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04.11 - 22:36
Democrats Try to Salvage IRS Bank-Account Reporting With Scaled-Back Plan
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Democrats scaled back a proposal to require banks to send to the IRS more information about customers’ accounts in hopes of salvaging the idea, raising to $10,000 from $600 the key reporting threshold and adding an exemption that would spare many workers and retirees.
The core idea remains—banks would be required to provide information that could help the IRS more easily find tax cheating. But amid opposition from the financial-services industry and many Republicans, Sens. Ron Wyden (D., Ore.) and Elizabeth Warren (D., Mass.) proposed changes on Tuesday that would reduce the number of accounts affected. The plan seeks to generate hundreds of billions of dollars in owed but unpaid taxes that could help pay for new federal programs under
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