House Speaker Nancy Pelosi said on Tuesday that the proposed requirement that banks should report information on any account with $ 600 in total activity in a year will remain in the reconciliation bill. Democrats in one form or another, despite public backlash.
Pelosi, D-Calif., Said some spending programs in the bill need to be cut to reduce it from $ 3.5 trillion to a lower number that can be passed by the Senate.
Debate rages on $ 600 reporting requirement proposed by BIDEN FOR BANK ACCOUNTS
But when asked if the controversial reporting requirement could be removed as banks and their customers screamed scandal over the rule that would give the IRS the inflow and outflow of virtually all bank accounts in the States – United, the speaker firmly declared that she would stay.
“With all due respect, the plural of the anecdote is not a given,” Pelosi said of bank customers who do not want their information reported to the IRS. “Yes, some people have concerns. But if people are breaking the law and not paying their taxes, one way to follow them is the banking measure.”
PELOSI WAVE ON CALENDAR, DEMS RECONCILIATION TALK DETAILS, AS YEAR-END DEADLINES ARE ABOVE BIDEN AGENDA
Pelosi added, “I think $ 600 – that’s a negotiation that will continue as to the amount. But yes.”
Bloomberg New recently reported that Democrats are considering raising the reporting threshold from $ 600 to $ 10,000 amid public backlash. But Jerry Theodorou, the policy director of the libertarian R Street Institute, argued that such a move would make virtually no difference as to who would be subject to the requirement.
“It makes me laugh, because it just tells me that the number doesn’t make sense if you go from hundreds to 10,000,” he said. “Just an ordinary teacher, or you know, a postal worker is going to have [$50,000-$60,000] going in and out of their account every year because of their rent, tuition, food or whatever. ”
Democrats aim to get the reconciliation bill passed by the end of October, though that timeline looks increasingly unlikely as talks drag on.
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If negotiations go too deeply into November, however, Democrats risk seeing their political agenda overshadowed by potential economic crises resulting from a December 3 public funding expiry and a short debt default deadline. after.
Pelosi was vague on Thursday on the details of when the Democrats’ agenda could be passed, saying only she was “optimistic” that it would soon be passed.