“The IRS does not have the right to search Americans’ wallets, particularly if it is used to access their gun safe.” Larry Keane, NSSF The IRS would be able to monitor all personal banking transactions exceeding $600.00. This is a little-known provision in Congress’ new spending plan. This would allow the IRS access to firearms purchases and ownerships. It would create a “backdoor gun registry”. Larry Keene, National Shooting Sports Foundation Senior Vice President and General Counsel, notes that the prospect of a government agency monitoring every $600 expenditure is deeply concerning. It is a recipe of disaster when that prospect is being brought to you by an administration bent upon enacting gun controls by any means. Why Gun Buyers Should be Concerned About the IRS Proposal To Monitor Purchases Above $600
Larry Keane, Senior V.P. NSSF of Gov. Secretary and General Counsel. Secretary and General Counsel The Biden administration’s plan to fund a multi-trillion-dollar spending plan includes having the IRS snoop into every American’s bank account to examine transactions that are $600 or greater. This disturbing proposal goes beyond the government’s desire to collect tax money. It could also be used by the Biden administration as a way to track who is buying firearms. ________________________ Not Just Taxes, But Purchases
To combat tax cheats, the Biden administration proposes that credit unions and banks report every transaction above the $600 threshold. Privacy advocates are scathing about this proposal. It is particularly concerning for the firearm industry as well as its customers that the government could collect information that could include firearm purchases. Although many firearms sold may not meet the $600 reporting requirements, there are still significant numbers that would. It could lead to a back-door gun registry. Treasury Sec. Janet Yellin resisted the idea that the government intrudes on financial privacy. She explained that the IRS already has a “wealth of information about individuals” and cited examples such as the W-2 forms filed for a person’s employment. However, she said the IRS needs more information about “higher-income individuals with opaque sources of income… not low-income persons”. U.S. Senator Cynthia Lummis (Republican from Wyoming) questioned Yellin about the proposal at a Senate hearing. She stated that there were “obvious privacy concerns for all Americans” and that this would create a new regulatory burden for credit unions and community banks in Wyoming and other states. “Do you trust the American people so deeply that you need to know when they bought couches?” Or a cow?” … Or a gun. Do You Trust The IRS?
As it should, the proposal is met with fierce opposition. The IRS has already proven untrustworthy in handling personal information. The agency has been used for political overreach in the past. In 2017, a lawsuit brought by dozens of conservative organizations was settled by the Department of Justice (DOJ). The IRS unfairly scrutinized tax exempt status of organizations based upon political leanings. This happened while Vice President Joe Biden was Vice President. Lois Lerner, then-Acting Director for Exempt Organizations at IRS was adamant when she was called before Congress in 2013. Ironically, the Biden administration is now looking into Americans’ private spending. It just emerged that President Biden had avoided $500,000 in earnings from speaking tours and book sales before his White House election. Congressional Opposition
Banks and lawmakers are not happy with the idea of tracking Americans’ spending on items over $600, which would include firearm purchases. The American Bankers Association stated that the proposal “implicates customer confidentiality and data security on an enormous scale [.]””. The letter stated that the IRS already has massive amounts of data that it is unable manage. Sen. John Boozman (R-Ark.) The Hill published a column critiquing the proposed reporting requirements. The Tax Gap Reform and Internal Revenue Service Enforcement Act was introduced by Sen. Mike Crapo (R.Idaho), and Rep. Kevin Brady. 5206. Brady stated that in addition to getting an accurate assessment of the IRS tax gap, “This bill also protects taxpayers against IRS targeting based upon their political or religious beliefs. It also closes loopholes which risk leaking private taxpayer returns.” Sen. Crapo said, “This legislation places important safeguards around IRS funding to protect taxpayers’ rights and privacy.” Senator Tommy Tuberville (Republican from Alabama) introduced S.2857, the Banking Secrecy Act. This Act prohibits any Federal agency to require financial institutions to report on financial transactions of their customers. Tuberville stated to media that he wants Americans paying their fair share of taxes. “But I don’t want the federal government harassing private citizens. FINAL COMMENT – The prospect that a government agency would monitor every $600 expenditure is deeply concerning. This prospect is being offered by an administration that is determined to enact gun control by all means. It is proposed for an agency that has a poor record in protecting taxpayer privacy. The IRS is not allowed to dig into Americans’ pockets, especially if it is a way to access their gun safe.
