Doesn't really do much to catch the rich that hide their money in investments and offshore accounts does it? I think the arguments they are making (mainly the cyber security issues) are missing the mark. The IRS already stores massive amounts of information on citizens. They completely missed the mark on the objections to this. The rich don't have much taxable income. Their wealth is tied up in investments and they take loans out (that are not considered taxable income) to fund their lavish lifestyles. If you want to hit the rich, while leaving the average American alone, you need to raise the tax rate on capital gains over a million dollars.
The politicians certainly know this but don't want to offend their campaign financers. A pathetic attempt to make it look like they are going after the rich.