Does your bank account have more than $600 in it? Biden wants to keep an eye on it

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Andy Meek

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On Tuesday, a reporter asked Democratic House Majority Leader Nancy Pelosi about the prospects for President Biden's controversial proposal that would require banks to start reporting to the IRS the activity of accounts holding more than $600. This is one piece of the Democrats' larger $3.5 trillion reconciliation plan. And the idea here is to give the IRS more granular insight into how peoples' money is moving around. Accordingly, the assumption is it'll be harder to cheat if the IRS knows exactly what's in your bank account.

Critics have decried the plan as a naked and somewhat frightening power grab, which the reporter brought up to Pelosi. In light of those concerns, she asked if Democrats will indeed stick with this proposal. "Yes, yes, yes, yes, yes," Pelosi replied, matter-of-factly. Then, the Speaker continued her answer by responding to some of the issues that the reporter brought up. "With all due respect, the plural of anecdotes is not data."

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Does your bank account have more than $600 in it? Biden wants to keep an eye on it originally appeared on BGR.com on Wed, 13 Oct 2021 at 23:53:07 EDT. Please see our terms for use of feeds.



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