Biden’s administration is on the hunt for missing and unpaid taxes, and to find them they’ve proposed data being given to the IRS regarding any deposit or withdrawal worth over $600.
Bank members have said they feel the plan is an invasion of their privacy.
Many officials agree, saying the goal of finding the information they’re looking for comes at too high of a cost.
Biden’s administration stresses that these efforts are geared toward the wealthy who are evading taxes, but many feel it’s only going to target those who suffered the most financially throughout the pandemic.
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