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The U.S. House of Representatives on Thursday unveiled the text of the Build Back Better Act, and it includes a provision to require banks to turn account information over to the IRS on accounts with $600 or more in annual transactions.

If this provision is enacted into law, banks would be required to report annual totals of account inflows and outflows to the IRS. This account information would impact bank accounts with more than $600 in non-payroll income. The Democrats’ proposal would also extend to other financial institutions and peer-to-peer services like Cashapp or Venmo.

Biden’s Treasury Secretary Janet Yellen endorsed the proposal because it would help close the tax gap, which refers to the difference between taxes owed and taxes collected. This tax gap is estimated to exceed $160 billion annually.

Sens. Ron Wyden (D-OR) and Elizabeth Warren (D-MA) spearheaded this proposal last month but were met with significant backlash from Republican lawmakers, the financial industry, and business owners. According to the Wall Street Journal, critics “warn that the requirement would put taxpayer information at risk if IRS computer systems were breached and they have described the proposal as snooping and surveillance.”

After the criticism, Sen. Wyden announced that the reporting threshold would be increased from $600 to $10,000. The increased threshold still did not please the plan’s detractors. American Bankers Association president Rob Nichols said the plan “still goes too far by forcing financial institutions to share with the IRS private financial data from millions of customers not suspected of cheating on their taxes.”

However, it appears that the first $600 reporting requirement is back in play. . . .

The amount of money is not an issue for some lawmakers. Rather, they view it as a privacy concern. House Ways and Means Committee minority member Rep. Drew Ferguson (R-GA) told Fox News last week, “It does not matter if the amount is $1, $600 or $10,000, Americans don’t want the IRS snooping into their bank accounts.”

What are your thoughts on the Build Back Better Program? Let us know in the comments below!

(Excerpt from BreitBart. Article written by Jordan Dixon-Hamilton. Photo by Getty Images)

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Pauline
November 2, 2021

Let all their plots and plans boomerang on these evil people! Let this wicked Build Back Better agenda be brought to defeat, in Jesus name! This is part of The Great Re-Set and is EVIL! Father, we thank You and praise You that YOU are in control! We lift up our eyes to You, our help comes from You, and You alone!

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Vicki
November 2, 2021

Psalm 106:1-48 NIV
[1] Praise the Lord. Give thanks to the Lord, for he is good; his love endures forever. [2] Who can proclaim the mighty acts of the Lord or fully declare his praise? [3] Blessed are those who act justly, who always do what is right. [4] Remember me, Lord, when you show favor to your people, come to my aid when you save them, [5] that I may enjoy the prosperity of your chosen ones, that I may share in the joy of your nation and join your inheritance in giving praise. [6] We have sinned, even as our ancestors did; we have done wrong and acted wickedly. [7] When our ancestors were in Egypt, they gave no thought to your miracles; they did not remember your many kindnesses, and they rebelled by the sea, the Red Sea. [8] Yet he saved them for his name’s sake, to make his mighty power known. [9] He rebuked the Red Sea, and it dried up; he led them through the depths as through a desert. [10] He saved them from the hand of the foe; from the hand of the enemy he redeemed them. [11] The waters covered their adversaries; not one of them survived. [12] Then they believed his promises and sang his praise. [13] But they soon forgot what he had done and did not wait for his plan to unfold. [14] In the desert they gave in to their craving; in the wilderness they put God to the test. [15] So he gave them what they asked for, but sent a wasting disease among them. [16] In the camp they grew envious of Moses and of Aaron, who was consecrated to the Lord. [17] The earth opened up and swallowed Dathan; it buried the company of Abiram. [18] Fire blazed among their followers; a flame consumed the wicked. [19] At Horeb they made a calf and worshiped an idol cast from metal. [20] They exchanged their glorious God for an image of a bull, which eats grass. [21] They forgot the God who saved them, who had done great things in Egypt, [22] miracles in the land of Ham and awesome deeds by the Red Sea. [23] So he said he would destroy them—had not Moses, his chosen one, stood in the breach before him to keep his wrath from destroying them. [24] Then they despised the pleasant land; they did not believe his promise. [25] They grumbled in their tents and did not obey the Lord. [26] So he swore to them with uplifted hand that he would make them fall in the wilderness, [27] make their descendants fall among the nations and scatter them throughout the lands. [28] They yoked themselves to the Baal of Peor and ate sacrifices offered to lifeless gods; [29] they aroused the Lord’s anger by their wicked deeds, and a plague broke out among them. [30] But Phinehas stood up and intervened, and the plague was checked. [31] This was credited to him as righteousness for endless generations to come. [32] By the waters of Meribah they angered the Lord, and trouble came to Moses because of them; [33] for they rebelled against the Spirit of God, and rash words came from Moses’ lips. [34] They did not destroy the peoples as the Lord had commanded them, [35] but they mingled with the nations and adopted their customs. [36] They worshiped their idols, which became a snare to them. [37] They sacrificed their sons and their daughters to false gods. [38] They shed innocent blood, the blood of their sons and daughters, whom they sacrificed to the idols of Canaan, and the land was desecrated by their blood. [39] They defiled themselves by what they did; by their deeds they prostituted themselves. [40] Therefore the Lord was angry with his people and abhorred his inheritance. [41] He gave them into the hands of the nations, and their foes ruled over them. [42] Their enemies oppressed them and subjected them to their power. [43] Many times he delivered them, but they were bent on rebellion and they wasted away in their sin. [44] Yet he took note of their distress when he heard their cry; [45] for their sake he remembered his covenant and out of his great love he relented. [46] He caused all who held them captive to show them mercy. [47] Save us, Lord our God, and gather us from the nations, that we may give thanks to your holy name and glory in your praise. [48] Praise be to the LORD, the God of Israel, from everlasting to everlasting. Let all the people say,“ Amen !” Praise the LORD …

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Susan Bouley
November 1, 2021

👎🏻 Bad Plan!! From the pit! Praying for the Sovereignty of God to be established in ,over and throughout this place. To Gods glory, Amen

24
Judith
November 1, 2021

As much as the people want these crazy ideas implemented let the people of God cry out to Him and seek His will. Day and night let us seek the Lord. As we pray our hearts unite with His and we will be strengthened for His work and ready to stand as He reveals His plan.

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    Herb
    November 1, 2021

    ..and , Lord help us to not grow weary in well doing,in our obedience and war of prayer, in confronting the enemy- however Lord please guide us very carefully as I was reading yesterday on the “15 steps to (war against,pray against)witchcraft-how technical these things are when directly confronting the witch craft in – what used to be ,our government( or anywhere)..
    Lord,help us to rightly regain our place as We The People of these United States of America in our founder’s original vision of self governance- ..In the Mighty Name of Jesus, Amen

    21

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