IRS proposal to monitor bank accounts with $600 sparks backlash

by LEANDRA BERNSTEIN | Sinclair Broadcast Group

Wed, October 13th 2021, 6:05 PM UTC

FILE - Image shows the Internal Revenue Service headquarters building, April 27, 2020 in the Federal Triangle section of Washington, DC. Lawmakers, financial institutions and taxpayers are voicing opposition to a plan to recover unpaid taxes from the wealthy by allowing the IRS to monitor bank accounts with $600 in deposits. F (Photo by Chip Somodevilla/Getty Images)

FILE - In this Nov. 15, 2017, file photo, new $1 bills are cut and stacked at the Bureau of Engraving and Printing in Washington. (AP Photo/Jacquelyn Martin, File)

Treasury Secretary Janet Yellen speaks during a House Financial Services Committee hearing, Thursday, Sept. 30, 2021 on Capitol Hill in Washington. Yellen said Tuesday, Oct. 5, 2021 that Oct. 18 remains the date she is likely to run out of resources to stave off an unprecedented default on the nation's debt without congressional action to raise the debt limit. She rejected the idea of minting a $1 trillion coin to avoid a default. (Al Drago/Pool via AP)

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FILE - Image shows the Internal Revenue Service headquarters building, April 27, 2020 in the Federal Triangle section of Washington, DC. Lawmakers, financial institutions and taxpayers are voicing opposition to a plan to recover unpaid taxes from the wealthy by allowing the IRS to monitor bank accounts with $600 in deposits. F (Photo by Chip Somodevilla/Getty Images)

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