Pelosi Doubles Down on IRS Looking Into Bank Transactions

Hellbound and Down

Speaker of the House Nancy Pelosi (D-Calif.) has doubled down on a provision in the Democrats’ multi-trillion-dollarreconciliationbill that would allow the Internal Revenue Service (IRS) to see information on all Americans’ bank transactions totaling $600 or more. Republicans and banks have raised the alarm about the provision, reporting that their constituents and clients are deeply concerned about the proposal.

Since the introduction of their reconciliation bill, Democrats have insisted that the bill will not add to the debt or the deficit, claiming that all new spending in the bill will be paid for.

Along with significantly increasing marginal tax rates to pay for the bill, Democrats proposed and wrote into the bill a section to allow the IRS to gather Americans’ private information from banks, including information on all transactions totaling more than $600.

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