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TaxWatch: ‘This is screwed up’: The proposed IRS bank-account reporting rule is revised, but Manchin still doesn’t like it

The Biden administration has already scaled back its controversial idea to have banks tell the Internal Revenue Service about the cash-flow information of certain customer accounts in its bid to make sure rich people are paying their full tax bills.

But the pared-down proposal — which would report the total amounts deposited and withdrawn from accounts above the $10,000 level — still isn’t sitting well with Sen. Joe Manchin of West Virginia.


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