Democrats Eye Narrowing Biden Plan on Bank Reporting to IRS
- Account threshold seen at $10,000, up from initial $600 plan
- Lawmakers consider exempting direct-deposited paychecks
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Democrats in Congress are considering a plan that would require banks to report accounts with at least $10,000 to the Internal Revenue Service -- well above the Biden administration’s proposed $600 threshold -- while also exempting some common transactions from the law.
“We’ve made some significant movement on the number,” House Ways and Means Committee Chairman Richard Neal said Monday. The Massachusetts Democrat said he backed the $10,000 figure from “day one” of considering the proposal, and that Senate Finance Committee Chairman Ron Wyden also supports it.