Despite the White House’s claim that it will pay for the Build Back Better Act through taxes on the wealthy, one provision will impact almost every American with a bank account and possibly swamp citizens already living paycheck to paycheck.
The provision would allow the Internal Revenue Service (IRS) to require “financial institutions [to] report data on financial accounts in an information return” when those accounts hold more than $600 or are involved in transactions totaling more than $600 in a calendar year. The provision applies to “all business and personal accounts from financial institutions, including bank, loan, and investment accounts,” according to a Treasury Department fact sheet.
October 18, 2021 6:02 PM ET Despite the White House’s claim that it will pay for the Build Back Better Act through taxes on the wealthy, one provision will impact almost every American with a bank account and possibly swamp citizens already living paycheck to paycheck.The provision would allow the Internal Revenue Service (IRS) to require “financial institutions [to] report data on financial accounts in an information return” when those accounts hold more than $600 or are involved in transactions totaling more than $600 in a calendar year. The provision applies to “all business and personal accounts from financial institutions, including bank, loan, and investment accounts,” according to a Treasury Department fact sheet.