U.S. banks will not be required to report additional information about certain accounts to the Internal Revenue Service after Democrats removed the proposal from a sweeping government spending package.
The exclusion of the provision, originally sought by some Democratic lawmakers as a way to identify people underreporting income on their taxes, marks a major victory for banks and credit unions that had vigorously opposed the provision.the framework for a $1.75 trillion economic and climate change plan on Thursday, his latest attempt to unify Democrats in Congress behind a comprehensive bill pursuing many of his top policy priorities.
Proponents, including Treasury Secretary Janet Yellen, argued that the information would make it easier for tax collectors to identify accounts that experienced significantly higher activity than reported on taxes, and also raise large amounts of revenue to help pay for the new spending proposals.
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