The Ekalaka Eagle - Your Community Builder

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...



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