Poll: Majority Oppose Biden’s Plan To Make IRS Track $600 Bank Accounts

President Joe Biden is under fire from a coalition of businesses, banks, trade groups, lawmakers and everyday citizens for his proposed plan to force all banks to report bank accounts over $600 to the IRS.

New polling shows the majority of Americans are not in favor of the controversial plan, which Biden would use to help fund his $3.5 trillion spending bill.

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“More than two-thirds of voters are against plans in Congress to give the Internal Revenue Service access to data on all bank transactions over $600, and most believe Democrats are lying when they say they’ll only raise taxes on the rich,” Rasmussen said.

According to the Rasmussen Reports national telephone and online survey, 69% of Likely U.S. Voters are opposed to legislation that would require banks to report data to the IRS on transactions over $600, including 55% who strongly oppose the measure.

Only 23% support the proposal, which is part of the so-called “Build Back Better” agenda Democrats are attempting to push through Congress.”

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House Speaker Nancy Pelosi, D-Calif. doubled down on the plan this week, though she did say the $600 figure could be negotiated.

Banks all around the country have banded together to oppose the proposition along with dozens of trade associations. They sent a letter to Congress warning not to enact the plan.

“While the stated goal of this vast data collection is to uncover tax dodging by the wealthy, this proposal is not remotely targeted to that purpose or that population,” the letter reads. “In addition to the significant privacy concerns, it would create tremendous liability for all affected parties by requiring the collection of financial information for nearly every American without proper explanation of how the IRS will store, protect, and use this enormous trove of personal financial information. We believe that this program is costly for all parties, not fit for purpose, and loaded with potential for unintended and serious negative consequences.

 

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