That Democrat plot to empower the IRS to snoop on $600 bank transactions is bombing with the public
In their bid to remake the world, Democrats are always surprised to find that their best-laid plans are full of unintended consequences.
This time, the "splat" is on them.
Get a load of this Rasmussen poll from last Friday:
69% Oppose Plan To Have IRS Monitor Bank Transactions
More than two-thirds of voters are against plans in Congress to give the Internal Revenue Service access to data on all bank transactions over $600, and most believe Democrats are lying when they say they'll only raise taxes on the rich.
A new Rasmussen Reports national telephone and online survey finds that 69% of Likely U.S. Voters are opposed to legislation that would require banks to report data to the IRS on transactions over $600, including 55% who strongly oppose the measure. Only 23% support the proposal, which is part of the so-called "Build Back Better" agenda Democrats are attempting to push through Congress. (To see survey question wording, click here.)
Well, gee. That kind of puts a monkey wrench into their grand plans to remake the entire American economy through their $3.5-trillion porkulus "reconciliation" bill, which they are still trying to shove through Congress. The bill is big because Democrats know they can often get positive polling responses from broad questions about handouts and making everything "free," but when the ugly specifics get out, public opinion can turn against them rapidly. That's why they don't like standalone bills, such as, say, a bill on amnesty for illegals. Things like that get slipped into behemoth bills on the logic that the public will be so focused on those "free" Obamaphones or similar that they won't notice.
Well, the public has noticed this one — a sneaky scheme to empower the IRS to become Big Brother and snoop on little guys' bank accounts on the premise that they might be billionaires cheating on their taxes. That quiet little deet could affect 100 million households, according to a report from Fox23. It reminds me of the kind of logic that existed in Chile in the pre-Pinochet era. Chileans, who now famously produce world-class wines, were actually forbidden in those days from planting new vineyards on the grounds that it could increase alcoholism. Democrats, were they to hear of it, would take that particular idiocy as a how-to guide, so don't tell them.
Now that the public knows about their $600 snoop-and-spy scheme, and they're turning against it. That's obvious enough as the Democrats scramble to modify the disgusting Trojan horse measure.
According to the Washington Examiner:
Congressional Democrats, concerned over lukewarm public enthusiasm for their massive social welfare spending package, may be forced to modify a tax-raising provision that has prompted significant backlash.
A plan to provide the IRS with access to individual bank accounts with balances as low as $600 may end up significantly modified or even dropped altogether amid opposition from lawmakers and trade groups who say it would infringe on privacy and create significant liability for financial institutions as well as add new costs for consumers.
The Examiner headline calls it "backlash." The Rasmussen poll signals that the idea stinks to the public.
The unintended consequences of this measure, should it pass, are already being felt in the banking sector. According to John Solomon's JustTheNews:
Organizations representing community banks and credit unions are blasting the Democrats' commitment to expanding IRS reporting requirements, calling the proposal a government overreach that would require financial institutions to spend more money on compliance costs at the expense of products and services for their members.
According to the National Association of Federally-Insured Credit Unions, customers at some credit unions have already decided to close their accounts over "government intrusion" concerns fueled by the prospect of such new rules taking effect.
The Democrats' proposal would require financial institutions to report account activity above $600 to the IRS.
What's more, banks don't like it, either — the onerous reporting requirements involve huge uncompensated costs for them even as customers yank accounts and stuff money under their mattresses, same as the Argentinians do. The Argentines have a word for this: "colchonbank," which means "mattress bank." I learned about that when I visited Buenos Aires in 2002.
Democrats thought they could sneak this in as they yakked about "free college" and "child tax credits," and they got found out.
Now they realize that they're the ones who are going to pay the piper. The public may take a few weeks to rouse, as seemed to be the case here with this outrage as stories about it percolated through the news - and once they do, they can become a formidable political force. Survival-minded Democrats know this. They know how forceful such movements can get. Good luck, morons, beating back the sea with a hammer.
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