What's in Biden's plan for the IRS to monitor nearly every American's bank account?

The Biden administration has laid out a deeply controversial plan to crack down on wealthy tax evaders by giving the Internal Revenue Service additional scrutiny over most Americans' bank accounts.

Under the proposal, banks, credit unions and other financial institutions would be required to annually report customers' account deposits and withdrawals of $600 or more to the IRS. Individual transactions would not be listed. The White House has estimated the policy, which would apply to bank, loan and investment accounts, could generate about $463 billion in additional revenue over the next decade.

Treasury Department officials have said that fears of increased audits on middle-class Americans are unfounded, after the Biden administration promised to not increase audits on anyone earning less than $400,000 annually. 

"The proposal involves no reporting of individual transactions of any individual," Treasury Secretary Janet Yellen said this week during an interview on CBS News. "If somebody reports an income of $10,000 and they had $3 million go out of their checking account, that tells the IRS that's an individual you might audit."
 
Video by Screenshot is licensed under Fox News N/A

Help FAIRtax Become The Number One Issue in 2024

Enacting the FAIRtax must be a prominent topic in these times. We did it before, we can do it again, but we need your help!

Help out with a One-Time Contribution

Your gift of $25, $50, $100 – even $1,000 or more if you can possibly spare it – will help FAIRtax.org bring an end to the IRS and promote a FAIRtax. So, I urge you, please give as generously as you can.

Billing information (REQUIRED)

Payment information (REQUIRED)

To donate by check:
Americans for Fair Taxation
PO Box 4929
Clearwater, FL 33758

If you need to make changes to your existing Monthly Re-Occurring Donation with new card or billing address information, then Please call Adam Yomtov our New York State Co-Director. He is assisting with the administration of our donations, technology services, and website.

Please note: Inputting your new information at our website won't update your donation. The only way to update is by calling Adam Yomtov 917-689-3931 mobile.


Americans for Fair Taxation® is a 501(c)(4) non-profit, non-partisan grassroots organization solely dedicated to replacing the current income tax system with a fair, simple and transparent national consumption tax – the FAIRtax® Plan. We rely entirely on contributions from concerned citizens like you who want a tax system that will generate jobs and stimulate the economy. Welcome to the FAIRtax team!

Connect

Share