Here's what you need to know.
The Biden administration plans to view all American's bank transactions that are $600 or more. This plan is included in his recent infrastructure bill with the plan to tax more individuals and businesses on income that is earned but not reported. This plan is currently still at a stalemate in congress.
“The administration’s proposal to require financial institutions to track and submit the vast majority of their banking customer information to the IRS risks major data breaches, infringes on financial privacy and overburdens the banking system with massive data collection responsibilities, all for a purpose that is not obviously served by the proposal,” said Mitch Waycaster, president and CEO of Renasant.
BNA CEO Bo Collins also stated that the threshold for the government to view the transaction is a low amount considering the amount of purchases Americans make everyday. He continued stating that it would be more of a hassle for banks and small business because of the increase in tax.