Washington, DC — This week, Congressman Jason Smith (R-MO) released a report his office requested from the Joint Committee on Taxation (JCT) showing that nearly 90,000,000 taxpayers making under $400,000 will be subject to the Biden administration’s new proposed bank reporting requirements.
Congressman Smith’s (R-MO) post on the subject stated: “Confirmed. The nonpartisan Joint Committee on Taxation has confirmed to my office that an average 87 million Americans earning less than $400,000 would have their account information reported under President Biden’s proposed IRS spying scheme.”
AMAC Action President Bob Carlstrom said: “This report from one of the official scorekeepers in Congress confirms what many economists have been saying all along about Biden’s policies. Simply put: the “Build Back Better” policies do not protect taxpayers making under $400,000. Multiple tax hikes, directly and indirectly, will fall on the middle class. This latest report from the Joint Committee on Taxation, shows that this extends to snooping on bank accounts of ordinary Americans. The rhetoric that only the wealthy will be subject to tax increases and additional audit scrutiny does not match the clear reality of what this administration is force through Congress.”
Congressman Jason Smith posted the full JCT letter on his social media, available here: https://twitter.com/RepJasonSmith/status/1468227719334961152/photo/2
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