Biden admin backs down on tracking bank accounts with over $600 annual transactions

Bloomberg via Getty Images, FILE

The IRS would collect the total sum of deposits and withdrawals from bank accounts with more than $10,000 in non-payroll income. Information on individual transactions would not be collected."In response to considerations about scope, it [Congress] has crafted a new approach to include an exemption for wage and salary earners and federal program beneficiaries. Under this revised approach, such earners can be completely carved out of the reporting structure.

"Today’s new proposal reflects the Administration’s strong belief that we should zero in on those at the top of the income scale who don’t pay the taxes they owe, while protecting American workers by setting the bank account threshold at $10,000 and providing an exemption for wage earners like teachers and firefighters," Yellen said.

Senate Finance Committee Chairman Ron Wyden D-Ore., who spearheaded the effort to revise the proposal, dispute Republican claims that the goal is to snoop on Americans' financial transactions. The administration did not specify if the changes will impact the additional tax revenue they might be able to collect through enforcement. The administration has estimated improved tax enforcement could net up to $600 billion in additional tax revenue over the next decade.

Sen. Mike Crapo, R-Idaho, cited President Biden's commitment not to raise taxes on any American making less than $400,000, suggesting that threshold ought to be applied to IRS reporting.

Converted attention to this and away from border crisis and COVID mandates. That being said, glad this is being dropped.

Instead of targeting big fish and people who pay 750$ as tax while they earn millions GOP targeting poor people what a shame.

Psst! Democrats! FinCEN already tracks $10,000 transactions….maybe ask them about that? A thought…

600! He needs to go buy a clue!

No, they just upped the minimum - it’s called the typical “negotiation” stage. 🙄

I pay my taxes. If this caches the 1% dodgers, GO GET THAT $7,000,000,000+ in unpaid taxes.

They didn’t back off of anything. This still will affect millions of people who dabble in side work, contractors and small business owners. Grandmas making crafts on the side better watch out.

Even $10k TOTAL per yr IRS/bank tracking is an invasion of privacy and is UNCONSTITUTIONAL as it is impossible to use the data for its intended purpose--to identify tax evaders. Thus, it only serves to obtain private info on US citizens = Spying nobodyscow ReformSenateB4SCOTUS

My family's so down bad right now 🥺 if anyone gives a hoot to help out 💖 thank u

Literally the least of our problems

But it’ll not be the last of that! uspoli Biden

You should need a warrant. By the way their not going to get the wealthy with this they have accountants and lawyers. If you want rich to pay more change tax laws you as congress write them fact is dem or republican you don't want to because it affects you and your friends

He doing way to much communism shit to fast he's head of himself even his fellow predators are telling him he's doing to much smh

Believe me the tyrant administration will come at this from another angle. JoeBiden

That has no sense. Almost the entire nation makes more than $600 dollars transactions a year. That sounds like comunism to me.

See what happens when you STAND UP TO A BULLY. 1 down and lot more to go Next Vaccine Mandates which is stupid The Vax ain't even a year old Everybody is a guinea pig now Folks could be Vaxxed to the moon and be a COVID CARRIER TEST THEM, QUARANTINE THE POSITIVE STOP THE SPREAD

They have instead decided to make the limit a more reasonable $900. 😂😂 Just exactly how stupid are they to let this fester in the news for days. Try $25,000. Billionaires people.

I’m sorry but if the government gets access to my bank account freely I’m moving to another country.

As they should

This administrative imposition is nonsense. The IRS knows how much income is generated, there are just a ton of tax loopholes that result in zero tax liability for the wealthy and big corporations. Change it

WH hasn’t “backed down.” Democrats still pushing legislation to empower IRS to conduct invasive searches of all Americans’ bank accounts. Dragnet searches expressly prohibited under 4th & 14th Amendments. Outrageous over reach of federal power.

SaveBangladeshiHindus

Instead of this bs tax tax system just do a flat damn tax. 30% for all businesses, no loopholes. Just straight 30. 40% on anyone clearing 100k a year. 20 for middle class. 5 for lower income. Have kids? That’s great. But you’re not getting the tax credit for having them.

Let's Go Brandon.

Oh Thank god Biden administration backed down on trying to get the IRS to look into everyone’s bank account. Now every republican will have to scramble for another talking point to go after Joe on instead 👍

🚩🚩🚩 Honestly this is an advertisement to not use banks. 🚩🚩🚩

People are acting like this is new. I can tell you now I knew an individual that was not working but making money gambling at the track. He was buying high dollar items and he got visited by the IRS. They wanted info on how he was able to afford his lifestyle.

Now it's just $10,000 in yearly transactions. No difference. Why are you trying to make it sound like it is? This includes everyone. This is hardly top wage earners

The Biden admin already gets enough info from the banks. They don't need anymore. What's wrong with him thinking that this is a good idea?

$10K is still too low. If they want to track the ultra wealthy tax evaders, they should raise it to at least $500K in annual transactions and exclude transfers between your accounts.

lies

How do you Americans not see what's going on how can you let them take all your freedom your rights and everything away from you that's what's coming and you are letting them it's very sad what has happened to the American people

Doesn’t pretty much everyone on the planet have $600 in transactions each year? It costs almost that much for a trip to the grocery store these days.😜So glad this nonsense is being stopped.

Banks have the monopoly on data

Everyone here acting like taxes and the information tied to them are new.

So basically if you pay rent?

$600 is a car payment, if you can get a car.

Yes, by all means. Let's spend thousands to track pennies, while the REAL bandits make off with truckloads to the Bahamas. Makes perfect sense.

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