The Biden administration claims that too many people cheat on their taxes, so if you have over $600 in your personal bank account, the current spending bill will require banks to give your personal information to the government.
Thankfully some major banks and trade associations are pushing back.
Yahoo News reported in late September:
"The Biden administration has made clear its plan to beef up IRS auditing by expanding the agency’s funding and power. Biden’s latest proposal would require banks to turn over to the Internal Revenue Service bank account information for all accounts holding more than $600.
"In a sharp pushback against the proposal, more than 40 trade associations, some of which represent entire industries or economic sectors, signed a letter to U.S. House Speaker Nancy Pelosi, D-Calif., and Minority Leader Kevin McCarthy, R-Calif., raising the alarm about the plan.
"The letter, which includes the support of several banking coalitions, calls on Congress to reject that requirement, saying it violates customer privacy and would create an incredibly expensive and elaborate reporting requirement for the banks," Yahoo News noted.
“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 letter read. “In addition to the significant privacy concerns, it would create tremendous liability for all affected parties by requiring the collection of financial information for nearly every American without proper explanation of how the IRS will store, protect, and use this enormous trove of personal financial information."
The letter added, "We believe that this program is costly for all parties, not fit for purpose, and loaded with potential for unintended and serious negative consequences.”
Negative consequences are guaranteed if this lunacy passes.
Think about it: If you like how the federal government has handled the Covid pandemic, imagine what it could do with all of our personal bank information?
The Democrats' spending bill is an absolute disaster. In more ways than we count.