IRS

Senate Democrats are making a last-minute effort to include a controversial proposal that would force banks to turn over most customers' account information to the Internal Revenue Service in the party's final tax and spending bill after President Biden omitted the measure from a revised framework.

The U.S. would have the highest personal income tax rate in the developed world under a White House proposal that would overhaul the nation's tax code in order to fund President Biden's signature spending plan.

Democrats aim to raise $400 billion in new revenue over the next decade by beefing up the Internal Revenue Service and cracking down on rich tax evaders, a plan that hinges on a revived fear of audits among the wealthy.

Top officials in the House Financial Services Committee on Tuesday called for a hearing to discuss Democratic proposals to tighten IRS regulations in an attempt to prevent tax evasion.

Manchin said President Biden agreed with him that it is unseemly to force the IRS to report bank accounts' inflows and outflows to the IRS.

Sen. Joe Manchin said Tuesday that a deeply controversial proposal that would force banks to turn over most customers' account information to the Internal Revenue Service will likely be dropped from Democrats' final tax and spending bill, even after the White House agreed to narrow the scope of the plan.

A group of nearly 100 banks and other industry groups urged the Biden administration to drop a plan to force banks to turn over most customers' account information to the Internal Revenue Service.

Republican state attorneys general appear poised to challenge the constitutionality of a proposal allowing the federal government to collect data on bank accounts, regardless of how many accounts are privy to the snooping.

The Biden administration this week endorsed a narrower version of its deeply controversial plan that would force banks to turn over more account information to the Internal Revenue Service in order to crackdown on tax cheats.

A pro-Republican outside group criticizes a proposal by Democrats that forces banks to give the IRS bank account information, to take aim a vulnerable House Democrats

Arizona Attorney General Mark Brnovich urged the top four congressional leaders in a letter this week to reject a Biden administration proposal that would force banks to turn over most customers' account information to the Internal Revenue Service.

The Biden administration agreed this week to pare back a deeply controversial proposal that would force banks to turn over most customers' account information to the Internal Revenue Service under a barrage of criticism from both industry groups and Republicans – but banks say the measure still goes too far and poses a serious privacy concern.

Government control of the financial system is no longer considered a radical idea in the Democratic Party but is instead the expressed goal.