The banking groups lauded the administration’s ‘good-faith attempt’ to make sure all Americans pay the taxes they owe, but wrote: ‘our members, and the American people, believe that they have a reasonable right to privacy and this overly broad proposal to report gross annual inflows and outflows from nearly every account is disconnected from its purported narrow purpose of focusing government scrutiny on Americans with actual income above $400,000.’
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Banks warn that ‘Americans from all income levels’ will still be snooped on by IRS if Biden raises annual threshold from $600 to $10,000
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