Chris Furlow, the President of the Texas Bankers Association, joined Marc Cox to react to a proposed IRS rule that would allow greater scrutiny in American bank accounts.
An earlier proposal would have set the account threshold at $600, but an update to the plan now lists the amount at $10,000, allowing the banks to send inflow and outflow information to the agency so it could target audits for tax fraud.
"Let's be clear, their intent is to get into the accounts of all Americans regardless of what that threshold level is," says Furlow. "We know from the original proposal of $600, they simply got busted trying to sneak it through in this massive bill, so now they're trying to make people think that this is all about catching wealthy tax-cheats. But even at $10,000, that would sweep-up Americans working full-time minimum-wage jobs."