Serving the High Plains
Serving the High Plains
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President Joe Biden’s administration says the intention for proposing a controversial plan to monitor private bank accounts is to catch tax cheats. But when looking at the actual language of the proposal, there must be a better way. One of many wish-list items on the Treasury Department’s proposed fiscal 2022 budget, the plan would force banks to report information about transactions for all accounts worth $600 or more to the Internal Revenue Service. Only aggregated data would be reported — not individual transactions. Banks and credit unions...