Democrats to limit Biden's plan giving IRS more info on bank accounts

Bank account threshold that triggers reporting to IRS could be raised to $10,000 from $600

Megan Henney FOXBusiness

 

Democrats reached a deal to narrow the scope of a plan from the Biden administration that could force banks to turn over customers' account information to the Internal Revenue Service.

House Ways and Means Chairman Richard Neal said he and other Democratic leaders are planning to set the threshold higher than $600 proposed by President Biden that would require banks and other financial institutions to annually report customers' account inflows and outflows to the IRS. 

"We’ve reached an agreement to not have the $600," Neal told reporters last week.

A Democratic aide told Bloomberg News the minimum could be raised to $10,000, but cautioned that discussions are still fluid and subject to change.

The White House had previously estimated the policy – one of many tax policies intended to fund a sweeping $3.5 trillion family and climate plan – could generate about $463 billion in additional revenue over the next decade. Read more and see video here.