Wed Sep 29, 2021 – 12:56 pm EDT
(LifeSiteNews) — President Joe Biden’s plan for the Internal Revenue Service (IRS) to monitor banking transactions more closely is facing pushback from business groups and Republican leaders.
Biden’s proposal, part of his plan to cover a pending $3.5 trillion social spending bill, “would require banks to turn over to the Internal Revenue Service bank account information for all accounts holding more than $600,” according to analysis by The Center Square.
The proposal received pushback from 40 business groups who outlined the problems in a September 20 letter to U.S. House of Representative leaders.
The Department of Treasury proposal “would require financial institutions and other providers of financial services to track and submit to the IRS information on the inflows and outflows of every account above a de minimis threshold of $600 during the year, including breakdowns for cash,” the letter signers said.
“While the stated goal of this vast data collection is to uncover tax dodging by the wealthy, this proposal is not remotely targeted to that purpose or that population.”
The proposed IRS mandate “would create tremendous liability for all affected parties by requiring the collection of financial information for nearly every
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