Democrats Build Back Better Bill Features $600 Bank Transaction Figure

Remember a little over a week ago when Biden was backing down on the $600 threshold, push for $10,000? Not that it would really make any difference for most citizens, but, the $600 figure is in the Democrats House reconciliation bill

House Build Back Better Bill Includes $600 IRS Reporting Provision

The U.S. House of Representatives on Thursday unveiled the text of the Build Back Better Act, and it includes a provision to require banks to turn account information over to the IRS on accounts with $600 or more in annual transactions.

If this provision is enacted into law, banks would be required to report annual totals of account inflows and outflows to the IRS. This account information would impact bank accounts with more than $600 in non-payroll income. The Democrats’ proposal would also extend to other financial institutions and peer-to-peer services like Cashapp or Venmo.

Biden’s Treasury Secretary Janet Yellen endorsed the proposal because it would help close the tax gap, which refers to the difference between taxes owed and taxes collected. This tax gap is estimated to exceed $160 billion annually.

Sens. Ron Wyden (D-OR) and Elizabeth Warren (D-MA) spearheaded this proposal last month but were met with significant backlash from Republican lawmakers, the financial industry, and business owners. According to the Wall Street Journal, critics “warn that the requirement would put taxpayer information at risk if IRS computer systems were breached and they have described the proposal as snooping and surveillance.”

It’s clearly a violation of the 4th Amendment. A law is no substitute for a warrant, needed to scoop up the private information of U.S. citizens. It would mean more and more middle and lower class Citizens being audited, not rich folks.

And then the Democrats included a provision to supersize the IRS enforcement by $78 billion

The provision stipulates they will use the tens of billions of funding for increased enforcement and audits, although they claim that it will not impact those making less than $400,000 per year. The provision stipulates:

(1) $78,935,000,000, to remain available until September 30, 2031, for necessary expenses for the Internal Revenue Service (IRS) for strengthening tax enforcement activities and increasing voluntary compliance, expanding audits and other enforcement activities, and modernizing information technology to effectively support enforcement activities, except that no use of these funds is intended to increase taxes on any taxpayer with taxable income below $400,000;

Matt Whitlock, a Republican communicator, said sarcastically that Democrats get “NO CREDIT” for watering down their IRS spying provision and replacing it with billions of dollars for “increased enforcement and harassment of families and small businesses.”

“Love that they wrote in a line about how this isn’t intended to raise taxes on anyone making below $400K, even though they’ll be the primary people this hurts,” Whitlock said.

Yeah, they actually wrote that in the bill. And, yes, they do think you’re stupid, and they do know that their idiot, indoctrinated voters will Comply.

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One Response to “Democrats Build Back Better Bill Features $600 Bank Transaction Figure”

  1. Dana says:

    That’s a great feature of the bill . . . because it means that Senator Joe Manchin (D-WV) will vote the whole thing down.

    The cash economy is pretty big in the Mountain State, and Mr Manchin knows his constituents.

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