The Biden administration has finally conceded that the controversial proposal for the Internal Revenue Service (IRS) to collect additional data on every bank account that sees more than $600 in annual transactions is unfeasible.
The proposal wants to monitor accounts affirmed at any banking institution, loans, and investment accounts, and even goes so far to include third-party providers like Venmo, CashApp, and PayPal, leading critics to assume that Biden wants to eventually get the IRS to more closely track all forms of digital transactions.
Under the current iteration of the Bank Secrecy Act, financial institutions are required to report transactions exceeding $10,000 or multiple transactions in aggregate of $10,000 in a single day.
Critics of the administration reference the now famous 2017 Treasury Inspector General for Tax Administration (TIGTA) report showing that of all of the tax evasion cases investigated by the IRS in 2017 (252 in total), only 8% actually had violated any federal statute or IRS policy.
“Instead of establishing tax crimes, it appears that many of these investigations were merely IRS-CI fishing expeditions.” said Isabelle Morales, a senior fellow at the Americans Tax Reform Institute.
Essentially the report is only confirming what Black Americans already know, that the IRS is a illegitimate agency designed to target Black people or anyone else who doesn’t sufficiently bow to white supremacy. A vast majority of its investigations not only yield no legal violations, but often waste essential resources and manpower that could instead be used to go after the wealthiest corporations in the nation.
The IRS has a long history of attacking Black people who have a business or any assets of note.
Wesley Snipes was wrongfully convicted of tax fraud when he attempted to aid in the building of vibrant Tama-Re district in Atlanta. The IRS also robbed the descendants of Nina Simone of their family’s estate (albeit with the help of Kamala Harris) and the agency even attempted snatch Michael Jackson’s estate from the Jackson family. The Jackson family had the money to fight in court for 9 years, obstructing the racist agency’s attempted thievery.
No one can forget Lauryn Hill calling out white supremacy’s in their own kangaroo court following her IRS conviction. The singer was attempting to purchase the publishing for her 20-year music catalog. Hill was coincidentally the target of a series IRS investigations within a matter of two weeks.
“During sentencing when I kept hearing the term ‘make the IRS whole’… make the IRS whole, knowing that I got into these very circumstances having to deal with the very energies of inequity and resistance that created and perpetuated these savage inequalities.” She stated, “The entire time, I thought, who has made black people whole?! Who has made recompense for stealing, imposing, lying, murdering, criminalizing the traumatized, taking them against their wills, destroying their homes, dividing their communities, ‘trying’ to steal their destinies, their time, stagnating their development, I could go on and on.”
The German white supremacist were known for their regular practice of confiscatory taxation of ethnic minorities, often outright stealing properties or business of targeted groups under the simulacrum of some sort of violation.
The Nazis understood that the economic prosperity of ethnic minorities would eventually lead to them protecting themselves from slaughter, so they moved quickly to stomp it out.
Their American kinfolk seem to have gotten the message.
–Barrington Williams, B1Daily