[Hoot Gibson]

Big Brother Biden wants the IRS to look at all of your financial transactions and track the balance in your bank accounts.Is this what Biden voters voted for?

Groups push back against Biden’s plan to grant IRS access to your bank account (and PayPal) transaction data

The proposals could be ruled unconstitutional.

Banking industry officials and other financial services firms are bracing for a long fight over a bill that will require banks to share consumer account information with the Internal Revenue Service to boost federal tax revenue.

This notion originally gained traction this spring within the American Families Plan by the Biden administration. But bankers and even some consumer groups have slammed it as a compliance concern and a privacy issue. Financial institutions already provide the IRS with large quantities of data.

As part of the 3.5 trillion dollar budget reconciliation package proposed by the Biden administration, legislators are considering this invasive proposal as an income source to fund the massive budget.

The Biden administration argued that bank surveillance would prevent tax evasion, but many are obviously concerned that it’s a breach of the Fourth Amendment (which protects people from unreasonable searches and seizures by the government) and would also favor those who are embracing the move towards decentralized finance and cryptocurrencies, as well as those that use off-shore accounts.

The proposals would force banks to report every deposit and withdrawal related to a bank account and would also include centralized companies such as PayPal, Venmo, (owned by PayPal), CashApp, and cryptocurrency exchanges.

This would take place on bank accounts that have an incoming or outgoing amount of $600 within a year, meaning that most Americans would be the target of the surveillance.

The proposals would mean the IRS would have up-to-date information about how much cash is in a citizens’ bank account.