The following article, Biden Admin is Planning to Force Banks to Tell the IRS What is in Your Accounts, was first published on Flag And Cross.
The Biden administration is planning to launch a new policy to force banks to tell the IRS what is in every American’s bank accounts.
No longer will the IRS be relegated to what we report to them in our tax forms. If Biden get his way, the IRS will be able to look at all our personal bank accounts any time they want.
Per Breitbart News:
Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig sent letters to lawmakers this week asking Congress to include in tax hike legislation a requirement that banks report annual transaction data on accounts with $600 or more or that have $600 worth of transaction over the year, the Wall Street Journal reported.
The result would be the collection of detailed data about the bank transactions of tens of millions of everyday Americans.
The aim is to help the I.R.S. collect taxes from individuals and businesses on unreported income and to create more leads for audits.
The Biden administration claims the additional information would result in the IRS collecting an additional $460 billion over a decade. The administration wants to use this additional revenue to offset some of the new spending for expanded government social policies and green new deal schemes Congress is currently considering.
Banks are not much interested in this new policy. It would cost them tens of millions a year to set up monitoring and reporting processes for every person’s bank account.
The IRS can already access you bank accounts during an audit, but Americans now have the right to contest the access. But Biden’s new plan would erase that right.
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More people will just stop putting money in their account.