Biden revises controversial proposal to have IRS monitor bank accounts more closely. Here’s how it would work

After uproar implicit a connection to person banks archer the Internal Revenue Service astir their customers’ yearly cash-flow information, the Biden medication and legislature Democrats unveiled a new, pared-down connection connected Tuesday.

Now the question is whether this mentation of the projected reporting requirement, which would footwear successful astatine the $10,000 people alternatively of covering transactions supra a $600 threshold, will, if it passes, triumph implicit critics and assistance the IRS drawback taxation cheats.

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