WQOW, by Stephanie Rodriguez: A proposal in President Biden’s budget reconciliation package could give the IRS access to millions of bank accounts.
Banks and financial institutions across America have been sending out letters warning customers about a new IRS reporting proposal in President Biden’s budget reconciliation package.
Currently, banks are required to report deposits or withdrawals of $10,000 or more.
Officials say this proposal would lower that requirement to $600 because the IRS wants to find people illegally avoiding the system.
“They are trying to find tax cheats, but with the dollar threshold they have set and with the goal, they have said, I mean everybody’s data would go there,” CEO of Wisconsin Bankers Association Rose Oswald Poels said.
According to a poll, many customers who make deposits or withdrawals of more than 600 said they are not happy with this IRS proposal.
An independent Community Bankers of America poll reports 67% to oppose, 53% strongly oppose and 22% are supportive of it.
The budget reconciliation package will move through the House and then the Senate. It has already gone through a committee hearing without the proposal being included but there is a strong effort to insert this proposal when it heads to the House floor for a vote.
Our Comment:
Could this move by IRS and the administration be unwittingly preparing for the enforcement of the no-buy, no sell decree and the mark of the beast?
Prophetic Link:
“And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.” Revelation 13:17.