Love ya Nancy….
But this is definitely NOT something I would like to see happen….
Actually if I could vote for you and this came to be?
You would lose my vote….
(And Biden might also)
I actually do NOT see this going any place even if they raise the trigger to a million dollars….
So Pelosi and Biden would get a pass on this assine proposal….
Speaker Nancy Pelosi (D-Calif.) on Tuesday defended a proposal to increase the amount of information financial institutions report to the IRS about bank accounts, indicating the proposal would be a part of Democrats’ social-spending package.
Pelosi’s comments come as Republican lawmakers and banking groups have been increasing their criticism of the proposal in recent days….
The Biden administration has proposed requiring banks to report aggregate inflows and outflows of bank accounts in annual forms to the IRS, in instances where accounts have flows exceeding $600….
The administration has said that the proposal would strengthen the IRS’s ability to crack down on wealthy tax cheats. The Treasury Department has estimated the measure would raise about $460 billion over 10 years that could be used to help offset the cost of new spending aimed at strengthening the social safety net.
Republicans and banks strongly oppose the proposal, arguing that it raises privacy concerns. Banks say their advocacy efforts against the proposal has resulted in an inundation of customer complaints about the idea, The New York Times reported….
Banks and their trade groups are running advertising and letter-writing campaigns to raise awareness — and concern — about the proposal. As a result, banks from Denver to Philadelphia say they are being deluged with calls, emails and in-person complaints from both savers and small-business owners worried about the proposal. JPMorgan Chase & Company has issued talking points to bank tellers on what to tell angry customers who call or come into a branch to complain.
“We have heard a lot from our customers about their concerns about their privacy,” said Jill Castilla, the chief executive of the one-branch Citizens Bank of Edmond, just outside Oklahoma City. “I’ve gotten calls, emails, and then we’ve had many customers come in.”…
But the pushback is putting pressure on the Biden administration to scale back the proposal. Lawmakers are discussing raising the required disclosure level to $10,000 rather than $600, a Treasury official said, and making taxpayers who are paid through payroll-processing companies exempt from the required reporting. The Treasury estimates that could reduce the amount of money it could recoup to between $200 billion and $250 billion over a decade.
The outcry over the proposed measures stems in large part from a carefully planned lobbying campaign by the banking industry, which has spent months raising awareness and opposition to the plan in cities and towns across the country.
Banks say the reporting requirements would raise their costs and put them in the unenviable position of handing customer information over to the I.R.S….