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$600 amount increased to $10,000 for Biden administration’s bank reporting to IRS plan

People aren’t happy about the idea of banks reporting their banking information to the IRS. Democrats tried to appease Americans by changing the amount to $10,000 instead of $600.

The plan was revised on Tuesday and would require banks to collect data on accounts that have incoming or outgoing dollar amounts over $10,000.

Wages are excluded because they’re already reported to the IRS.

While the dollar amount has increased, people still oppose the plan.

The dollar amount changed but issues of privacy and data security haven’t been addressed at all.

Two thirds of Americans do not support the bank reporting, and over half do not trust the IRS to keep personal data safe.

Categories: News