Posted on 10/14/21
| News Source: Newsmax
Fierce public backlash could force Democrats to rethink a proposal that includes the monitoring of most financial accounts, the Washington Examiner reported.
A plan to provide the IRS with access to individual bank accounts with balances as low as $600 may end up significantly modified or dropped altogether, the Examiner reported Thursday.
Republicans and trade groups oppose the proposal saying it would infringe on privacy, create significant liability for financial institutions, and add new costs for consumers.
Speaker Nancy Pelosi, D-Calif., brushed off concerns about the provision when reporters asked about it on Tuesday, the Examiner said.
“Yes, there are concerns that some people have,” Pelosi said. “But if people are breaking the law and not paying their taxes, one way to track them is through the banking measure.”
Pelosi did add, however, that the $600 threshold was “a negotiation that will go on, as to what the amount is.”