Senior Democrats in Congress have agreed to raise their proposed tax reporting threshold for bank account inflows and outflows to $10,000 a year, with exemptions for wage income, from an earlier proposal of $600 that drew criticism for being too intrusive.
U.S. Senate Finance Committee Chairman Ron Wyden on Tuesday said the new $10,000 Internal Revenue Service reporting threshold, to be included in Democrats' sweeping "reconciliation" social spending and tax hike legislation, was chosen after consultations with the U.S. Treasury because it is a level frequently used in other bank reporting requirements.
The proposal does not identify individual transactions, but gross annual inflows or outflows to help the IRS identify where wealthy taxpayers who do not rely on regular "W2" wage income may be hiding opaque source of business or investment income. "This is about wealthy business owners at the tippy top of the top. That's where the unpaid taxes are," he told reporters on a conference call.U.S. Treasury Secretary Janet Yellen on Tuesday endorsed the proposal, saying it would make it harder for wealthy Americans to hide sources of income from taxation, allowing the IRS to target them for audits.
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