{"id":849109,"date":"2021-10-05T13:58:31","date_gmt":"2021-10-05T17:58:31","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=849109"},"modified":"2021-10-05T13:58:35","modified_gmt":"2021-10-05T17:58:35","slug":"the-biden-administration-would-like-a-look-at-your-checking-account-wsj-editorial-board-goes-after-the-irs","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-biden-administration-would-like-a-look-at-your-checking-account-wsj-editorial-board-goes-after-the-irs\/","title":{"rendered":"\u2018The Biden Administration Would Like A Look At Your Checking Account\u2019: WSJ Editorial Board Goes After The IRS"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">36<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fthe-biden-administration-would-like-a-look-at-your-checking-account-wsj-editorial-board-goes-after-the-irs%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=849109&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Wall Street Journal editorial board went after the Biden administration and the Internal Revenue Service (IRS) in an op-ed Monday over a proposal to report annual cash flows for ordinary account holders.<\/p>\n<p>\u201cOn your next trip to the ATM, imagine that Uncle Sam is looking over your shoulder. As if your annual tax filing wasn\u2019t invasive enough, the Biden administration would like a look at your checking account,\u201d the WSJ editorial board <a href=\"https:\/\/www.wsj.com\/articles\/internal-revenue-service-irs-rettig-yellen-brady-bank-account-tax-proposal-revenue-privacy-data-breach-11633287461\">wrote<\/a> in Monday\u2019s op-ed.<\/p>\n<p>President Joe Biden\u2019s <a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/The-American-Families-Plan-Tax-Compliance-Agenda.pdf\">American Families Plan<\/a> includes a provision requiring banks and other financial institutions to report on account holders\u2019 withdrawals and deposits. IRS Commissioner Charles Rettig argued in September that such a requirement could reduce the tax gap, CNBC <a href=\"https:\/\/www.cnbc.com\/2021\/09\/02\/irs-chief-tells-elizabeth-warren-bank-data-can-help-fight-tax-evasion.html\">reported<\/a>.<\/p>\n<div id=\"attachment_7295742\" class=\"wp-caption alignnone\" readability=\"38\">\n<p id=\"caption-attachment-7295742\" class=\"wp-caption-text\">Charles P. Rettig, commissioner of the Internal Revenue Service, testifies during a Senate Finance Committee hearing on the IRS budget request on Capitol Hill in Washington, DC on June 8, 2021 (Tom Williams\/POOL\/AFP via Getty Images)<\/p>\n<\/div>\n<p>Treasury Secretary Janet Yellen told the House Ways and Means Committee in September that a bank account reporting rule would also address tax evasion by revealing \u201copaque income streams that disproportionately accrue to the top,\u201d <a href=\"https:\/\/www.politico.com\/newsletters\/morning-money\/2021\/09\/16\/spending-plan-clears-2t-tax-hurdle-797641\">according<\/a> to Politico.<\/p>\n<p>Under the proposed measure, <a href=\"https:\/\/home.treasury.gov\/system\/files\/131\/General-Explanations-FY2022.pdf\">outlined<\/a> in a Treasury Department report, financial institutions would be responsible for reporting data on gross inflows and outflows for all accounts, business or personal, as long as those transactions total more than $600. It not only includes bank accounts, but also loan and investment accounts. <strong><a href=\"https:\/\/dailycaller.com\/2021\/10\/01\/why-gun-buyers-should-be-concerned-about-irs-proposal-to-monitor-purchases-above-600\/\">(RELATED: Why Gun Buyers Should Be Concerned About IRS Proposal To Monitor Purchases Above $600)<\/a><\/strong><\/p>\n<p>But the proposal is already facing pushback. A coalition of 41 bank industry groups sent a letter to House leaders on Sept. 17 warning that the plan \u201cis not remotely targeted\u201d to detect major tax evasion, <a href=\"https:\/\/www.reuters.com\/business\/finance\/us-banking-lobby-groups-oppose-proposed-tax-reporting-law-2021-09-17\/\">according<\/a> to Reuters.<\/p>\n<p>A group of 23 state treasurers and auditors <a href=\"https:\/\/patreasury.gov\/pdf\/newsroom\/SFOF-letter-to-President-Biden-and-Secretary-Yellen.pdf\">sent a letter<\/a> to Biden and Yellen on Sept. 20 in opposition to the plan, calling it \u201cone of the largest infringements of data privacy in our nation\u2019s history.\u201d<\/p>\n<p>Nebraska state treasurer John Murante told <a href=\"https:\/\/www.foxbusiness.com\/money\/irs-spending-bill-spying-bank-accounts-taxes-yellen\">Fox Business<\/a> in an interview that his state won\u2019t comply if the account reporting rule goes into effect, adding that he \u201cwill take it all the way to the Supreme Court\u201d if needed.<\/p>\n<p>The WSJ editorial board <a href=\"https:\/\/www.wsj.com\/articles\/internal-revenue-service-irs-rettig-yellen-brady-bank-account-tax-proposal-revenue-privacy-data-breach-11633287461\">further argued<\/a> that a bank account reporting rule is \u201ca privacy breach waiting to happen,\u201d noting that confidential tax records of wealthy Americans such as Jeff Bezos and Mike Bloomberg were <a href=\"https:\/\/dailycaller.com\/2021\/06\/08\/internal-revenue-service-wealthy-americans-taxation-jeff-bezos\/\">leaked and published<\/a> by ProPublica in June.<\/p>\n<p>But the largest threat posed by a bank account reporting rule, the WSJ editorial board <a href=\"https:\/\/www.wsj.com\/articles\/internal-revenue-service-irs-rettig-yellen-brady-bank-account-tax-proposal-revenue-privacy-data-breach-11633287461\">warned<\/a>, is \u201cthat politicians will eventually find a way to control how you save and spend your own money.\u201d<\/p>\n<p>\u201cThis is a bad idea that deserves to die,\u201d the op-ed concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Wall Street Journal editorial board went after the Biden administration and the Internal Revenue Service (IRS) in an op-ed Monday over a proposal to report annual cash flows for &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-849109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/849109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=849109"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/849109\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=849109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=849109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=849109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}