The IRS Wants To Monitor Bank Accounts Over $600
President Joe Biden wants to give the Internal Revenue Service the ability to monitor bank accounts that have over $600 in an attempt to take down big corporations.
The idea might sound like it would have the best intentions for the average everyday person, but you can also see how this could be too big of a power move for banks to have. Your finances somewhat fall into the category of privacy, and if this bill passes through congress you won't have any.
If approved by Congress, banks would be required to monitor personal and business accounts with more than $600 of activity. Banks would then submit an annual report to the IRS with that aggregated data. According to the Treasury, the reports would allow auditors to identify discrepancies between declared income going into the bank and deposits and investigate irregularities. Source:NBC25.com
Big moves like this always end up hurting the little guy. I already don't feel comfortable having a bank account nowadays, but you literally have to nowadays. Mainly because I feel like I get hit with microtransactions from subscriptions I forgot I had! Totally off point, but I'm just saying I really don't trust putting all my money in the bank. Now if you have over $600 in your account you'll raise a red flag? I don't like that at all.
Tracking bank transactions would allow the IRS to more easily see cash flow discrepancies at high-cash businesses, like restaurants, laundromats and small grocery stores. It could also reveal undeclared income flows to workers who are typically paid under the table, including nannies, repair workers and day laborers. While it is illegal to conceal income from the IRS, these are hardly the targets the Biden administration described.