Here are the details…
You may have already heard about President Biden’s plan to allow the IRS to monitor the bank transactions of every American that processes transactions of $600 or more but now after major backlash from most of America, Democrats are pulling back.
According to Fox Business, Democrat leaders including House Ways and Means Chairman Richard Neal said that they aren’t going to set the threshold at $600 like Biden has requested.
“We’ve reached an agreement to not have the $600,” Neal said.
Instead it appears that Democrats will now change $600 limit to $10,000 instead. However, it is important to note that this is not yet official and anything can still happen because lawmakers are still in the negotiation stages.
President Biden initially asked the IRS to monitor bank transactions of $600 or more because they believed it could generate $463 billion in additional revenue over the next 10 years.
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