The Biden administration came up with a legislative proposal obliging commercial banks to provide the state with a statement of the movement of funds on the accounts of their depositors in excess of $ 600 per year.
Banks and Republicans in solidarity with them expressed outrage at the White House initiative, calling it an example of the usurping aspirations of the Democrats and the invasion of American privacy. Not to mention the rising costs of banking institutions. One of the leading proponents of the administration measure is the frantic socialist Senator Elizabeth Warren.
Biden’s people argue that the treasury systematically loses tens of billions of dollars in tax revenues due to fraud by the wealthiest. Hence, they say, the need to be able to compare the income that citizens indicate in their tax returns with the real balances in their bank accounts. Then why is the red line of mandatory reporting set so low, at $ 600, the opponents ask, because deposits and withdrawals in a negligible amount of $ 600 indicate that only fixed accounts are actually exempted from monitoring, for example, those that parents open to their minor children? And it comes under the order, it turns out, completely and completely the entire middle class, and by no means only the moneybags. In light of this, wouldn’t it be better to raise the mandatory reporting cut-off line to $ 10,000, Republicans suggest.
State control over citizens’ bank accounts is increasing