The claim: Treasury Department ‘declares’ IRS will monitor transactions in all U.S. bank accounts over $600
A tax law proposal by the Biden administration has led social media users to question whether the government is overstepping on Americans’ financial privacy.
“Biden’s Treasury Dept. Declares IRS Will Monitor Transactions of ALL U.S. Accounts Over $600,” reads the headline of a Sept. 10 InfoWars story that has been shared widely on Facebook.
The same claim popped up in various iterations on social media, like a Sept. 22 Instagram post claiming Biden’s proposal would give the IRS “direct access to your bank transactions.” It accumulated several thousand likes within the first day.
While the claim is based in reality, it gets many of the facts wrong. The claim’s assertion is a proposal by the Biden administration, not a decision set in stone. The Treasury cannot “declare” any changes to law, as that is a legislative power that belongs to Congress. And even if the proposal is adopted banks would not provide access to individual transactions, just the total amount flowing in and out of an account annually.
USA TODAY reached out to InfoWars and the post’s creator for comment.
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