Biden's Proposal to Empower IRS Rattles
Banks and Their Customers
Posted By: NorthernDog, 10/12/2021 12:29:42 PM
When the Biden administration looked for ways to pay for the president’s expansive social policy bill, it proposed raising revenue by cracking down on $7 trillion in unpaid taxes, mostly from wealthy Americans and businesses. To help find those funds, the administration wants banks to give the Internal Revenue Service new details on their customers and provide data for accounts with total annual deposits or withdrawals worth more than $600. That has sparked an uproar among banks and Republican lawmakers, who say giving the IRS such power would be an enormous breach of privacy and government overreach. Banks and their
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Comments:
Government officials are still claiming this is aimed only at the Top 1%, who they say are evading taxes. Truth is virtually anyone with a bank account will generate $600 in transactions over the course of a year.