House Financial Services Committee Member Rep. Tom Emmer, R-Minn. and 201 Members of Congress yesterday wrote to Treasury Secretary Janet Yellen expressing concerns associated with the proposed threshold increase from $600 to $10,000 or higher for IRS reporting requirements. Of note, the first Democrat from the House has expressed opposition for the proposed reporting requirements. Rep. Charlie Crist, D-FL, detailed his concerns Thursday.
The letter echoes a recent quote from NAFCU President and CEO Dan Berger on the threshold increase.
“It has become abundantly clear that Americans oppose the IRS obtaining additional information on their financial accounts,” stated Berger. “The updated plan is nothing more than window dressing in an attempt to shore up support for a flawed proposal. Instead of creating financial privacy risks for consumers and adding compliance costs for our nation’s community financial institutions, Treasury and the IRS should focus its attention on the data it already has to increase tax compliance.”
In the letter, the Congressional Members outlined their opposition against the proposal, calling Treasury’s response “out-of-touch […] with the grave and sincere concerns that millions of Americans have with this idea.”
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