The IRS Is Terrified Of Biden's Plans | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

The IRS Is Terrified Of Biden's Plans

On Monday, a group of 99 banks and industry groups addressed a letter to President Biden prompting him to drop his proposal to hand over transaction data to the IRS, noting they were not satisfied with simply raising the threshold from $600 to $10,000.

The organizations that represented business and financial interests, called for the White House to withdraw support for the measure and find 'more targeted measures' to reduce the tax gap.

The proposal to hand over data on all aggregate inflows and outflows of accounts with more than $600 in total transactions, drew sharp outcry from Republicans and banks alike, provoking Democrats to raise the amount to $10,000. However, the letter asserted that raising that cap amounted only to 'cosmetic' changes.

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