HARRISBURG, Pa. — Do you have more than $600 in your bank account? Well, that money could now raise a red flag, giving the government the right to track your spending.
A new proposal is causing controversy—and has lawmakers, constitutions, and financial institutions deeming it the new “snooping proposal.” The bill, which was initially introduced in the spring, would require financial institutions to provide the Internal Revenue Service with additional information on bank accounts with more than $600 in annual deposits or withdrawals.
An amount many pointed out was relatively small.
More recently, after receiving backlash, the U.S. treasury introduced a new threshold that all accounts with more than 10,000 dollars in transfers in a given year would be flagged for reporting to the IRS.