Small Banks Warn Americans of What’s Coming if New Tax Rules Go Through

The IRS wants to become more involved in your life. If your bank transactions exceed $600 a year, the IRS wants to know about it. 

Treasury Secretary Janet Yellen is behind a plan that is slated to go into the Democrat’s $3.5 trillion spending bill. It’s billed as a way to collect $7 trillion in taxes over the next decade that otherwise won’t get captured. The plan also calls for $80 billion to hire 80,000 new IRS agents.

Bankers and other industry groups are trying to fight the plan. Over 40 trade associations sent a letter to Congress saying exactly why they think it’s a bad idea.

If it goes through, what would it mean for Americans, and for the financial institutions themselves? These questions are answered by Paul Merski, executive vice president of congressional relations and strategy with Independent Community Bankers of America.

Watch the full episode on EpochTV.


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