How is anyone who doesn't know what the definition of "communism" is qualified to host a show on a so-called "business network?" Apparently, intentionally conflating socialism, Marxism, and communism — and calling anything you don't like any of the three names interchangeably — is a feature, not a bug, on Rupert Murdoch's so-called "news" channels. This is what you get there, as opposed to any sort of informed commentary.
On this Friday's America's Newsroom on Fox, host Dana Perino spoke to country singer John Rich, who will now be hosting a show of his own on their sister network, Fox Business. She asked him what he thought about the new proposal from the Biden administration for the IRS to monitor bank transactions over $600 in order to help cut down on tax cheats not reporting their income.
He hates it, of course, but Rich also called the proposal "communism," ignoring the fact that the IRS monitoring people's bank accounts is far from the actual definition of communism, which involves the elimination of all personal property.
Here's Rich carping about the proposal:
So, you ask yourself, why are people in our government, places of power, who obviously lean communist, at least with their policies, why are they doing this? It will destroy things. Why is our border open? Why did we just arm the Taliban in Afghanistan, why are we devaluing the dollar, why are we going to spy on everybody’s bank account? It brings destruction as you were just laying out.
They have to destroy America before they can fully control it. And I know that’s a big statement but don’t listen to what they say, watch what they’re doing. And this is both sides of the aisle, by the way. There is a lot of Republicans out there that I’ve actually raised money for over the years that I no longer support because they say one thing and they do another thing and we’re paying for it right now.
"Lean communist?" Spare me. Yes, that's their big evil plan, to destroy the country. Perino just sat there and nodded along with this hyperbolic nonsense. As USA Today reported this week, claims about the proposal are exaggerating the reality of what's actually in it, and being pushed by the likes of Alex Jones and InfoWars on Facebook.
While the claim is based in reality, it gets many of the facts wrong. The claim’s assertion is a proposal by the Biden administration, not a decision set in stone. The Treasury cannot “declare” any changes to law, as that is a legislative power that belongs to Congress. And even if the proposal is adopted banks would not provide access to individual transactions, just the total amount flowing in and out of an account annually.
The latest IRS estimates show a tax gap of $166 billion per year between the tax owed by businesses (not counting large corporations) and the tax actually paid. The document says requiring comprehensive reporting on money flowing in and out of accounts "will enhance the effectiveness of IRS enforcement measures and encourage voluntary compliance."
To achieve that, the Treasury proposed requiring financial institutions to annually report the total amount of money that went in and out of bank, loan and investment accounts if those accounts hold a value of at least $600, or if the total is at least $600 in a year.
That means that if the total debits (funds flowing out of the account) and credits (funds flowing into the account) equal at least $600 — including deposited paychecks or money transferred from finance apps like Cash App or PayPal — banks would have to report those figures to the IRS.
However, the banks would not report details on individual transactions, like how the money was spent, only the total amount of money flowing in and out of the applicable accounts.
Having that information will help the IRS flag under-reported income and target enforcement activities on tax evaders, the Treasury said.
Fox Business canned Lou Dobbs earlier this year after he pushed one too many conspiracy theories about the election. Fox seems determined to find equally awful hosts to fill their evening spots.