Op-ed targets justification for IRS reporting plan

A new Morning Consult op-ed raises questions about the Treasury Department’s estimated tax revenue increase from its proposal to expand information reporting on bank customers.

Op-ed: In the op-ed, National Taxpayers Union President Pete Sepp and Citizens Against Government Waste President Tom Schatz note that Treasury hasn’t backed up its projection that the plan would reap $463 billion in tax revenues.

ICBA Position: ICBA has strongly opposed the proposal, which would require financial institutions to report to the IRS on the deposits and withdrawals of all business and personal accounts with a balance of more than $600.

Letter: In a joint letter to congressional leaders this week, ICBA and other groups including the U.S. Chamber of Commerce and NFIB objected to the untargeted nature of the proposal and its impact on taxpayers’ privacy.

Grassroots: ICBA continues encouraging community bankers to use its Be Heard grassroots action center to send custom messages to Congress opposing the plan.