Americans Oppose IRS Snooping on Their Bank Account

 

 


 

 

Democrats scale back IRS snooping plan

 

Senate Democrats on Tuesday will unveil a scaled-back version of a Biden administration IRS proposal after major backlash privacy concerns, three people with knowledge of the coming announcement said.

 

Initially, the Department of Treasury and Senate Democrats had proposed requiring financial institutions to provide the IRS with information on bank accounts with more than $600 in annual deposits or withdrawals.

 

The new proposal will instead require the provision of additional information for accounts with more than $10,000 in annual deposits or withdrawals.

 

The revised version of the bank reporting proposal will also weaken its scope by exempting all wage income from counting toward the $10,000 threshold withdrawal, intending to ensure it applies to only larger account holders. The Biden administration has signed off on the changes and is expected to support the new plan.

 

 

 

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