#FINANCIAL TRANSACTION TAX BIDEN FULL#
I think $600, but that’s a negotiation that will go on as to what the amount is.”īack in May, the Treasury Department said, “This proposal would create a comprehensive financial account information reporting regime.” Since then, people such as Treasury Secretary Janet Yellen have defended the idea, saying it may serve as a valuable data point in the administration’s quest to make sure rich taxpayers pay their full tax tab.ĭealing with wealthy households that may have “opaque” or “hidden” income sources, Yellen told CNBC earlier this month that “a simple way for the IRS to get a sense of where that might be is just a few pieces of information about individuals’ bank accounts, nothing at the transaction level that would violate privacy.”īanks already have to report to the IRS when accounts accrue interest above $10, she noted. “But if people are breaking the law and not paying their taxes, one way to track them is through the banking measure. “Yes, there are concerns that some people have,” Nancy Pelosi, speaker of the Democrat-controlled House of Representatives, said Tuesday. The reporting would be done on an annual basis and the threshold for reporting would be $600 - a level that could increase in the Capitol Hill give-and-take if the idea becomes law. The rule would apply to personal and business accounts, but it would not involve handing transaction-level details over to the IRS. Specifically, the administration wants to require financial institutions tell the IRS about the aggregated “inflow” and “outflow” from bank, loan and investment accounts, according to Treasury Department documents.
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