A controversial proposal to have banks report account information to the IRS is likely dead, Sen. Joe Manchin said Tuesday.
The centrist and key swing vote on the partisan legislation said on Tuesday that he spoke to President Joe Biden about the proposal, which envisioned banks reporting all account inflows and outflows of over $10,000 to the IRS to crack down on tax fraud. After the meeting, he noted it would probably not be in the plan.
Manchin said he told Biden the idea was “screwed up” and that the president concurred.
“So, I think that one is going to be gone,” the West Virginia Democrat said during an appearance at the Economic Club of Washington on Tuesday morning.
Controversial Democratic IRS bank reporting proposal is likely dead, Manchin says
- by: Zachary Halaschak
- 10-26-2021
- Source:
Washington Examiner
- 10/29/2021
Joe Manchin by Governor Earl Ray Tomblin is licensed under flickr Attribution-NoDerivs 2.0 Generic (CC BY-ND 2.0)
Joe Manchin by Governor Earl Ray Tomblin is licensed under flickr Attribution-NoDerivs 2.0 Generic (CC BY-ND 2.0)
Help FAIRtax Become The Number One Issue in 2024
Enacting the FAIRtax must be a prominent topic in these times. We did it before, we can do it again, but we need your help!