Dave Ramsey: Biden wants to do THIS w/ your bank account

 

[VIDEO] "Let's go Brandon!"

You may have heard about this recently, the Biden/Harris administration wants to  monitors transactions over $600 into bank accounts. USA Today fact checked this.

While the claim is based in reality, it gets many of the facts wrong. The claim’s assertion is a proposal by the Biden administration, not a decision set in stone. The Treasury cannot “declare” any changes to law, as that is a legislative power that belongs to Congress. And even if the proposal is adopted banks would not provide access to individual transactions, just the total amount flowing in and out of an account annually.
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A May document from the Department of the Treasury outlines a number of the Biden administration’s revenue proposals for the 2022 fiscal year. The proposal referred to in the claim suggests introducing more comprehensive financial account reporting to “improve tax compliance.”

The latest IRS estimates show a tax gap of $166 billion per year between the tax owed by businesses (not counting large corporations) and the tax actually paid. The document says requiring comprehensive reporting on money flowing in and out of accounts "will enhance the effectiveness of IRS enforcement measures and encourage voluntary compliance."

To achieve that, the Treasury proposed requiring financial institutions to annually report the total amount of money that went in and out of bank, loan and investment accounts if those accounts hold a value of at least $600, or if the total is at least $600 in a year.

That means that if the total debits (funds flowing out of the account) and credits (funds flowing into the account) equal at least $600 — including deposited paychecks or money transferred from finance apps like Cash App or PayPal — banks would have to report those figures to the IRS.

However, the banks would not report details on individual transactions, like how the money was spent, only the total amount of money flowing in and out of the applicable accounts.

With this said, I'll let you read of this what you will. It's clear Ramsey has an issue with this, however, just bear in mind it's a proposal being floated as he and his co-host Ken Coleman seem to indicate.

Ramsey is a good source for advice on personal finance - among others - I'll just leave it here and let you all decide what to make of this info. 

Having that information will help the IRS flag under-reported income and target enforcement activities on tax evaders, the Treasury said.