IRS, Janet Yellen Urge Lawmakers to Advance 'Tax Compliance Agenda' - Banks Report Deposits, Withdrawals of $600 - Taxes

On Wednesday, US Internal Revenue Service (IRS) Commissioner Charles Rettig and Janet Yellen, the Treasury Secretary, called on lawmakers to allow the IRS to report annual inflows and outflows from American bank accounts. Regardless of tax liability, financial institutions nationwide are required to report accounts with a transaction value of at least $600 or more. The proposal comes from the Treasury Department's American Families Plan Tax Compliance Agenda.

Yellen, IRS Push Tax Compliance Agenda on Wednesday – Biden Does Not Mention Agenda in Tweets and Facebook Posts

US President Joe Biden informed the public via Twitter that his government would not raise taxes if a citizen earns less than $400,000. “To be clear,” Biden tweeted on Tuesday: "If you make less than 400k, my Build Back Better Agenda won't raise your taxes a dime. Plus, you'll get a historic tax cut and lower costs for things like child care and health care. And all of it will be paid for by the rich paying their fair share," Biden's tweet added.

The following day, Janet Yellen and Charles Rettig “urged lawmakers” to give the IRS more access to annual inflows and outflows through taxpayers’ bank accounts. The Wall Street Journal tweeted about the story that says the “Biden administration [is trying] to salvage his difficult tax compliance proposal.” The publication Article The matter also went into more detail about the “ American Families Plan Tax Compliance Agenda ” and explained that “House Democrats did not include a bank account reporting provision in their tax bill.” Other reports confirm “A list of House ‘pay-fors’ did not include IRS reporting requirements.”

“The American Families Plan Tax Compliance Agenda” on the heels of nation states adopting and legalizing cryptocurrencies appears to be no coincidence.

— mαtαd⓿r (@bitOHfunguy) September 9, 2021

Of course, Joe Biden does not mention such things in his tweets or explain how the tax reform for American families is planned can hurt Americans about capital gains taxes. Biden's Facebook and Twitter posts also make no mention of annual monitoring of inflows and outflows. Surveillance is clearly an invasion of privacy and the proposal is criticized for attempting it.

Author Matt Welch tweeted on September 8th: “My latest Reason print column is about how Biden, Elizabeth Warren and the IRS want to build a massive surveillance network to track all of your financial transactions under the scary name “The American Families Plan Tax Compliance Agenda.” In the report, Welch asks:

What if every one of your non-cash financial transactions was automatically reported to a souped-up, audit-hungry IRS?

Missouri Bank warns surveillance 'exposes your financial privacy,' Americans ask why $600

The Missouri Bank (TMB) posted a complaint on Facebook about the situation on September 10th. “Although the Missouri Bank does not typically address political issues, we believe there is an URGENT matter pending in Congress that requires your attention,” TMB said in a Facebook post. “Because we care about you, your finances and your TMB account(s), we want you to know the facts, especially when it comes to public policy developments that compromise your financial privacy.” TMB further adds:

This indiscriminate, comprehensive reporting of bank accounts to the IRS may soon be passed in Congress and will constitute an unacceptable violation of our customers' privacy. So how does this affect you? If adopted, the proposal would require financial institutions such as ours to report inflows (deposits) and outflows (withdrawals) of $600 or more in personal and business accounts to the IRS, regardless of customer consent.

Of course, many are confused by Biden's tactic of framing the agenda so that the IRS can spy on individuals with $600, since the billionaire class Democrats' attack doesn't care about $600 at all. "It claims to raise taxes on billionaires, but I don't know many billionaires who put down $600 or [withdrawals]. However, I know a lot of normal, hard-working people where that $600 could be their rent money or their salary," one person says wrote on Twitter.

What do you think of Joe Biden's American Families Plan Tax Compliance Agenda and Yellen and the IRS pushing for it? Let us know your thoughts on this topic in the comments below.

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