Does the IRS really want to spy on your bank account? The latest tax fight explained – By Scott Horsley (NPR) / Oct 25 2021
A new fight is brewing over taxes.
The Biden administration wants to require banks to provide the Internal Revenue Service (IRS) with information about how much money flows in and out of individual accounts each year.
It’s part of a plan to catch people who might be cheating on their taxes and to raise badly-needed revenue to help finance the Biden agenda. But Republicans are fighting back hard, calling the move an invasion of privacy, while banks object to the increased monitoring.
As with many battles involving taxes, a lot of claims – some of them false – are being hurled around.
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