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Banks Enlist Customers to Kill Biden’s Account Data Reporting

Sept. 29, 2021, 4:39 PM

Financial institutions are recruiting their customers to help stop a measure under consideration in Congress that would require banks to hand over some account information to the Internal Revenue Service.

The effort, including shareable social media posts, direct emails from customers and pressure from Republicans, may be working.

Democrats, who are contemplating adding a new bank reporting provision to the multi-trillion dollar tax and spending proposal, are already planning ways to scale back the original idea from President Joe Biden’s Treasury Department as a way to increase tax compliance. Advocates say the measure is necessary to help the IRS ...