Sen. Crapo joins Nate Shelman of 670 KBOI to federal spending

BOISE, Idaho (CBS2) — U.S. Sen. Mike Crapo on Tuesday joined Nate Shelman of 670KBOI to discuss some federal spending issues, including the $3.5 trillion spending package that would allow the IRS to see every financial exchange over $600.

"It's over $600 of income or transactions on deposits or $600 of expenditures," Crapo told Shelman. "And if you have either, your account is reported to the IRS. And then the IRS, in this proposal, is given broad authority as to whether to then require the banks to dig deeper into your account."

Earlier on Tuesday, Crapo joined Idaho State Treasurer Julie Ellsworth for a roundtable discussion to discuss the proposals.

"Under this reporting dragnet, local banks, credit unions and payment providers will essentially be turned into agents of the IRS, monitoring and reporting of inflows and outflows on deposits and withdrawals made in private accounts--at a threshold of as little as $600," Crapo's office said on Monday.

You can listen to Shelman's full interview with the senator HERE.

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