House Weighs Bank-Reporting Rules to Pay for SALT Expansion (1)

House Democrats are working with the Biden administration to add bank account reporting requirements to their tax bill, a measure that could be used to pay for a modification of the cap on the federal deduction of state and local taxes.

Ways and Means Committee Chairman Richard Neal said his committee and Treasury officials are discussing boosting reporting requirements to the Internal Revenue Service to address tax cheats without burdening the middle class.

Treasury Secretary Janet Yellen urged Neal in a letter obtained by Bloomberg to include the requirements and to draft them in a way that ensures “the reporting ...