in ,

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. President Biden wants to know what's in your bank account. President Biden’s proposal in his budget would allow the IRS to monitor your financial transactions from any personal or business account with $600 or more. This is a violation of privacy and a government overreach.— Rep. Brett Guthrie (@RepGuthrie) September 13, 2021   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,” […]

READ FEATURED OUTKICK CONTENT FOR 99¢

ALREADY A VIP? LOG IN

Written by Alejandro Avila

Alejandro Avila lives in Southern California and previously covered news for the LA Football Network. Guided by Kevin Harlan on one shoulder, Eli Manning on the other, Alejandro joins the OutKick community with an authentic passion for sports, pop culture, America, and episodes of Jeopardy!

 

Twitter: @AlejandroAveela