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Treasury Open to Congressional Changes to IRS Data Collection

Oct. 15, 2021, 10:27 PM

The Biden administration plans to accept congressional changes aimed at saving its controversial financial data collection policy, a measure Democrats see as a key part of efforts to ramp up tax collection and help pay for their social spending package.

Treasury Secretary Janet Yellen has publicly maintained that a $600 threshold is a necessary threshold for a new financial account information-sharing mandate with the IRS, but the administration now appears ready to agree to a compromise put forward by senior lawmakers after the proposal became a political lightning rod.

Leaders of the congressional tax policy committees want to raise the ...

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