JPMorgan Chase CEO Jamie Dimon warned that President Biden’s proposal to crack down on wealthy tax evaders by requiring banks to report more customer information on most Americans' accounts to the Internal Revenue Service could potentially be “terrible.”
" on Tuesday, Dimon pointed out that there has been "a big uproar" about the proposed surveillance.
"The proposal was that, that you wouldn’t report transactions, you would just report cash in and cash out type of thing so that the IRS would have something to go look at in order if they think the taxes you declared are dramatically different than what went through your checking account," he said, noting that "there has been a big uproar about that."He argued that the surveillance will have to be enacted "by legislation for a whole bunch of different reasons.
"If it’s part of a legitimate thing that gets people to pay taxes, it’ll be fine," Dimon told Bartiromo. "If they overdo it, it would be terrible.", banks, credit unions and other financial institutions would be required to annually report customers' account deposits and withdrawals of $600 or more to the IRS. While individual transactions would not be listed, the policy would apply to almost every Americans' bank account.
The proposal has elicited a fierce backlash from banks who say it would increase compliance costs and add to the already existing burden the industry faces in turning over information to the government and from Republicans who say it amounts to the worst type of government overreach.
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