{"id":930157,"date":"2021-10-27T21:58:43","date_gmt":"2021-10-28T01:58:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=930157"},"modified":"2021-10-27T21:58:46","modified_gmt":"2021-10-28T01:58:46","slug":"21-house-democrats-call-for-irs-reporting-proposal-to-be-scrapped","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/21-house-democrats-call-for-irs-reporting-proposal-to-be-scrapped\/","title":{"rendered":"21 House Democrats Call For IRS Reporting Proposal To Be Scrapped"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2F21-house-democrats-call-for-irs-reporting-proposal-to-be-scrapped%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=930157&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A group of House Democrats on Wednesday called for a tax reporting proposal included in the Build Back Better Act to be scrapped, citing concerns over privacy.<\/p>\n<p>\u201cAmericans expect their bank or credit union to safeguard their financial information,\u201d the Democrats wrote in a <a href=\"https:\/\/axne.house.gov\/sites\/axne.house.gov\/files\/Axne%20IRS%20Letter.pdf\">letter<\/a>&nbsp;addressed to House Speaker Nancy Pelosi and Ways and Means Chair Richard Neal. \u201cThis proposal would erode trust in financial services providers.\u201d<\/p>\n<p>The provision, <a href=\"https:\/\/dailycaller.com\/2021\/10\/20\/democrats-forced-scrap-tax-increases-budget-due-to-kyrsten-sinema-opposition-joe-manchin\/\">introduced<\/a> as a way to partially fund the Build Back Better Act, would require banks to disclose to the Internal Revenue Service (IRS) the inflows and outflows of accounts containing over $10,000. The proposal was initially much broader in scope, applying to accounts containing over $600, but was amended following bipartisan <a href=\"https:\/\/dailycaller.com\/2021\/10\/05\/wsj-editorial-board-irs-bank-account-reporting\/\">opposition<\/a>.<\/p>\n<div id=\"attachment_7303502\" class=\"wp-caption alignnone\" readability=\"37\">\n<p id=\"caption-attachment-7303502\" class=\"wp-caption-text\">WASHINGTON, DC \u2013 OCTOBER 07: Sen. Joe Manchin (D-WV) leaves a Democratic luncheon at the U.S. Capitol October 7, 2021 in Washington, DC. Senate Democrats and Republicans have reached a deal that will temporarily raise the debt ceiling through early December. (Photo by Win McNamee\/Getty Images)<\/p>\n<\/div>\n<p>The Democrats cited opposition to the proposal from their constituents as a reason for opposing the provision and declared that only a full withdrawal of the proposal from the bill would be satisfactory. <strong><a href=\"https:\/\/dailycaller.com\/2021\/07\/27\/jim-jordan-darrell-issa-internal-revenue-service-propublica\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: EXCLUSIVE: Reps. Jordan, Issa Demand Transparency From IRS Over \u2018Partisan\u2019 Leak Of Tax Records)<\/a><\/strong><\/p>\n<p>\u201cOver the past few weeks, hundreds of thousands of constituents have reached out to our offices voicing concerns and opposition to allowing the IRS to collect this data,\u201d the Democrats wrote. \u201cWe have also heard from a wide range of constituent companies and small businesses about the significant burden and potential unintended consequences that could result from the new reporting regime.\u201d<\/p>\n<p>Democratic Sen. Joe Manchin of West Virginia also <a href=\"https:\/\/dailycaller.com\/2021\/10\/26\/manchin-democrats-irs-bank-reporting-proposal\/\">voiced<\/a>&nbsp;concerns over the proposal, telling reporters he didn\u2019t expect the provision to be included in the final draft of the bill. Manchin\u2019s opposition could sink the provision in a 50-50 Senate.<\/p>\n<p>The letter was led by Rep. Cindy Axne of Iowa, who was joined by 20 other Democrats.<\/p>\n<p>\u201cWhile I certainly think we need to be looking at ways to crack down on wealthy tax dodgers, I oppose implementing something that could up scoop up information on middle-class Iowa families and create massive amounts of red tape for our small community banks and lenders,\u201d Axne said in a <a href=\"https:\/\/axne.house.gov\/media\/press-releases\/axne-urges-house-leadership-remove-irs-reporting-proposal-build-back-better-act\">press release<\/a>. \u201cWe need to ensure the top 1% are paying their taxes, but this proposal goes too far.\u201d<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A group of House Democrats on Wednesday called for a tax reporting proposal included in the Build Back Better Act to be scrapped, citing concerns over privacy.\u201cAmericans expect their bank &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-930157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/930157","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=930157"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/930157\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=930157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=930157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=930157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}