ATLANTA — Georgia banks are pushing back against a provision in the proposed $3.5-trillion Build Back Better plan that would require them to notify the Internal Revenue Service of any business or private citizen bank transaction of more than $600.
“We think it’s an unwarranted intrusion on your personal and financial dealings, " said Daniel Oliver of the Georgia Bankers Association. “There’s no reason to suspect every American with accounts at this threshold are involved in tax evasion, so that’s why we oppose it.”
According to reports, the Treasury Department asked to have that provision put into the Build Back Better plan. It believes it could raise $160-billion a year in unpaid taxes and help pay for that $3.5-trillion price tag.
The Build Back Better plan is also referred to as the soft infrastructure plan as it covers things like paid family leave, universal pre-K and access to child care. The $1-trillion hard infrastructure plan covers more traditional infrastructure such as roads and bridges.
Channel Two Action News spoke exclusively with Vice President Kamala Harris Thursday where she said both bills were necessary, and that the Biden administration would fight for each one.
“We have to deal with where we are as a country right now,” Vice President Harris said. “We need to upgrade. Things need to get better, and so we’re fighting for both of those bills.”
Governor Brian Kemp weighed in, calling that Treasury Department proposal a federal government overreach.
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“This is a reckless invasion of privacy and a gut punch to community banks, small businesses and large banking institutions,” Kemp said.
There are reports from Congress that Democrats may be looking at either eliminating that portion of the bill or raising the reporting threshold from $600 to $10,000.
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