Pelosi: $600 IRS reporting threshold subject to ‘negotiation’

Posted 5 days ago


House Speaker Nancy Pelosi retreated from President Biden’s push to give the Internal Revenue Service access to all bank transactions above $600 on Tuesday, saying that while she was committed to the policy its threshold would be subject to “negotiation.”

Mrs. Pelosi, California Democrat, was asked during a Capitol Hill press conference about the provision, which is tucked away inside President Biden’s $3.5 trillion expansion of the federal safety net.

The speaker asserted that the proposed expansion of IRS powers would help bring in new revenue to pay for the massive spending package and would also crackdown on wealthy tax scofflaws.

“There are concerns that some people have, but if people are breaking the law and not paying taxes, one way to track them is through the banking measure,” said Mrs. Pelosi. “I think $600 … [that] negotiation will go on as to what the amount is.”

Democrats are pushing for regulations within the $3.5 trillion package that would require banks to report annua... (Read more)

Tweets mentioned: