House Democrats are on track Wednesday to advance through committee the tax provisions to pay for President Joe Biden’s economic agenda, sending revenue measures worth some $2 trillion to the Budget Committee.
It’s still unclear how Democrats will handle key tax provisions, including removing or boosting the $10,000 cap on the federal deduction for state and local taxes, or SALT. Also undecided is the fate of a proposal to require banks and other financial institutions to report data on customers’ account outflows and inflows to the IRS -- bolstering tax-collection efforts.
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September 15, 2021 at 09:18PM
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House Considers New Bank-Reporting Requirements: Congress Update - Bloomberg
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