Manchin squashes Democrats’ IRS bank account reporting proposal
October 27, 2021 | BPR WireAndrew Trunsky, DCNF
West Virginia Democratic Sen. Joe Manchin on Tuesday came out against an IRS bank-monitoring proposal, predicting that the provision would ultimately be omitted from his party’s spending package.
“I think that one’s going to be gone,” Manchin said at The Economic Club of Washington, D.C.
Democrats introduced the provision as a way to partially finance their budget. It would require banks to report the total amounts of money that go in and out of accounts where totals exceed $10,000, which Democrats said would better enable the IRS to catch people trying to evade taxes.
The original proposal applied to accounts whose inflows and outflows exceeded $600, but that was scaled back to the current amount, which excludes paychecks and government checks.
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https://www.bizpacreview.com/2021/10/27/manchin-squashes-democrats-irs-bank-account-reporting-proposal-1154659/
