WASHINGTON, D.C. — In response to Democrats’ inclusion in their partisan $3.5 trillion budget package of the Biden Administration’s proposal to require private banks and financial institutions to report to the Internal Revenue Service (IRS) all withdrawals and deposits for accounts over $600, Adam Brandon, FreedomWorks President, commented:
“The IRS has always had its eye on your money– now it wants to know every single deposit and withdrawal you make at the bank. Not only would this give the IRS access to more information than it could ever process, this is a major violation of Americans’ privacy, as the private information of more than 100 million Americans will be funneled into the hands of one of the most notoriously weaponized agencies in recent history.
“This proposal would even go beyond traditional banks to include services such as PayPal and Venmo. With many Americans moving to these newer platforms because of their ease of use and accessibility, the Biden IRS is clearly never going to miss out on a chance to take a peak at Americans’ wallets.”
FreedomWorks Director of the Regulatory Action Center Beverly McKittrick authored an explanation on this major IRS overreach, which can be found here.