Why Biden’s Proposal to Allow IRS to Track Your Bank Transactions Is Dangerous for All Americans

President Joe Biden and congressional Democrats are trying to force financial institutions to report their customers’ account balances to the Internal Revenue Service, thereby invading your privacy and putting more of your financial data at risk.

It’s part of a provision in the $3.5 trillion spending bill that should raise the ire of all Americans.

Under this requirement, the Internal Revenue Service—an already scandal-ridden and historically politicized government agency—could once again be weaponized against political opponents while leaving middle-class Americans vulnerable to having more of their financial information hacked or leaked.

This is because the Biden administration’s proposal would require financial institutions to report all transactions from accounts holding more than $600. It is couched as an effort to catch tax evaders and pay for the $3.5 trillion spending package.