"Kudlow" host Larry Kudlow called out the Biden administration's new tax enforcement plan targeting banks and cryptocurrency exchanges to provide the government with more information about what's flowing in and out of your bank account.
KUDLOW: Get ready, folks, Uncle Sam wants you. The White House and the Treasury gleefully announcing today new tax enforcement plans that would double the number of IRS employees and require banks, payment services and cryptocurrency exchanges to provide the government more information about account flows. Get it? Account flows. What does that mean? Here’s a guess. They want to dig into your bank account and have you report all of these transactions. It’s kind of like FISA wants to dig into your cell phone, or Amazon and Google and the rest who already know everything about you. I think in my old age I’m starting to become a libertarian. I’m so tired of this stuff. Everyone wants all my information all the time. I don’t want the IRS in my bank account if I can avoid it. That is a step too far.
Tax avoidance would dry up if Uncle Sam would lower tax rates and then we’d all be happy to broaden the tax base, get rid of various credits and deductions. You know, so-called rich people, they pay three times the taxes that middle-income people pay and they pay 10 times the taxes that the lowest quintile pay. Biden wants to raise taxes on virtually everything, right? Companies, individuals, estates, capital gains, global minimum taxes, domestic minimum taxes. For all of this IRS stuff strikes me at kind of a tacit admission. Wealthy people will always be one step ahead of the IRS. They won’t get them.