Biden Retreats IRS Proposal to Investigate Bank Accounts With Over $600 Transactions Annually

Objectivity 3.5 | Credibility 4.3 | Relevance 4.6

Due to harsh criticism from Republican lawmakers and the banking community, Biden backed off on a proposal that would allow the IRS to have information of accounts with more than $600. However, Democrats only propose to raise the threshold to $10,000 in annual transactions. This measure threatens financial privacy and empowers government control of personal and business finances. It is particularly ominous for small businesses.