Banks Required to Give IRS Your Balance

Healdsburg CA

Description

Under the provisions of Biden's, Pelosi's, Sander's reconciliation bill, as currently proposed, it would require the banking industry to report all bank account balances over $600 to IRS. Is anyone else uncomfortable with this? Would it not be government infringement to the highest order? Privacy compromised? Would your information be safe? The IRS has been a continuous target of hackers and if data of your name, address, social security number, bank account number and balance are transferred to Big Brother, doesn't that make you a bit nervous? Aren't you concerned you will wake up one morning with a zero balance? And if billions of dollars are suddenly sucked out of thousands of insured bank accounts, it would overwhelm the insurance companies, so ANOTHER bailout bill would need to be levied to bail out the banking and insurance industry AFTER they warned Congress of the dangers. And the simple cost of this data transfer would be in the millions or billions of dollars just to administer. Who is going to pay for it? Banks would have no choice but to pass on the costs to you, and me. I don't know about you, but I'm not one of the rich they say this bill will tax. Doesn't all this concern anyone else?