Connect with us

Hi, what are you looking for?


The White House Just Changed the Threshold for IRS Snooping on Bank Accounts

After massive pushback from Republican lawmakers, community banks and everyday Americans, the Treasury Department announced Tuesday it has increased the threshold for the IRS to monitor accounts from $600 to $10,000.

“Having this summary information will help flag for the IRS when high-income people under-report their income (and under-pay their tax obligations). This will help the IRS target its enforcement activities on those who are actually evading their tax obligations—decreasing costly and burdensome audits for the vast majority of taxpayers who pay what they owe,” Treasury released in a ‘fact sheet.’

“Under the current proposal, financial accounts with money flowing in and out that totals less than $10,000 annually are not subject to any additional reporting. Further, when computing this threshold, the new, tailored proposal carves out wage and salary earners and federal program beneficiaries, such that only those accruing other forms of income in opaque ways are a part of the reporting regime.”

“Any additional reporting will be minor. As stated earlier, only total money into accounts and total money out of accounts will be reported to the IRS,” the statement continues.

The White House continues to claim monitoring and snooping of accounts is needed for the IRS to ensure billionaires are “paying their fair share.”

Just last week, Press Secretary Jen Psaki and House Speaker Nancy Pelosi defended the previous $600 proposal.

  • Sherry M says:

    The rich don’t keep their money in US banks. Just another way to steal more money from the middle class.

  • Steven says:

    $10,000 a year IS NOT “high income”. The required effort to decide if a given account needs to be reported is a MAJOR burden of banks, regardless of what is actually reported.
    The threshold amount isn’t the issue. The violation of the 4th amendment doesn’t have a $ amount.

  • You May Also Like


    Several left-leaning student organizations at Arizona State University are demanding that their administration “withdraw” Kyle Rittenhouse from the university. The Arizona State University Students...


    With Fauci, big government fanatics, Democrat officials, and the biopharma lobby all turning the Omicron (not to be confused with Xi as the WHO...


    Civil rights lawsuits in the Kyle Rittenhouse case have been something of a topic for conversation, especially since the young man was found “not...


    The Omicron variant of the coronavirus has been detected in Australia in two people who were vaccinated against the coronavirus. Although the lethality of...

    Team Tucker Carlson is a project created with a mission to spread the message of Tucker Carlson and report the news that the liberal media won’t report. We are not affiliated with Tucker Carlson.