TriggerFinger


Biden admin wants banks to report all $600+ transactions to IRS


Fox BusinessThe Biden administration is aiming to bolster the Internal Revenue Service by adding bank account reporting requirements to Democrats' massive tax and spending bill, prompting a swift backlash from Republicans who have warned it infringes on customers' privacy.

Under the proposal, banks and other financial institutions would be required to annually report customers' account inflows and outflows of $600 or more to the IRS. The White House has estimated the policy, which would apply to bank, loan and investment accounts, could generate about $463 billion in additional revenue over the next decade.

But a draft of proposed tax increased released by House Democrats on Monday allocates an extra $78 billion in funding for enforcement measures over the next decade, but notably does not include any new bank reporting requirements that the White House argues is necessary to crack down on tax evasion by high-earners and corporations.

This would destroy any remaining vestige of financial privacy in America.

This entry was published Tue Oct 05 23:36:55 CDT 2021 by TriggerFinger and last updated 2021-10-05 23:36:55.0. [Tweet]

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