Exposed: Your Bank Account Info
The IRS could soon have access to more of your financial information
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I hope citizens can tear their eyes away from “Housewives in Whatever City” long enough to be alarmed by at least one provision in the $3.5 Trillion budget bill dubbed The American Families Plan. In order to recoup a bunch of dollars Congress thinks is theirs, they’ll ask financial institutions to report on all business and personal account transactions. Cryptocurrency is not exempt either.
This goes beyond the pale of intrusive government overreach, no matter what party you support. Our government overlords have kindly provided an explanation of this entire bill, and it registers 114 pages on the EG- (enormous government) scale. You just can’t make this stuff up.
If the “explanation” is over 100 pages, then how long is this expensive and expansive bill? And don’t we all know that much of the bill’s language will direct also-enormous agencies to write their own enforcement or implementation language to carry out the bill’s costly provisions? A bill of 2,500 pages morphs into at least 50,000 pages of agency regulatory language. <Face palm> to Washington DC.
What does this reporting provision mean?
Currently, institutions must report deposits of $10,000 or more, however, the AFP proposal would ask financial institutions to report to the IRS on deposits and withdrawals of business and personal accounts with balances over $600.
Banks would be required to provide just aggregate numbers to the IRS after each year — gross inflow and gross outflow — and not individualized transaction information. (Source: American Progress)
According to Forbes,
…the American Families Plan calls for banks and other financial institutions to report more than just a taxpayer’s interest earned, capital gains and losses. Banks and other financial institutions would also be required to report “aggregate account outflows and inflows.” In other words, the IRS will know about all of your bank accounts, whether you earned income on that account or not, how much is in the account in a given year, and how much was transferred in and out of the account.
