Biden Administration Pushes Congress to Require Banks to Turn Account Info Over to IRS

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The Biden administration is pressuring lawmakers to enact a controverisal plan requiring banks to turn over to the Internal Revenue Service detailed information about inflows and outflows of almost all American bank accounts.

Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig sent letters to lawmakers this week asking Congress to include in tax hike legislation a requirement that banks report annual transaction data on accounts with $600 or more or that have $600 worth of transaction over the year, the Wall Street Journal reported.

The result would be the collection of detailed data about the bank transactions of tens of millions of everyday Americans.

The aim is to help the I.R.S. collect taxes from individuals and businesses on unreported income and to create more leads for audits.

The Biden administration claims the additional information would result in the IRS collecing an additional  $460 billion over a decade. The administration wants to use this additional revenue to offset some of the new spending for expanded government social policies and green new deal schemes Congress is currently considering.

The proposal did not make it into the list of tax change proposals put together by House Democrats. The Wall Street Journal reported that absence is a sign that the proposal lacked support among Democratic lawmakers.

Financial institutions say it would impose a costly compliance burden that would be especially difficult to manage for smaller banks and credit unions. Critics have also said that the IRS lacks the ability to rationally analyze the enormous amount of data it would receive.

Critics of the proposal also warn that the proposal would create a centralized database of nearly all Americans’ bank accounts, loans, and investment accounts—a likely target for hackers and spies. The risks of such a database were highlighted last year when the leftwing investigative journalism website Pro Publica said it had “obtained a vast trove of Internal Revenue Service data on the tax returns of thousands of the nation’s wealthiest people, covering more than 15 years.”  If this proposal had been in place at the time, Pro Public might also have data on bank credits and debits.

In her letter, Yellen argues that tax compliance is much higher when people know that the IRS has data on their income. In other words, even if the IRS cannot effectively analyze the data, just the fact that it has it might persuade Americans to report income that might have gone unreported.

“Wage and salary income is reported to the IRS on W-2 reports, and tax obligations are automatically withheld, so compliance rates stand at 99 percent,” Yellen wrote. “It is clear that when taxpayers know that this information exchange exists, their voluntary compliance rises.”

Banks and other financial firms already report interest, dividend, and investment income to the IRS. Wages get reported to the IRS and the Social Security Administration.

The IRS can summon bank account information during audits but taxpayers can fight these requests by showing they are for an illegitimate purpose or irrelevant to the inquiry.

Yellen claims in her letter that although the IRS would receive bank information on Americans of all incomes, the proposal is aimed at collecting more taxes from the wealthy. Lower income Americans would benefit, according to Yellen, because they would allegedly be at lower risk of an audit.

F them. F them very much.

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Miss President Trump yet?

Then I want his IQ test results yearly.

You know, this is a big tell.

They could just do a flat tax, and solve all of our issues.  Keep in mind that the richest 400 people in the US have the lowest percentage of taxes compared to income.  With a flat tax that more or less mirrored the existing line, just having the richest people pay a NORMAL percentage (not trying to soak them) would produce an outrageous amount of additional revenue.

But no.

They want bank account info to go after the little guy and the middle guy.   Not the biggest fish.  They want to screw me and you over, so the richest can still keep getting outrageously richer.   It's corruption all the way up.

The Socialists are really turning this country into a shithole very, very fast!

If they start doing that shit, they're going to hate the constant transfer transactions I am going to do online just for fun every single day.

Aimed at wealthy but the threshold is set so low any teen that cuts yards in the summer would have their bank account reported on.

I typically laugh at most of arfcom and the shtf circle jerk stuff but with covid restrictions and how this could be tied to it… this is some mark of beast type shit.

Looks like getting your check cashed for 1.5% of the total will be a thing again. Well, its still a thing and I think I saw a sign that said 3% in big lights...

Anyone else going to do daily deposits and withdrawals of $600 just to help overload their bullshit system?  I'm strongly considering it.  I've got a pretty hot teller at my local branch.  

Audit the Fed.

Cash payment and mattress. It's not like you get jack and shit for interest if you deposit money into a bank account.

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Awesome! The more they push the grumpier people get.

I hope people stop giving business to banks. Especially big banks. They're all scummy fucks.

u-haul time, bud.

FJB

Someone has to pay for all those new democrat voters walking across the southern border.

He wants to know if I cleared $8.29 when I sold that fuzz pedal on ebay.

But Trump is a Nazi...

They'll find that they dud nothing wrong...

Tyrants doing tyrannical things.  There is a cure for this disease.

Most popular president eva!

Jokes on them.  I'm broke

He doesn’t have the votes for the “budget” bill. 2 weeks left .

The real end goal of this is to end cash transactions.

That's a fast way to get a lot of people to remove their money really fast. So good for the economy I hear.

Biden continues push back to a cash-based society.

Are Credit Unions included in this?

Line up ten pigs at the trough. Number 5-9 produce the most income ergo pay the most in taxes. Which ones would you go after? Bad things are coming guys. They HATE you.

This won't do it.

Yep. They want to be able to track every dime you earn and spend. And what you spend it on. And when they get mad at you, they want the power to shut your bank account down. I'm sure that would never, ever be abused, though.

Snort.

So let me see if I have this right.

The guy who uses his crack addict son as a beard for his 10% kickbacks in corrupt foreign pay-to-play influencing schemes wants to intrude into the banking privacy of all Americans?

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Don't think for a second this won't be weaponized

This will get the middle and lower classes to pay their fair share.

No more cash discount landscaping.

I doubt Bezos or Gates or Buffett know who is on the dollar.

Cash payment, no deposits, leave as cash, spend as cash.

You want to teach people how to hide earnings, this is the absolute best way to do it.

You can't  be surprised when the enforcement arm of Obamacare (AHCA) became the IRS.

For what reason?

Its pretty obvious. Now this?

Once again, pretty obvious.

How about every adult pays the same amount, because having a higher income does not provide any greater government benefit, and that the amount is $100, and .gov figures out how to survive on whatever the total is, just like every adult does?  Oh, that's funny, huh?  Tough.

Why not investigate the Clinton Foundation?

I agree. This sort of policy will have exactly the opposite result of what they hope.

I assume that the next steps will be to gradually reduce and subsequently eliminate cash.

yeah right, $600...

heads need to roll in this country... the only ideas these people have is to slip a noose around everyone's throat..

I dread seeing this country with another 3 years of xiden.

If they want a cash economy that's one way to make it.

I hope his next fall is his last fall.

Coordinated transfers by millions of Americans could result in denial of service attacks.

Yep

Wasn't it a Ryder truck?

Black market here we go!

Jokes on them, I don’t have a bank account.