Dems Propose Bill To Give IRS Access To Your Bank Transactions If Your Balance Is Over $600

Pres. Joe Biden is proposing a new financial plan designated to cut down on tax evasion. It will require banks to report to the IRS any purchase over $600 made from personal bank accounts and allow additional access to Americans' financial information.

The so-called American Families Plan proposal was met with pushback on Thursday as the current administration continues to violate the personal information of American citizens.

https://twitter.com/RepGuthrie/status/1437442422531842051?s=20

According to the Fox 39 report, those in the banking industry have also expressed concerns about potential breaches on personal bank accounts and access to transaction history from the expanded database created by the proposal.

“The reason people don’t open bank accounts is because they are very concerned about privacy, and this really only compounds that fear and undermines the efforts our Arkansas banks have already made to reach this population, so we think it could have that unintended consequence,” cautioned Lorrie Trogden, President and CEO of the Arkansas Bankers Association.

If implemented, the plan could generate over $700 billion in tax collections for the IRS, according to an Axios report. Treasury Secretary Janet Yellen defended the White House's proposal to tighten up surveillance on citizens' purchase activity to control the declining number of unpaid taxes.

“A reporting regime that is broad-based will better assist the IRS in targeting enforcement priorities on the high-end who accrue income in opaque ways.”

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