By increasing the IRS budget by $80 billion as part of its plan, the Biden administration hopes to squeeze an extra $700 billion out of taxpayers. And it gets worse. The bill contains a provision that would grant the IRS automatic access to nearly every American's bank account, without even the allegation of any financial irregularities. The plan would require banks to inform the IRS whenever an American makes a transaction of just $600 or more. Voters reject this invasion of their privacy by 73 percent. Just 18 percent think it's a good idea.
As a final insult, the Biden administration was overly rosy in its $3.5 trillion budget projection. The real price tag for taxpayers—excluding Biden's colossal infrastructure plan—will come in closer to $5.5 trillion.
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