Credit Unions said the proposal, designed to help tackle tax fraud, 'would impact almost every American and small business.'
The proposal, under consideration in the budget reconciliation bill, aims to clamp down on tax fraud by wealthy individuals and businesses. It would involve banks handing the IRS data on accounts with total annual deposits or withdrawals worth more than $600.and House leaders on Thursday, the National Association of Federally-Insured Credit Unions called it an"overly broad proposal" that"will directly impact almost every American and small business with an account.
In light of the criticism, there has been talk on Capitol Hill of raising the threshold from $600 to $10,000, and exempting some payment processors. It also said that said"the privacy concerns for Americans are real" given that the IRS is"not impervious to being hacked and has suffered massive data breaches" in the past.
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