Banks Enlist Customers to Kill Biden’s Account Data Reporting Plan
- Biden plan would require banks to report account flows to IRS
- Democrats try to tailor plan to people likely to hide income
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Financial institutions are recruiting their customers to help stop a measure under consideration in Congress that would require banks to hand over some account information to the Internal Revenue Service.
The effort, including shareable social media posts, direct emails from customers and pressure from Republicans, may be working.