Letter to the editor
Your privacy and money are at risk as the IRS seeks approval to snoop
October 22, 2021
There is an ongoing battle regarding the $3.5 trillion reconciliation plan proposed by the Biden Administration, which includes a provision that would require financial institutions, such as our credit unions, to report to the IRS transactional data for any account with at least $600 of inflows or outflows annually. This unlimited access to consumers’ financial data should raise alarms for anyone with a bank or credit union account.
First and foremost, this plan violates consumers’ privacy by requiring information that does not reflect taxable activity. No evidence has shown that the pr...