House speaker says dollar reporting requirement may change, though
house speaker Nancy Pelosi said Tuesday that a proposed requirement that banks report information on any account with $600 of total activity over the course of a year will remain in some form in Democrats’ reconciliation bill, despite public backlash.
Pelosi, D-Calif., said the bill would have to cut some spending programs in order to pass the Senate by reducing it to less than $3.5 trillion.
Biden’s proposed $600 reporting requirement for bank accounts sparks debate
But when asked whether the controversial reporting requirement could be scrapped as banks and their customers cried over a rule that would give the IRS the inflow and outflow of basically every bank account in America, the speaker asserted that it would shall remain.
“With all due respect, the plural of anecdote is not data,” Pelosi said of bank customers who do not want to report their information to the IRS. “Yes, some people have concerns. But if people are breaking the law and not paying their taxes, one way to track them is through banking measures.”
Pelosi unclear on timing, details of DEMS reconciliation talks as year-end deadline looms on Biden agenda
Pelosi added: “I think $600 — it’s a conversation that will go on as to what the amount is. But yeah.”
bloomberg News It was recently reported that Democrats were considering raising the reporting limit from $600 to $10,000 amid public backlash. But Jerry Theodoro, policy director of the liberal R Street Institute, argued that such a move would basically make no difference to who would be subject to the requirement.
“It makes me laugh, because it just … tells me that the numbers are meaningless if you’re going to go from hundreds to 10,000,” he said. “Just a simple teacher, or you know, post office employee’s gonna have [$50,000-$60,000] Going in and out of their account every year because of their rent or school payments or food or whatever.”
Democrats aim to pass the reconciliation bill by the end of October, though that timeline looks more and more impossible as talks drag on.
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If talks continue too deep in November, however, Democrats risk their policy agenda being overshadowed by potential economic crises that stem from the end of government funding on December 3 and debt default sometime after. Is.
Pelosi was vague on Thursday about when the Democrats’ agenda might be passed, saying only that she is “optimistic” it will be passed soon.