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Banks escalate fight over IRS reporting in Biden budget plan
[AMERICANBANKER] The financial services sector is girding for an extended battle over a legislative proposal requiring banks and other institutions to report customer account data meant to bring in more federal tax dollars.The measure is being considered by politicians as a source of revenue in the Biden administration (aka the Wilmington comorra) ...knaves, footpads, and adjustersemployed by the Biden Crime Family. They leave a trail of havoc everywhere they turn their attention, be it the nation's borders, the Keystone XL Pipeline, or epidemics, sometimes on purpose, most times through sheer arrogant ineptitude. They learnt this stuff in college, you know... 's proposed $3.5 trillion budget reconciliation plan. It could result in banks having to report transaction data for any account with at least $600 of inflows or outflows annually. Bankers and even some consumer advocates have blasted the idea, which first garnered attention this past spring as part of the administration's American Families Plan, as a compliance headache and a privacy nightmare for customers. Financial institutions say they already report reams of data to the Internal Revenue Service. Posted by: Fred 2021-09-14 |
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