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IRS would track all bank transactions over $600 under Biden plan; businesses revolt


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Just the News

major component of President Joe Biden's plan to raise revenue to pay for his trillions of dollars in new federal spending is now under fire from trade associations across the country

 

The Biden administration has made clear its plan to beef up IRS auditing by expanding the agency's funding and power. Biden's latest proposal would require banks to turn over to the Internal Revenue Service bank account information for all accounts holding more than $600.

In a sharp pushback against the proposal, more thn 40 trade associations, some of which represent entire industries or economic sectors, signed a letter to U.S. House Speaker Nancy Pelosi (D-Calif.) and Minority Leader Kevin McCarthy (R-Calif.) raising the alarm about the plan.:snip:

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  • 3 weeks later...

The IRS Doesn’t Need More Power

 

 

The U.S. currently boasts 18 intelligence agencies, including not just the CIA and NSA but also intelligence outfits housed within agencies as far-flung as the Departments of Energy and Treasury. Now, Democrats are looking to add, in effect, a 19th.

A provision tucked into the House reconciliation bill would let the Internal Revenue Service peer into the bank account of virtually every American. If passed, the rule would require financial institutions to report the cash flows of every account with more than $600 in deposits or transactions.:snip:

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