A letter signed by more than 40 trade associations calls on Congress to reject the proposal, saying it violates customer privacy and would create an incredibly expensive and elaborate reporting requirement for banks.
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.
Democrats want working-class families in red states like Florida and Texas to subsidize residents making $200,000, $400,000, or more in places like New York and New Jersey.
Amazon’s relatively low tax bill in the UK has been a contentious issue for years. As online sales soared, driven by the COVID-19 restrictions adopted in 2020, the company nevertheless displayed a tax-to-turnover ratio of just 0.37 percent.
A new report alleges a seemingly hypocritical accusation against the designer of the dress Rep. Alexandria Ocasio-Cortez (D-N.Y.) wore to the swanky Met Gala. The designer, Aurora James, is a "notorious tax deadbeat with unpaid debts dogging her in multiple states," according to the New York Post.
Aurora James, the woman who designed Democrat Rep. Alexandria Ocasio-Cortez’s (NY) “Tax The Rich” dress that AOC wore to the recent Met Gala, reportedly owes a significant amount in back taxes.
