Democrats Mulling Narrower IRS Financial Data Plan, Senator Says

Senate Democrats and the Biden administration are looking to revive a contentious plan that would require financial institutions to provide more account data to the IRS, Sen. Mark Warner (D-Va.) said Thursday.

• The White House has argued that giving the IRS additional data would help it to better combat tax evasion. But last month the plan was dropped from the administration’s revamped tax-and-spend framework in the face of privacy concerns from Sen. Joe Manchin (D-W.Va.) and other congressional Democrats.
• Warner said the policy was once again part of budget reconciliation talks between lawmakers and the Treasury, with a focus ...