The proposal regarding the Biden administration’s plan to give the IRS information on $600 transactions from individual bank accounts is not going over well with the public.
The proposal will work to collect $600 billion dollars of unpaid taxes from the wealthy every year to fund President Joe Biden’s Build Back Better social spending program.
People express concern and frustration over the government invading peoples privacy and overreaching.
The Independent Community Bankers of America disagree with the move as well, saying being required to provide information is an infringement on the privacy of all bank customers.
Treasury Secretary Janet Yellen said the goal is not to look at what people are doing, and defended the proposal saying it’s not reporting individual transactions of any one person.
Yellen said the information is needed to not allow people to game the system anymore.
The Biden administration promised it’s directed at wealthy people and businesses, and that audits wouldn’t increase for people making under $400,000.
Lawmakers and banks say if that is the goal, the $600 threshold is only targeting the poorer Americans.