Re: “Biden’s proposal to empower IRS rattles banks and their customers” [Oct. 11, Business]:
So the administration wants to empower the Internal Revenue Service to raise revenue “by cracking down on $7 trillion in unpaid taxes, mostly from wealthy Americans and businesses.” It proposes tracking all bank accounts that have deposits or withdrawals worth $600 or more annually.
No doubt this will really shake up Jeff Bezos, Bill Gates, Elon Musk and Warren Buffett. They and their prospective businesses will end up paying, as always, a token increase while, once again, the struggling middle class will be targeted by an overreaching IRS to pay the vast majority of income tax revenue increases.
Kenneth Kerr, Normandy Park