Here Are 10 Ways To Accidentally Make Your Bank Hand Over Your Info To Biden’s IRS Monitor

President Joe Biden’s plan to have the IRS monitor Americans‘ bank activity has hit more controversy than many of his proposals, and the more details emerge about the plan, the more controversial it becomes.

In an effort to help fund his several trillion dollars in proposed spending, Biden has proposed increasing the funding and auditing activity of the IRS. Part of that includes a proposed measure that would require banks to hand over Americans’ account information to the IRS. At first this applied to all accounts containing $600, but now it has been raised to banks with transactions totaling more than $10,000, which would still include millions of everyday Americans.

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“Democrats’ IRS surveillance scheme is not about going after high earners and wealthy corporations, but instead is about going after working Americans and Main Street job creators — who Democrats assume are tax cheats,” House Ways and Means Republicans said in a statement. “Worse — Democrats plan to use this invasive measure to pay for massive giveaways to wealthy individuals and special interests in blue states.”

That same committee released a list of ten ways regular Americans could end up being monitored by the IRS, which would mean higher chances of being audited as well.

  1. Sending your child to college. You worked hard, you saved, and now that investment in your child’s future pull you into the IRS dragnet.
  2. Working as a blue-collar worker. If you’re a local contractor, plumber, or hairdresser — or simply don’t get paid on a W2 — you will have your bank accounts monitored.
  3. Taking out a loan to buy equipment. Want to start a new business or invest in your current one? That’ll cost you your privacy. 
  4. Sending money or loan money to family members. Have you ever helped a loved one financially who has fallen on tough times? Biden wants the IRS to know.
  5. Providing financial support to elderly parents. Do you help pay household expenses for your elderly parents or grandparents? If so, their account would be swooped up in the IRS surveillance scheme.
  6. Receiving Democrats’ “cash-for-kids” welfare. If you receive the Child Tax Credit payments by paper check — you’ll have your bank account monitored. 
  7. Receiving dependent care flexible savings account reimbursements. If you pay for childcare using the Democrat’s beefed up dependent care flexible spending account (FSA), your account will be reported to the IRS.
  8. Taking up a part-time gig as an Uber driver. Do you work hard and make $200 or more on nights and weekends driving for Uber? Gas is expensive but it’s nothing compared to that IRS audit that will be triggered as part of the Biden bank surveillance scheme.
  9. Selling goods at a farmer’s market or Etsy shop. Do you create something or grow something and sell it directly to a consumer? If you did and deposited those dollars into a bank account, you’ll be reported.
  10. Saving for and making a large purchase. Want to buy a new car? Or do some home renovations? Or take your family on a trip to Disney World? Your bank accounts will wind up in a dragnet.
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