House Build Back Better Bill Includes $600 Bank Withdrawal IRS Reporting Provision
Francesco Abbruzzino, The Uncensored Report, LLC
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.
The government DOES NOT belong in Americans' checking accounts. Clearly, Democrats believe otherwise.
Page 1673 – Section 3406 in the Build Back Better text.
— Rep. Pat Fallon (@RepPatFallon) October 28, 2021