Will Create More Distrust In Financial Institutions
By MORGAN PHILLIPS
Community bankers are sounding the alarm on the tax proposal that would require banks to hand over transaction data on accounts with over $600 net inflow and outflow.
In an effort to drum up cash to pay for a portion of the $3.5 trillion Build Back Better plan, Democrats proposed requiring banks to hand over the aggregate inflow and outflow of transactions on virtually all accounts – checking, savings, loans, investments – to the IRS, leading account owners to flood their local institutions with calls expressing privacy concerns.
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