It says if you have $600 in your bank account, your transactions will be tracked and sent to the IRS if a plan is approved.
Bank customers have reached out to FOX23 showing letters sent to them by their bank warning them that this could be signed into law and asking them to reach out to their congressional representatives. As it is, the measure is supposed to track and find people not paying taxes, but the OBA says this goes far beyond that.
“What is the plain purpose of it,” asks Candace Trowhill, “Why do they need to know that?”
While that isn’t any clearer for Trowhill, the idea is simple according to Adrian Beverage who is the President and CEO of the OBA. If you have $600 in your account banks would be forced to have to report what you do to the IRS.
“There is no if, you will be,” says Beverage.
Beverage and the banks OBA represent are firmly against the idea.
“When we first saw it, we just kind of stared at each other like are you kidding me? Is this for real?” Beverage asks.
FOX23 spoke with Gentner Drummond, the Principal Owner of a Blue Sky Bank based out of Oklahoma City and a candidate for the state’s attorney general position.
“This goes just further to the left of socialism,” says Drummond. “It is just too much data on the individual that our government does not need. The IRS gets tax returns, has the power to audit has the power to enforce. We do not need this step it is simply too far.”
The idea of the proposal is to catch people who are not paying their taxes, Drummond says the threshold to track that right now are exchanges of $10,000 or more in cash, this idea would bring it down to $600 for any type of transaction.
“It is a desire to gather more information on the individual citizen. It is an overreach. It should alarm every one of your viewers,” says Drummond.
While it has not made it into the recent Reconciliation Plan proposed by President Joe Biden, Beverage and the OBA worry it could make it in there and if that is the case it’s anybody’s guess if it gets voted on and passed.
“Your guess is as good as mine. I have spent the last couple of days in DC and these people do this for a living and they do not know what is going to happen with this bill,” said Beverage.
We reached out to Congressman Kevin Hern who says he is aware of the proposal and gave us this statement:
“The IRS continues to encroach on every aspect of the American people’s lives. I have been vocal about my disdain for this provision, and the continued overreach of the federal government, who salivates at every opportunity to tax and regulate its people. There is no place for this intrusion into the intimate financial details of American families.” -Rep. Kevin Hern
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