Biden’s ‘American Families Plan’ lets the IRS snoop on your bank accounts

bgrpro65 mai 01, 2021

In President Biden's first address to a joint session of Congress on Wednesday night, he laid out his ambitious, expansive agenda for getting the country past the economic wreckage associated with the coronavirus pandemic, mostly under the rubric of what his administration is calling the "American Families Plan" (some of the details of which we spelled out here).

For one thing, Biden wants to expand the federal tax credit that provides for up to $3,600 per eligible child in stimulus checks, spread out over monthly payments (starting this July). Instead of the current 1-year expansion that's already underway, though, Biden now wants to stretch that out through 2025. Meantime, the American Families Plan also calls for everything from the tax credit expansion to greater access to Medicaid, paid family leave, free community college tuition, and much more. The big question -- how will all of this be paid for? Answer: Partly by taxing the rich, and to help that process along, Biden's plan wants to give an extraordinary amount of new power to the IRS.