In a recent event for The Economic Club of Washington D.C., Sen. Joe Manchin, D-W.Va, Tuesday criticized the proposed IRS reporting proposal being floated in Congress. Manchin voiced his objection against the proposal to President Biden asking,” Do you understand how messed up that is?”
The moderate Democrat went even as far as suggesting that the provision will likely not pass, saying, “I think that one’s going to be gone.” Manchin called the proposal “screwed up.”
Manchin is the second Democrat to express opposition against the provision. Rep. Charlie Crist, D-FL, last week detailed his concerns against the reporting regime. Rep. Abigail Spanberger, D.Va., also commented that the provision could, “jeopardize my constituents’ rights to privacy without any clear tax law enforcement purpose,” adding that small and medium banks could face disproportionate burdens as well.” Over 200 Members of Congress wrote to Treasury Secretary Janet Yellen also noting their concerns even with the proposed threshold increase.
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