Democrats May Soon Be Forced to Scrap IRS Rule

Democrats May Soon Be Forced to Scrap IRS Rule

( – President Joe Biden’s ambitions regarding social spending legislation look to be in serious danger. Along with mainstream Democrats in Congress, Biden wants to spend $3.5 trillion on a sweeping spending bill, but party Moderates like Senator Joe Manchin (D-WV) have refused to back a measure that expensive. One provision lawmakers may cut is the controversial proposed rule to allow the IRS to collect transaction data from the bank accounts of most Americans.

The proposal has met with resistance from privacy advocates, who feel it would represent an unacceptable intrusion into the private lives of ordinary Americans. Many have expressed concern about the fact it would target accounts with balances as low as $600, a figure that would include the accounts of most working Americans.

House Speaker Nancy Pelosi (D-CA) defended the proposal earlier this week, claiming it would help the government fight tax evasion. Treasury Secretary Janet Yellen also advocated keeping it on similar grounds, seeking to reassure people the average taxpayer would not become the target of the new monitoring capabilities.

Despite these arguments in favor of the measure, it remains one of the less popular provisions on the Democrats’ massive social spending bill. It seems logical for lawmakers to at least consider dropping it.

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