Democratic plan to have banks report transaction data to IRS raises privacy fears
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by Zachary Halaschak with yahoo! news
Democrats’ plan to have banks report all transactions over a certain amount to the Internal Revenue Service is mired in practical and privacy concerns, Republicans and some tax groups contend.
President Joe Biden initially planned for banks to report all account inflows and outflows of over $600 to the IRS to help raise revenue for Democrats’ multitrillion-dollar infrastructure and social spending package. Since then, Democratic leadership has worked to narrow the scope of the provision and revise the threshold, perhaps up to $10,000.
The concept would be a new one for both banks and the IRS. Currently, banks are only required to file currency transaction reports on all deposits of over $10,000 to the Treasury Department’s Financial Crimes Enforcement Network. The FinCen works to curtail money laundering and crime but doesn’t monitor the reports for tax purposes.
Two major issues with the idea, which at the $600 threshold proposal was projected to raise nearly $500 billion in revenue, are privacy and logistics.
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