Advocacy / Politics / Taxes

Breaking: Bank Reporting Requirements to Hit 90 Million Americans that Make Under $400,000


Washington, DC — This week, Congressman Jason Smith (R-MO) released a report his office requested from the Joint Committee on Taxation (JCT) showing that nearly 90,000,000 taxpayers making under $400,000 will be subject to the Biden administration’s new proposed bank reporting requirements. 

Congressman Smith’s (R-MO) post on the subject stated: “Confirmed. The nonpartisan Joint Committee on Taxation has confirmed to my office that an average 87 million Americans earning less than $400,000 would have their account information reported under President Biden’s proposed IRS spying scheme.”

AMAC Action President Bob Carlstrom said: “This report from one of the official scorekeepers in Congress confirms what many economists have been saying all along about Biden’s policies. Simply put: the “Build Back Better” policies do not protect taxpayers making under $400,000. Multiple tax hikes, directly and indirectly, will fall on the middle class. This latest report from the Joint Committee on Taxation, shows that this extends to snooping on bank accounts of ordinary Americans. The rhetoric that only the wealthy will be subject to tax increases and additional audit scrutiny does not match the clear reality of what this administration is force through Congress.”

Congressman Jason Smith posted the full JCT letter on his social media, available here:

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1 year ago

Remember the government does not make any money, all they do is come up with ridiculous ways of spending our hard earned money – taxes we pay. The also make money off of insider trading and deals with our enemies. They all need to be voted out of office!!!!

1 year ago

I got a tax questionnaire from my CPA asking all kinds of questions that have never been asked before. . will be a concerning point this year for sure. I have nothing to hide but definitely don’t like all the questions. They also have a deadline for all info to be given back to them. Which has never happened either. I didn’t know this had passed, I thought the ITS thing was still being discussed.

Scot M
1 year ago

This thing is dead is it not?

1 year ago

I am tired of the growing number of people who are not paying taxes. The government needs to crack down on tax cheats!

1 year ago
Reply to  Pianoguy31

What tax cheat? The government needs to leave US AND OUR MONEY ALONE!

1 year ago
Reply to  Pianoguy31

By reading your comment I don’t think you get it. Do you recall when Obama Weaponized the IRS and came after organizations that didn’t see Ida I with his agenda?
Do you somehow naïvely believe that this is the beginning of that process?

1 year ago
Reply to  Pianoguy31

more like stop funding or supporting people who refuse to work ex. welfare because they have children(how many parents work full time no welfare)no more subsidiaries going to foreign illegals, stop paying for dental care for those who would never pay on their own, stop paying disability for many who can actually work but at being paid a disability check for anxiety, depression, bi polar, most are treatable with meds in order to function. Tired of all the hand outs going to people who cold actually work. Run the list of what the government considers disabled. Shocking.

1 year ago


1 year ago

Did we expect less?

1 year ago

AMAC and others, please stop them. Clearly lies tax rich now want and tax job people to pay andnfund their Communism. Their foal only 2 classes: homeless and billionaire (nothing in between) WAKE UP Amaerica get ahold of Congress petitions now. It will be too late if these [TRILLIONS $ ] chapter 11 USA crash the dollar their agemda. American dream IS GONE.Comunism does NOT work when I backpacked Europe in college spies and contrl freaks govt people control every move.

1 year ago

I am so sick of the Biden White House halls of lies. Sure, it won’t hurt people that make less then 400,000….. that is the biggest joke! It has hurt the retirement community that live on very small pension after working for companies for over 25 years and social security. We need term limits and if this had passed several years ago you would not have swamp creatures like Biden, Pelosi, Schumer and some of these other radical Democrats.

1 year ago
Reply to  Ann

Ann,let’s put the RINO republicans in there as well. They’re part of the swamp!!

1 year ago

This nonsense is lunacy and someone in government is not doing anything to stop the division in our great nation. Tired of asking, why this or why that and where is the FBI ON ANY OF THIS COLLUSION OF BIDEN’S ADMINISTRATION??

Gary M.
1 year ago

Everything that comes out of these slimey politicians mouths are lies. That Biden crime family is as bad if not worse than those Clinton’s. Hes been screwing OUR COUNTRY over for the last 50 years. I knew their intentions when they got their way in getting that ???? elected by cheating. This virus was the best thing that could have ever happened for the lying left loonies. I said when he got elected that the US is doomed, I just didn’t think it would be done so quickly, and the republicans are no better. May GOD bless the USA ❤????????

William Wood
1 year ago
Reply to  Gary M.

This virus is the best thing that could have ever happened for the lying left because they were complicit in releasing it upon the world.

Norwood Giddens
1 year ago

Is this legal? Where is our privacy? I think Joe is stepping out of bounds here. If not, should be against the law.

Annette G.
1 year ago

If I had money I would bet that they are all registered Republicans.

Donald C. Sanders
1 year ago

No errors in article I just read in the AMAC News App? Many of the accounts that would be monitored would most likely belong to Democrats and Independents who should be objecting to their representatives in the legislative branch of our federal government.

1 year ago

Every time Biden does an end run around Congress with an Executive Order or a mandate, he is violating the 9th and 10th Amendments to the US Constitution. He violates the solemn oath he took to uphold that Document. Anyone who violates such an oath cannot be trusted.

1 year ago

He is not a king or not at least yet. These are laws and there is no president who can make a law.

1 year ago

Bidden isn’t even supposed to be there. He cheated why don’t they get his butt out everybody knows it nobody supports him.

Norwood Giddens
1 year ago

I think Biden and his administration has over reached their authority. Time for Americans to rise up an let them know they work for us and to do the jobs they were sent to Washington to do. And that is not to spy on our banking and private lives. We are not socialist yet, so get to work Biden and come up with better ideas and stay out of our private lives.

James Thompson
1 year ago

After living over 6 decades, this administration and all their antics are not American. I no longer trust our government for anything. The administration such as Biden, Harris, Pelosi, Schumer are stirring the flames of hell. I loathe liars, and because of such lies, my family is paying the cost. We are now a socialist nation, what is next……communism? It worked well with Stalin, and Hitler.

A. Hericks
1 year ago
Reply to  James Thompson

Just goes to show the last good Democrat president we had was JDK and look what happened with him.

1 year ago
Reply to  A. Hericks


Sandy Eggofan
1 year ago

I guess it’s time to take all my assets out of the banking system and start using cash and barter to conduct my business.!

William Brown
1 year ago

This is unconstitutional. Read The 4th Amendment. It prohibits fishing expeditions. Call your Congressman.

1 year ago
Reply to  William Brown

You mean call your lawyer right?

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