Yellen, IRS implore Democrats to require banks to report annual account inflows

Yellen, IRS implore Democrats to require banks to report annual account inflows

Treasury Secretary Janet Yellen and IRS Commissioner Charles Rattig on Wednesday pressured lawmakers to give the Internal Revenue Service more information about taxpayers’ bank accounts, as the Biden administration tries to salvage its struggling tax-compliance proposal.

In letters to lawmakers, administration officials again asked Congress to require banks to report annual inflows and outflows from bank accounts with transactions worth at least $600 or at least $600, a proposal aimed at Letting the IRS target its audits more effectively. According to the administration, it would generate about $460 billion over a decade to cover the cost of Democrats’ planned expansion of the social safety net and climate-change policies.

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