99 banks and trade group members recently penned a letter to President Joe Biden warning him against implementing a plan that would allow for the IRS to snoop on American citizens’ bank accounts. The original plan, which was revealed a couple of weeks ago, called for citizens who had deposits of $600 to be monitored for “tax evasion.”
Following the revelation of the plan and the public outcry, Democrats raised the limit from $600 to $10,000. The banks and trade associations’ letter warned the administration against the plan and said it would place unwanted burdens on banks, forcing them to report data to the IRS. The letter also states that the rule would violate Americans’ privacy rights.
“The privacy concerns for Americans who pay their taxes and who would be swept up into this accounting reporting program are real, and should not be taken lightly,” the letter said. The plan now calls on people who are depositing $10,000 to be reported into a new IRS data program to make sure they’re paying taxes.
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The letter was signed by a variety of trade association groups, including the American Bankers Association, the American Farm Bureau Association, the Chamber of Commerce, and the RV Dealers’ Association, just to name a few.
“This is a substantial expansion of the IRS’s authority that, once established, is sure to expand rather than roll back,” the letter continued.
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The plan has yet to be implemented as it is part of the “Build back better” legislation which Biden is struggling to pass because of infighting within the Democrat party. Liberal “squad” members of Congress The plan has yet to be implemented as it is part of the “Build back better” legislation which Biden is struggling to pass because of infighting within the Democrat party. Liberal “squad” members of Congress have been arguing over the price of the bill with more moderate folks like Joe Manchin and Kyrsten Sinema.
The Treasury Department and Secretary Janet Yellen have continually defended the plan.