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Biden's New Budget will have Banks Reporting your Transactions

Biden's New Budget will have Banks Reporting your Transactions

As part of the President's "American Families Plan", banks would have to report to the Internal Revenue Service most all of your banking transactions.

Deposits will have to be identified whether they come from foreign accounts, accounts that are owned by you, etc.  All of this of course in favor of 'taxing the rich' or 'making the rich pay their fair share'.  Problem is, this reporting will be required for all accounts with a balance over six hundred dollars.  I do not think that having six hundred dollars in your account makes one 'rich'.  More info below.  The last link is to the actual IRS webpage.  I had to look pretty hard to find it, but it is there.  Look under the heading "The President's Legislative Proposals" and then the sub-heading, "Introduce comprehensive financial account information reporting."

Biden Budget Plan Provision Would Let IRS Look Into Virtually Everyone's Bank Account

The President's own words:

IRS website:

Written Testimony of Charles P. Rettig, Commissioner Internal Revenue Service before the Senate Finance Committee on the IRS Budget

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