Pelosi says IRS reporting requirement for bank accounts to stay in reconciliation bill despite public concerns
Small banks concerned over Biden’s IRS reporting proposal
FOX Business’ Madison Alworth on how an expansion of the IRS would impact the banking industry as well as individual bankers.
House Speaker Nancy Pelosi said Tuesday the proposed requirement that banks report information on any account with $600 of total activity over the course of a year will stay in Democrats' reconciliation bill in some form, despite public backlash.
Pelosi, D-Calif., said some spending programs in the bill have to be cut to reduce it from $3.5 trillion to a lower number that can pass the Senate.
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But when asked whether the controversial reporting requirement could be axed as banks and their customers cry foul over the rule that would give the IRS the inflows and outflows of basically every bank account in the U.S., the speaker said firmly that it will stay.
"With all due respect, the plural of anecdote is not data," Pelosi said of bank customers who don't want their information reported to the IRS. "Yes, there are concerns that some people have. But if people are breaking the law and not paying their taxes, one way to track them is through the banking measure."
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Pelosi added: "I think $600 – that's a negotiation that will go on as to what the amount is. But yes."