this data could leak. We just had an instance—some of my colleagues talked about it—where financial data of taxpayers was leaked—I think by the IRS. . . . Do you folks really want to live in a state where the government knows every one of the intimate details of your life, including finances? If you do, I hear China is beautiful this time of year,” he concluded.