After massive pushback from Republican lawmakers, community banks and everyday Americans, the Treasury Department announced Tuesday it has increased the threshold for the IRS to monitor accounts from $600 to $10,000.
“Having this summary information will help flag for the IRS when high-income people under-report their income (and under-pay their tax obligations). This will help the IRS target its enforcement activities on those who are actually evading their tax obligations—decreasing costly and burdensome audits for the vast majority of taxpayers who pay what they owe,” Treasury released in a ‘fact sheet.’ “Under the current proposal, financial accounts with money flowing in and out that totals less than $10,000 annually are not subject to any additional reporting. Further, when computing this threshold, the new, tailored proposal carves out wage and salary earners and federal program beneficiaries, such that only those accruing other forms of income in opaque ways are a part of the reporting regime.”
“Any additional reporting will be minor. As stated earlier, only total money into accounts and total money out of accounts will be reported to the IRS,” the statement continues.
The White House continues to claim monitoring and snooping of accounts is needed for the IRS to ensure billionaires are “paying their fair share.”
Just last week, Press Secretary Jen Psaki and House Speaker Nancy Pelosi defended the previous $600 proposal.
Should go to court to be declared ILLEGAL !!!!
All this Illegal SNOOPING started with Obama !!!!!! Time to STOP IT NOW !!!!
No they are after the Little people , the middle class , NOT the Rich !!!!
Bleed you to death in their Communism !!!! IRS = KGB Fact Need to Ban it from America !!!!!
The Rich legally write off ALL their taxes & everyone knows it , so there is No need to Cheat for them !!!!
It is YOU they are after !!!!
Once it’s in there (and THAT is the objective) it can be “revised” as much as they please.
Seriously.
$10,000 is the bar to catch billionaires cheating on taxes???
They USED to have some semblance of reality as they tightened the screws and increased the total surveillance of “We, the People”.
Now they just make up BS and believe the media will cover for them (and CNN is already doing that).
It’s ALL ABOUT SURVEILLANCE.
Get off your knees.
Start hanging these slimy so-called “representatives”.
You don’t think they actually represent YOU, do you?????
All about COMMUNISM in AMERICA !!!!!
They didn’t really change very much. Instead of $600 transactions they are now going to look at any account that moves 10,000 Annually. Well that pretty much covers everyone’s bank account.