Democrats to scale back Treasury’s IRS bank reporting plan, raise threshold from $600 to $10,000
(Worthy News) – Senate Democrats are set Tuesday to announce a scaled-down version of the Biden administration’s proposal to crack down on Americans it suspects are dodging taxes.
The administration’s original proposal was greeted with overwhelming opposition from fiscal conservative groups, the banking industry and other over concerns about financial privacy.
The initial plan, conceived by the Treasury Department and Senate Democrats, would have allowed the Internal Revenue Service access to information on bank accounts that had at least $600 worth of annual deposits or withdrawals.
The new proposal will still allow the IRS to access information on accounts that transfer or receive more than $10,000 annually. However, it will exclude all wage income from counting toward the $10,000 threshold. [ Source: Just the News (Read More…) ]