Finance

Biden Admin Proposal to Let IRS Snoop on Bank Accounts Gets Backlash


In what appears to be an attempt to tackle tax evasion, a Biden administration proposal to allow the IRS to track bank accounts that take part in more than $600 in transactions a year. While there are few details as to how such a plan might even take effect, the GOP and are aggressively pushing back on the idea. Dan Geltrude, the managing partner of Geltrude & Co, joined Cheddar to discuss the proposal, noting that he does agree the IRS needs more resources and expanded tools to go after big tax evaders, but he also asked, “Are people who have more than $600 in their accounts really who we need to be targeting as tax cheats?” Geltrude agreed that the low bar invites criticisms about an invasion of privacy.

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