Biden Administration Partially Walks Back IRS Plan To Track Most Transactions Over $600

The Biden administration is partially scaling back its intention to monitor Americans’ overall bank account transactions.

The Democrats’ pending $3.5 trillion social spending bill originally contained a proposal that would have compelled banks to report gross inflows and outflows in accounts with balances above $600 at any time during the year. After many lawmakers raised concerns over potential violation of the Fourth Amendment — which prohibits unreasonable searches and seizures — Treasury Secretary Janet Yellen announced on Tuesday that the minimum balance would be raised from $600 to $10,000:

Today’s new proposal reflects the Administration’s strong belief that we should zero in on those at the top of the income scale who don’t pay the taxes they owe, while protecting American workers by setting the bank account threshold at $10,000 and providing an exemption for wage earners like teachers and firefighters. We will continue to work with leaders in Congress to enact this important measure to level the playing field for workers and small businesses, and raise revenue to build our economy back better.

However, another fact sheet released on Tuesday by the agency doubled down on its desire to track wealthy Americans’ transactions – READ MORE