Biden's proposal to empower IRS Rattles banks and their customers

Jim Reuter, managing director of FirstBank near Denver, said concerns about potential arrangements surfaced frequently, including over co...


Jim Reuter, managing director of FirstBank near Denver, said concerns about potential arrangements surfaced frequently, including over coffee he had with a small business owner in early October.

“Their result is, ‘I pay my taxes, so why would you want to send additional information to the IRS? ”, Recalled Mr. Reuter. “I said I agree with them. We are in the realm of trust. And it goes without saying that sending customer information somewhere without giving consent is not what we do as a bank. “

Critics of the proposal have said the IRS appears ill-equipped to process and protect such an overwhelming amount of data in order to detect cheaters.

“I have to tell you that the proposal that has been put forward to increase the amount of information the IRS will get on private bank accounts has been put to me in parks, in grocery stores, in local convenience stores. the district, ”Rep. Trey Hollingsworth, Republican of Indiana, told Ms. Yellen during the congressional hearing last month. “People are deeply afraid of the emergence of a device that can be used against them.”

JP Freire, spokesman for Representative Kevin Brady of Texas, the top Republican on the House Ways and Means Committee, said Texans were “terrified” of the IRS and his boss was investigating the disclosures proposed by at least three or four voters. every week.

Ms Castilla, the Oklahoma community banker, said a local teacher stopped by her office two weeks ago to share her concerns that the government was scrutinizing her financial records. She told the teacher she thought the proposal was overkill, Ms. Castilla recalls, and added that the banking associations and the Oklahoma congressional delegation were fighting her.

Even if the dollar threshold were raised to $ 10,000, Ms Castilla said, it would still be onerous for her bank. “It would require a huge amount of infrastructure,” she said.

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Newsrust - US Top News: Biden's proposal to empower IRS Rattles banks and their customers
Biden's proposal to empower IRS Rattles banks and their customers
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