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Manchin Opposes Bank Reporting as Democrats Scrounge for Dollars

Oct. 26, 2021, 4:32 PM

Senator Joe Manchin said he opposes requiring banks to report deposits and withdrawals of some accounts to the Internal Revenue Service to help find tax cheats, complicating Democrats’ efforts to pay for President Joe Biden’s economic agenda.

“No one should be in anyone’s bank account,” the West Virginia Democrat told reporters Tuesday.

Joe Manchin
Photographer: Ting Shen/Bloomberg

Democrats have been looking to the bank reporting proposal to raise hundreds of billions of dollars to offset much of the cost of a nearly $2 trillion social spending bill. Senator Kyrsten Sinema, another crucial swing vote on the package, opposes increases to tax rates, ...

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