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Treasury Rips ‘Misinformation’ on Bank-Data Reporting Plan (1)

Oct. 14, 2021, 8:43 PM

The U.S. Treasury Department accused opponents of a key part of President Joe Biden’s tax plan of spreading “misinformation” as the administration tries to rally support for a proposal that’s found difficulty gaining traction in Congress.

The plan would require financial institutions to report information about some bank accounts to the Internal Revenue Service in an effort to determine if Americans are underreporting their income on their tax forms. It’s become one of the most politically controversial ways that Democrats are contemplating to fund a multi-trillion-dollar social spending bill, with criticism from Republicans and an intense lobbying effort from ...

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