But not because anyone in Washington had even the slightest bit of common sense. Instead, it is now being widely reported that Biden ‘s bill in an effort to get it fully paid for may not actually contain the IRS snooping tidbit everybody was talking about. In that initial proposal, the government wanted the ability to have the IRS snoop on every bank account in America that would or currently contains more than $600.
The proposal was so unpopular Washington attempted to up the ante to $10,000 but that still wasn’t enough to satisfy some pretty tough critics. The White House maintains that such a measure would’ve raised roughly $480B in revenue over 10 years but nobody was approving of the idea for such to happen. Dozens of banks; trade groups, and even everyday Americans voiced their strong opposition from the jump on the matter.
It appears allot of the problem sits with the Congressional Budget office. A CBO report a shows not only a massive hole in the whole budget report for the bill — but also exposes that it would cause financial harm on top of actually serving a purpose to some extent.
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