PITTSBURGH (Newsradio KDKA) - There’s a proposal by President Biden circulating Washington right now, which would require financial institutions to report bank accounts and transactions over $600 to the IRS.
"It would fundamentally change that relationship between the federal government and the banks," Pennsylvania State Rep. Rob Mercuri said during the KDKA Radio Morning Show Tuesday. "It really would be a takeover, in a way, of the accounting system of these banks. Because it's such a small dollar transaction, you know the federal government would have their hand in the pockets of every citizen in the country - through the banking system."
The Bank Secrecy Act currently requires any transaction over $10,000 to be reported to the IRS.