WASHINGTON (Reuters) – A senior U.S. Treasury official said on Wednesday that she hopes a dropped requirement for banks to report account information to the Internal Revenue Service can be restored to sweeping social and climate spending legislation that Democrats are trying to finalize.
Natasha Sarin, Treasury deputy assistant secretary for economic policy, told an online forum that the reporting proposal would significantly improve the estimated revenue that could be raised from the measure’s $80 billion in IRS investments over a decade.
The proposal, which initially would have required reporting on aggregate account inflows and outflows of as little as $600 per year, was dropped from the “reconciliation” bill last week.
(Reporting by David Lawder, Editing by Rosalba O’Brien)
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