Biden plan to audit bank transactions over $600 concerns Scott administration

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By Guy Page

A plan by the Biden administration to give the Internal Revenue Service audit power over all transactions of $600 or more is being reviewed by the Scott administration and state banking and credit union leaders for its impact on the Vermont economy, Dept. of Regulation Commissioner Michael Pieciak said at today’s press conference.

According to Americans for Tax Reform, President Biden has proposed creating a new comprehensive financial account information reporting regime which would force the disclosure of any business or personal account that exceeds $600. Not only would this include the bank, loan, and investment accounts of virtually every individual and business, but it would also include third-party providers like Venmo, CashApp, and PayPal.

“The goal of the legislation is to get increased tax compliance,” Pieciak said in response to a question by Vermont Daily Chronicle. “In Vermont we have small community banks…we are worried about placing an additional burden on them.” 

“The goal is laudable,” Pieciak said. 

Under the Bank Secrecy Act, financial institutions are currently required to report transactions exceeding $10,000 or multiple transactions in aggregate of $10,000 in a single day. TIGTA examined 306 investigations undertaken by IRS-CI between 2012 and 2014 for violating this law, where a total of $55.3 million assets were seized, ATR said. During the audit, the sample size was narrowed to 278 investigations, as several did not meet the criterion for inclusion.

The IRS Criminal Investigation Division (IRS-CI) regularly violated taxpayers’ rights and skirted or ignored due process requirements when investigating taxpayers for allegedly violating the $10,000 currency transaction reporting requirements, according to a 2017 report by the Treasury Inspector General for Tax Administration (TIGTA). In addition, less than one in ten investigations uncovered violations of tax law, ATR said.

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Categories: Business

11 replies »

  1. This should not even be on the table. It’s huge overreach and I believe has nefarious goals of determining where you put your money. This could flag any purchase over 600, your monthly mortgage, money you took out.

    Most people don’t play with 10k transactions very often but everyone pays 600 a month for something.

    I’ll go all the way back to cash if they pass it.

    • My husband receives a veterans pension and I retired on Social Security. We pay for everything by cash. This is wasting valuable resources to track retires who need to withdraw money to buy groceries..

  2. This is all part of the grand plan of digital currency. Cash will be made (and already is) worthless. The central planners will have full access to our accounts and will freeze as necessary depending on our behavior. Its happening folks, and there ain’t no stopping it now, its the only way out of the monetary mess the Federal Reserve hand cuffed us with.

  3. This administration cannot do anything right, so while I believe it is intrusive and a violation of our rights, I am not too worried.

  4. “Every move you make
    Every step you take
    I’ll be watching you

    Every single day
    Every word you say
    Every claim you stake
    I’ll be watchin’ you”

  5. “The goal is laudable” Really? Pieciak should be dismissed immediately, as he has no regard for the Vermont Constitution, let alone the US Constitution. Articles 6,7 and particularly Article 11 of the Vermont Constitution apply here. While the Scott Administration has gone down the socialist big government rabbit hole, does Pieciak not realize that he too, must uphold the rule of law here in Vermont? And that he too, will bear the scrutiny of the IRS freely accessing his financial records?
    He may believe he is among the elites in Vermont, but the machine that is the “Swamp” will swallow him as well as the rest of us.
    This biden idea smacks of 1930’s Germany and current Chinese CCP dictates. Any citizen of the US that even remotely approves of this plan is signing their own arrest warrant.

  6. I’m not sure why Biden is doing this. The IRS already can inspect any account they want with an administrative warrant. An administrative warrant is simply paperwork signed by an IRS or FBI agent. It does not even need to go in front of a judge for probably cause.

    Long ago i gave up the notion that banking was private.

  7. This is nothing but the greed and power lusting of the left. Their ideology of communism demands that everyone is compliant to them and no one gets away from their rule. They the left are the worst enemy this nation, freedom, liberty and independence have ever faced. Things like this start wars.

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