Under the Biden Administration's proposal, banks, credit unions, and every financial institution will be the Internal Revenue Service, agents. Senator Crapo told us this morning that if this bill were approved, it would end privacy in America.

He stated that with the support of Senators Manchin and Sinema, the bill would've become law. Republicans have partnered with the two Democrat Senators to stall the president's massive multi-trillion-dollar infrastructure bill successfully. Biden's IRS would force banks to disclose deposits and withdrawals in private accounts totaling $600.00. The president says he needs this new law to find more revenue for his programs. Senator Crapo told us the money was not there.  

Thanks to Nick Nemeth's law firm for the inspiration below.  The story continues after the gallery.

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The senator, the ranking member of the U.S. Senate Finance Committee, met with Julie Ellsworth, Idaho State Treasurer, Brandon Woolf, Idaho State Controller, Jessica Trawick, U.S. Air Force veteran, Rover independent contractor and Idaho entrepreneur Platt Thompson, Idaho entrepreneur Adam Lyman, Abco engineering, Nampa Kent Oram, President and CEO, John Evans, Jr., President, D.L. Evans Bank Idaho Central Credit Union Deneen May, President for Western Idaho, Zions Bank Todd Erickson, President, and CEO, CapEd Credit Union Charley Jones, Owner, Stinker Stations of Idaho. Aaron Briggs, Financial Expert, Boise Wealth Management.

State Treasurer Julie Ellsworth has been raising awareness over Biden's IRS expansion. She explained how this new bill would be the most intrusive overreach into the lives of every American.  

"Not only is this proposal a huge violation of privacy, but it is also an egregious abuse of Americans' right to due process by inferring all U.S. taxpayers are guilty of evading taxes until proven otherwise. Suppose you transfer $15,000 from your savings to your checking account to make a large purchase you have spent years saving for, like a wedding, car, or home down payment. Your financial institution would be required to report the withdrawal and deposit to the IRS, possibly triggering an audit--despite having done nothing improper or illegal." 

She summarizes that the IRS would consider all of us guilty until proven innocent. You can read her entire letter here.  She wrote another letter with other state treasurers to President Biden. You can read that letter here.

Senator Crapo believes that if the Republicans stay together along with the two Democrats, Biden's IRS proposal will not happen. Let's hope he's right for all our sakes.  


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