Joe Manchin Saves the Day!
The proposal where the IRS would monitor any transaction amounts of $600 or more has been killed.
The proposal where the IRS was going to monitor any transactions of $600 or more has been killed. Senator Joe Manchin from West Virginia today came out and stated that he will not support any transaction amount that would trigger the IRS to be spying on bank accounts. Even before Senator Manchin’s statement today, due to massive criticism, democrats in Congress have changed their proposal to require bank accounts to report to the IRS of any transaction amount from $600 to $10,000. According to the New York Post, the purpose of this proposal is to “catch and identify wealthy taxpayers who are not relying on W2 income and could be hiding and not reporting other sources of income.”
Think about it, democrats think that $600 transactions is considered wealthy… But really, this affects about, if I had to estimate, 97% of people who own bank accounts. This includes the middle and lower class. This could propel the IRS to aggressively get the middle and lower class to pay more taxes. On top of that, it is a blatant violation of privacy. But at the end of the day, that $600 transaction spying proposal is no longer on the table thanks to Joe Manchin.
Senator Joe Manchin is considered to be the most powerful politician in Washington D.C. Although he is a democrat, he represents a state where more people voted for former President Trump in 2020 than they did in 2016. Therefore, he has to represent his constituents accordingly and adhere to what they demand to him. If he mistakingly votes the wrong way, that could ignominiously mark the end of his political career come 2024. He’s not the only politician that has stood in the way of President Joe Biden’s agenda, senator Kyrsten Sinema from Arizona has also been in the way as well. Those two are considered to be swing voters and when they both voted to keep the filibuster earlier this year, this foreshadowed Joe Biden’s agenda as he knew that he will not be able to get everything his way easily. Those two are staunchly hated by progressives and their own party, but they are there in D.C. to represent their constituents.