Biden administration coming for middle-class money, not billionaires’ wealth

Using your money to shore up government obligations or make new promises, the coming turnover of middle-class wealth will likely turn into a historic cash grab by the government.

Carol Roth is a former investment banker, entrepreneur and author of the new book "You Will Own Nothing" Broadside Books (July 18, 2023). Her previous books are "The War on Small Business" and the New York Times bestseller "The Entrepreneur Equation."

Whether it is hoping to hire 80,000+ new IRS staffers – which clearly isn’t meant to just go after 800 or so U.S. billionaires – or lowering the IRS reporting threshold for online transactions from $20,000 to $600, these endeavors are squarely focused on Main Street America, not Wall Street’s billionaire class.

But these proposals pale in comparison to the setup for what could be the greatest government wealth heist of all time.