Biden won’t be happy about this!
After President Biden called for a new rule to allow the IRS to monitor every American’s bank account, the U.S. Treasury has decided to amend Biden’s plan after they received major blowback from leaders in the financial industry and conservative politicians.
Initially, banks were ordered to report to the IRS any transaction of more than $600. Now, according to CBS, the Treasury has set the new threshold to any amount greater than $10,000 in transfers in a given year. Furthermore Wage and salary deposits will not be taken into account.
Whether it’s $600 or $10,000, the IRS has NO business monitoring your bank account.
— Senator Michael Rulli (@michaelrulli) October 14, 2021
The American Bankers Association previously had vowed to fight against having to report any amount, regardless of how high, to the IRS.
“If there are opaque sources of revenue, let’s focus on addressing that challenge head-on rather than over-collecting information from everyone in the hope that it shines a light on a small number of tax cheats,” ABA vice president for tax policy, John Kinsella, said.
Having the federal government snoop through Americans’ bank accounts without probable cause is unacceptable.
Democrats want to weaponize the IRS to probe into American citizens’ lives for political gain.
I’m leading the charge against this unconstitutional surveillance regime. pic.twitter.com/UQMlYRw08u
— Congressman Drew Ferguson (@RepDrewFerguson) October 15, 2021