Some Dems still pushing to include IRS monitoring provision in Biden's spending plan
Democrats scale back IRS snooping bill after uproar
Missouri Republican Jason Smith weighs in on how the bill would affect taxpayers on ‘The Evening Edit’
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.
Democrats crafted a plan to require banks and other financial institutions to disclose accounts with $10,000 of annual deposits or outflows to the IRS, a move intended to help the agency crackdown on wealthy tax cheats. Revenue from the plan was intended to pay for Biden's signature economic spending measure, but it faced fierce criticism from banks, industry groups and Republicans.
Biden notably omitted the plan from the latest Build Back Better proposal after opposition from Sen. Joe Manchin, who called it "screwed up."