Pelosi: There will be new IRS bank reporting requirements but $600 amount negotiable

Pelosi: There will be new IRS bank reporting requirements but $600 amount negotiable
#StoptheShutdown Press Conference with Speaker Pelosi and Senator Schumer by AFGE is licensed under flickr Attribution 2.0 Generic (CC BY 2.0)
House Speaker Nancy Pelosi said on Tuesday that new IRS reporting requirements for financial institutions will stay in the Democrats' filibuster-proof reconciliation bill but the $600 amount is part ongoing "negotiation."

Banks and credit unions currently report transactions in accounts that are $10,000 and above. Democrats have proposed lowering that threshold to $600.

When asked if the Democrats are going to leave those IRS requirements in the bill, Pelosi replied, "Yes, yes, yes."

Pelosi was also asked what she has to say to Americans with privacy concerns related to financial institutions monitoring accounts for transactions $600 and above.
#StoptheShutdown Press Conference with Speaker Pelosi and Senator Schumer by AFGE is licensed under flickr Attribution 2.0 Generic (CC BY 2.0)

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