The Biden administration and House Speaker Nancy Pelosi (D-CA) want to give the Internal Revenue Service (IRS) access to the financial income data for millions of Americans and businesses. It’s part of their plan to hunt down extra money to pay for President Biden’s massive $3.5 trillion social spending plan.
Officials say if the IRS can see people’s private bank information, they’ll be able to determine who isn’t paying their full taxes. They estimate the total in unpaid taxes amounts to more than $7 trillion.
The New York Times reports the administration wants banks to give the IRS new details on customers who have total annual deposits or withdrawals worth more than $600.
Financial institutions and Republicans are strongly objecting to the plan, saying the administration’s attempt to grant this broad new power to the IRS is a monstrous breach of Americans’ privacy as well as clear government overreach.
Bank customers have also let their voices be heard after receiving emails and phone calls from industry trade groups criticizing the administration’s proposal.
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