House Weighs Bank-Reporting Rules to Pay for SALT Expansion
- Yellen wants broad account-reporting requirements in tax plan
- Reports on account flows to IRS seen boosting tax revenue
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House Democrats are working with the Biden administration to add bank account reporting requirements to their tax bill, a measure that could be used to pay for a modification of the cap on the federal deduction of state and local taxes.
Ways and Means Committee Chairman Richard Neal said his committee and Treasury officials are discussing boosting reporting requirements to the Internal Revenue Service to address tax cheats without burdening the middle class.