The U.S. House of Representatives on Thursday unveiled the text of the Build Back Better Act, and it includes a provision to require banks to turn account information over to the IRS on accounts with $600 or more in annual transactions.
A central figure in former US President Donald Trump’s bid to create a new social media platform is a Brazilian parliamentarian and self-proclaimed prince who has campaigned to restore elements of the monarchy that ended with the overthrow of Emperor Pedro II in 1889.
Financial experts are pushing back against the Biden administration's proposal to include a provision in the $3.5 trillion spending bill to extend the IRS' reach to have bank transactions over $600 reported. The Democrats’ goal is to garner $463 billion in additional personal income tax over the next decade.
The Biden administration is seeking to compel banks to report to the IRS any bank account with more than $600 in transactions per year. This proposal is a linchpin of Biden’s American Families Plan, and will supposedly help generate almost $500 billion in federal revenue over the next decade.
For decades New York’s bankers and fund managers have accepted the city’s high tax rates as a part of working in the world’s premier financial capital.
