Originally Posted by
Seran
It is perfectly legit. If Jim Bob is moving thousands of dollars a year through his bank account while exporting zero or not filing taxes, then such moves will uncover fraud. Meanwhile if Jim Bob is doing nothing illegal, he shouldn't have a problem with the bank being required to report his total deposits and withdrawals every year.
Now if you're a criminal, corrupt businessman or really most Republicans, you'll do your damndest to scream privacy violations to conceal your shenangins. After all, what does a bank submitting an annual dollar amount of transactions have anything to do with the government knowing what they are spending money on?
This tool will allow the IRS to do a far better job screening for fraud, rather than relying on random audits. But then, audits are another Conservativashit boogeyman too.