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  1. #1
    Join Date
    Jun 2008

    Biden Administration Pushes Congress to Require Banks to Turn Account Info Over to IR

    The Biden administration is pressuring lawmakers to enact a controverisal plan requiring banks to turn over to the Internal Revenue Service detailed information about inflows and outflows of almost all American bank accounts

    Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig sent letters to lawmakers this week asking Congress to include in tax hike legislation a requirement that banks report annual transaction data on accounts with $600 or more or that have $600 worth of transaction over the year, the Wall Street Journal reported.

    If they’re going to do this they better first go after lawmakers themselves rather than the middle class

    Sent from my iPhone using Tapatalk

  2. #2
    Join Date
    Oct 2011
    Unlikely to be passed because of privacy concerns but you missed an important part of the article

    Still, he said, there was a possibility that Democrats could add the idea before the plan is ready for a vote by the full House, perhaps making it apply only to higher-income people.
    There should be more transparency in higher income dealings. Capitalism goes on with way too much deregulation and nonregulation. Its a clear problem. If its a way curtail crony capitalism, I'm good with it too but that's presumably one of the other reasons its not passed.
    Last edited by metswon69; Today at 06:51 PM.

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