Sen. John Kennedy: IRS Bank Account Proposal Not about Taxes but Control
How much should the Internal Revenue Service know about your bank account?
That's been a controversial topic of conversation since the Biden Administration wrote a proposal to Congress calling on lawmakers to draft and pass legislation that would require financial institutions to annually report to the IRS transactions for all accounts that are worth at least $600 or contain at least $600 worth of transactions.
This is not sitting well with U.S. Senator John Kennedy of Louisiana, who is a member of the Senate Banking Committee. He was also the State Treasurer of the Bayou State before winning the last Senate election.
Treasury Secretary Janet Yellen is the face of this proposal and calls the plan “a comprehensive financial account information reporting regime,” according to CNS news. Kennedy has had some heated financial conversations with Yellen over the past few months.
Kennedy was a part of a press conference this week during which he addressed the Biden Treasury Department's IRS bank account proposal.
[Sec. Yellen] says we need to do it to catch rich tax cheats. She knows better than that. Why throw the net so wide? This proposal, like a lot of proposals, in my Democratic friends' bill is not about public policy, and it's not about taxes. It's about control. There are too many people in charge right now in Washington, D.C., who just don't trust Americans to know what's best for themselves. They just don't trust Americans to make decisions for themselves. Their attitude seems to be: Do what you're told. Just do what you're told, and if you do that, we might let you eat meat occasionally."
WATCH the video above as Kennedy delivers his perspective in a way unlike anyone else.
He ended the press conference by asking this question:
Do you folks really want to live in a state where the government knows every one of the intimate details of your life, including finances? If you do, I hear China is beautiful this time of year."
Rush Limbaugh's Most Memorable Nicknames for Political Figures
Moon Griffon's Most Memorable Nicknames
Elected Officials Higgins, Kennedy, and Cassidy Visit Louisiana Constituents Impacted by Recent Flooding