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Glenn Beck: Biden's tax proposal targets bank accounts with more than $600. 'That's NOT for the wealthy. That's for EVERYONE.'
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Glenn Beck: Biden's tax proposal targets bank accounts with more than $600. 'That's NOT for the wealthy. That's for EVERYONE.'

On "Glenn TV" Wednesday, Glenn Beck said he's just as nervous about America's future today as he was in 2007, except this time it's not just the economy he fears is near collapse. Inflation is out of control. You feel it every time you buy anything these days. And now, even with income tax, sales tax, property tax, death tax, capital gains tax, and ESG-related tax rate increases, the taxes you're paying are no longer enough for the government. To ensure you're paying your "fair share," the Biden administration now wants to require banks to report aggregate transactions into and out of all personal and business bank accounts whose "inflows and outflows of an account total at least $600 in a year, or if the account has a fair market value of at least $600."

"It's $600," Glenn exclaimed. "That's not for the wealthy. That's for everyone."

Glenn broke down the details of President Joe Biden's proposal, which states:

This proposal would create a comprehensive financial account information reporting regime. Financial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600.

Watch the video clip below or find the full episode of "Glenn TV" here:

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