It seems the Biden administration is into the whole "Totalitarian Dystopia" vibe.
This might've slipped under the radar for most people earlier in the year, but the implications of this are huge.
The Biden administration's Treasury Department published a document in May called "The American Families Plan Tax Compliance Agenda."
You already know that with a nice-sounding title like that, this document is the stuff of nightmares.
"For already compliant taxpayers, the only effect of this regime is to provide easy access to summary information on financial accounts and to decrease the likelihood of costly 'no fault' examinations," the document reads.
I guess they're fine with being called a "regime." At least they're honest.
The document tries to downplay the fact that that Biden administration wants to establish a "comprehensive financial account reporting regime." The regime really wants this to seem like simple and inconsequential shift, but Matt Welch at Reason.com describes the implications of the proposal.
"'All business and personal accounts from financial institutions, including bank, loan, and investment accounts,' would be forced to 'report gross inflows and outflows' to the IRS," Matt Welch. "And not just bank accounts: The dragnet would now include PayPal, settlement companies, and 'crypto asset exchanges,' for starters."
This proposed "comprehensive financial account reporting regime" seemingly wants to monitor virtually all financial transactions, including "PayPal, settlement companies, and 'crypto asset exchanges.'"
In other terrifying news, the Biden administration made clear is that cutting corporate taxes is a "self-defeating competition."
"Neither President Biden nor I are interested in participating in it anymore," Treasury Secretary Janey Yellen said of cutting corporate taxes in May. "We want to change the game."
"We have a chance now to build a global and domestic tax system."
Hearing a left-wing administration say they "want to change the game" is not the kind of thing you want to hear.
Back in July, 130 countries' representatives said they agree with a worldwide minimum corporate tax.
"I promised to lead the world to deliver a foreign policy for the middle class, and today, we are doing just that," Biden said of the 130-country agreement.
Biden says this is "for the middle class," but what he (and 130 countries) are proposing will not help the middle class.
"In 2009, President Barack Obama promised to generate $210 billion in new tax revenue over 10 years by cracking down on 'overseas tax loopholes,'" Welch writes.
"The results were predictable: Expats were locked out of banking services, record numbers of mostly middle-class Americans renounced their U.S. citizenship, and IRS collections went essentially unchanged. But for a very small political price (no one much cares about the estimated 9 million Americans living abroad), Washington was able to bend an entire global financial system to its will."
Let's be clear. This is not "for the middle class." This is to give more control to those in power.
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