Democrats Agree to Narrow Biden Plan Giving IRS Bank Data
- Neal says deal has been reached to raise threshold above $600
- Lawmakers may use revenue to offset cost of SALT relief
The IRS building in Washington, D.C.
Photographer: Stefani Reynolds/BloombergThis article is for subscribers only.
Democrats have reached a deal to narrow President Joe Biden’s plan to require financial institutions to report account flows to the Internal Revenue Service in a bid to improve tax compliance, according to a key House Democrat.
House Ways and Means Chairman Richard Neal said he and other Democratic leaders are planning to set a threshold higher than the $600 proposed by the Biden administration that would trigger a bank to report total account inflows and outflows to the tax collection agency.