NH financial institution warns customers about proposed bank account rule

0

ALLEGED ‘INVASION OF PRIVACY’. At least one major New Hampshire financial institution is warning clients against a controversial Biden administration proposal to expand IRS access to information about Americans’ bank accounts and transactions. Included in President Joe Biden’s $ 3.5 trillion Build Back Better Act currently under negotiation on Capitol Hill, financial institutions would be required to report transactions over $ 600 in their bank accounts to the IRS , which would affect not only rich Americans but middle and low-income Americans as well. Treasury Secretary Janet Yellen recently told the Senate Banking Committee that the proposal was a minor addition to existing requirements. None of the members of the New Hampshire congressional delegation would take a position on the proposal when we reached out to their spokespersons on Wednesday. gap estimated at $ 7 trillion over the next decade. “It is taxes that are owed and not paid to government that rob us of the resources we need to make essential investments,” she said, according to Bloomberg. Democratic leaders in Congress said the goal was to collect additional taxes owed. the government of high-income Americans who have the ability, in effect, to legally hide certain income from the current reporting requirements. Yellen said in the spring that over a decade, $ 7 trillion in tax revenue had not been collected. But opponents say there is no need for the IRS to review small transactions in low-balance accounts held by middle- and low-income Americans. The Triangle Credit Union, which has nine branches and numerous ATMs in the Manchester-Nashua area, sent customers a message this week from CEO and Chairman Scott MacKnight asking them to contact U.S. reps Annie Kuster and Chris Pappas and to “Let them know that you are not in support of this proposal.” This initiative is of concern on several levels because it places a comprehensive and costly burden on financial institutions, but more importantly, it significantly invades members’ right to freedom. privacy. “MacKnight wrote.” Triangle Credit Union protects your data and we also ask for your support in protecting it. If this proposal becomes law, financial institutions will be obligated to comply with it. The laws that protected your data are threatened. On behalf of the credit union, I ask for your help to keep your data safe. “The message continues nt the telephone numbers of the Kuster and Pappas district offices and links to the contact pages of their websites. Pappas told the New Hampshire primary source that he heard his constituents talk about the provision and spoke about it with House leaders and the IRS. “Although this bill has not been finalized and negotiations are still ongoing, we must do everything in our power to ensure that small businesses are not placed under heavy burdens, that Middle class families will benefit from a tax cut and anyone earning less than $ 400,000 will not see their taxes increase, ”Pappas said in an emailed comment. “As this process continues, it is essential that Granite Staters’ comments are heard in Washington. My office has been contacted by a number of constituents asking questions about this provision, and we share these concerns with House officials and the IRS. “As House and Senate leaders continue to work together to advance the Build Back Better Act, Representative Kuster will remain in close contact with Granite Staters on the impact and scope of this legislation,” said Kuster spokesperson Annie Lentz Shaheen spokesperson Sam Paisley said: “Negotiations are ongoing on the reconciliation plan. Senator Shaheen will continue to meet with the Granite Staters to ensure their priorities are included in this legislation. Hassan spokeswoman Laura Epstein said: “Negotiations are underway on what will be in the budget bill, and Senator Hassan will continue to seek comments on the impact the potential provisions would have on Granite Staters. ”

ALLEGED ‘INVASION OF PRIVACY’. At least one major New Hampshire financial institution is warning clients against a controversial Biden administration proposal to expand IRS access to information about Americans’ bank accounts and transactions.

Included in President Joe Biden’s $ 3.5 trillion Build Back Better Act currently under negotiation on Capitol Hill, financial institutions would be required to report transactions over $ 600 in their bank accounts to the IRS , which would affect not only rich Americans but middle and low-income Americans as well.

Treasury Secretary Janet Yellen recently told the Senate Banking Committee that the proposal was a minor addition to existing requirements.

None of the members of the New Hampshire congressional delegation took a position on the proposal when we reached out to their spokespersons on Wednesday,

According to Bloomberg News, she argued before the committee in late September that this step was necessary because the country has an “estimated tax gap of $ 7 trillion over the next decade.”

“It is taxes that are owed and not paid to government that rob us of the resources we need to make critical investments,” she said, according to Bloomberg.

Democratic leaders in Congress have said the goal is to collect additional taxes owed to the government from high-income Americans who have the ability, in fact, to legally hide some income from current reporting requirements.

Yellen said in the spring that over a decade, $ 7 trillion in tax revenue had not been collected.

But opponents say there is no need for the IRS to review small transactions in low-balance accounts held by middle- and low-income Americans.

The Triangle Credit Union, which has nine branches and numerous ATMs in the Manchester-Nashua area, sent customers a message this week from CEO and Chairman Scott MacKnight asking them to contact U.S. reps Annie Kuster and Chris Pappas and to “Let them know that you are not in support of this proposition.

“This initiative is of concern on many levels as it places a comprehensive and costly burden on financial institutions, but more importantly, it significantly invades members’ privacy rights.” MacKnight wrote.

“Triangle Credit Union protects your data and we also ask for your support to protect it. If this proposal becomes law, financial institutions will be forced to comply. The laws that protected your data are under threat. On behalf of the credit union, I ask for your help in keeping your data safe. ”

The post contains phone numbers for the Kuster and Pappas district offices and links to the contact pages of their websites.

Pappas told the New Hampshire primary source that he heard his constituents talk about the provision and spoke about it with House leaders and the IRS.

“Although this bill has not been finalized and negotiations are still ongoing, we must do everything in our power to ensure that small businesses are not placed under heavy burdens, that Middle class families will benefit from a tax cut and anyone earning less than $ 400,000 will not see their taxes increase, ”Pappas said in an emailed comment.

“As this process continues, it is essential that Granite Staters’ comments are heard in Washington. My office has been contacted by a number of constituents asking questions about this provision, and we share these concerns with House management and the IRS. ”

Spokesmen for Kuster, Shaheen and Hassan responded by saying their bosses have yet to take a position on the plan and are waiting for the reconciliation bill to become final.

“As House and Senate leaders continue to work together to advance the Build Back Better Act, Representative Kuster will remain in close contact with Granite Staters on the impact and scope of this legislation,” said the Kuster spokesperson Annie Lentz.

Shaheen spokesman Sam Paisley said: “Negotiations are ongoing on the reconciliation package. Senator Shaheen will continue to meet with the Granite Staters to ensure their priorities are included in this legislation. ”

Hassan spokeswoman Laura Epstein said: “Negotiations are underway over what will be in the budget bill, and Senator Hassan will continue to seek comments on the impact the potential provisions would have on Granite. Staters. “

Share.

Leave A Reply