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Biden Framework Doesn’t Include Financial Data Reporting to IRS

Oct. 28, 2021, 3:34 PM

A controversial policy to force banks, credit unions, and other financial institutions to send account data to the IRS isn’t part of the revamped tax-and-spend framework rolled out by the White House Thursday, according to an administration official.

The Treasury Department argued the data would help better target efforts to combat tax evasion, but the plan raised privacy concerns among Republicans and some Democrats, including Sen. Joe Manchin (D-W.Va.) and over 20 House Democrats.

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