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U.S. Treasury official expresses hope that Democrats restore bank reporting to spending plan -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This sign can be seen at the United States Department of the Treasury Headquarters in Washington, D.C., U.S.A, August 29, 2020. REUTERS/Andrew Kelly/File Photograph

WASHINGTON (Reuters), – On Wednesday, a senior U.S. Treasury officer stated that she would like to see the dropped requirement for banks that they report bank account information to Internal Revenue Service restored in order to allow Democrats to pass broad climate and social spending legislation.

Natasha Sarin from Treasury, deputy assistant secretary to economic policy stated that the proposal for reporting would greatly increase the potential revenue raised by the measure’s $80 Billion in IRS investments.

This proposal would initially have required that aggregate account inflows or outflows be reported on a basis of $600 annually. It was dropped from “reconciliation” last week.

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