Meier: Personal wealth of Wyoming families under attack by Biden plan | Columns


Few things are more private than your household finances. In his American Families Plan, President Biden unveiled a tax compliance initiative aimed at closing the gap between taxes owed and those paid. Most of the projected revenue, which the administration estimated at $ 460 billion over 10 years, would come from requiring financial institutions to report account information that the Treasury says is similar to the W-2 statement. for wages and other income.

The proposal, if passed, would require banks and other financial institutions to report detailed information about the inflows and outflows of every customer account over $ 600 to the IRS. Under the pretext of closing the “tax gap,” the Biden administration and its congressional allies are trying to push through a new partisan reporting system in which financial institutions report customer transactions to the Internal Revenue Service. The proposal would turn every bank, credit union and local payment provider into an IRS agent, monitoring and reporting deposits and withdrawals made to private accounts – at a threshold as low as $ 600.

This surveillance net will capture every American – of all income levels – with a bank, credit union, brokerage, or financial account. This includes both individual and business accounts, including Main Street businesses of all types. This indiscriminate data collection would subject law-abiding Americans to further scrutiny by the IRS and exacerbate privacy concerns. The IRS already holds treasures of private data about Americans, including taxable income, charitable contributions, retirement savings, health expenses, addresses, personal contact details, and more.

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