(RepublicanInformer.com)- Jamie Dimon, the CEO of JPMorgan Chase, recently warned that President Joe Biden’s planned crackdown on tax evasion, which would require banks to report more information about their customers to the Internal Revenue Service, could ultimately be a “terrible” idea.
During an interview with Maria Bartiromo on Fox News, Dimon explained how the Democrats’ plans to force banks to report customer information to the IRS have caused a “big uproar.” Dimon made it clear that he believes that people “should pay their taxes” but described how the government would require banks to declare cash information about cash entering and leaving bank accounts to the IRS, helping the government more accurately determine whether a tax filing is accurate.
He told Bartiromo that such a plan would need to be enacted through legislation, not through executive action, for many different reasons.
“If it’s part of a legitimate thing that gets people to pay taxes, it’ll be fine…If they overdo it, it would be terrible,” he said.
His voice is no doubt a welcome addition to the already raging outrage about the plans, but what does “overdo it” mean? At what point will the government stop once they have access to the private bank accounts of American citizens?
Under the proposed plan, banks and credit unions would be required to report transactions – including deposits and withdrawals – of more than $600 to the IRS. The individual transactions won’t be detailed, but the IRS will have a rough idea of what people earn.
Not only is it a major infringement on the privacy of all Americans, but it would also burden smaller banks and force them to pay salaries for staff who will be dedicated to compiling this information, sending it, and ensuring it is always accurate.
Could this be a ploy by the government to also help the big banks?