Pelosi says IRS reporting requirement for bank accounts to stay in reconciliation bill despite public concerns
Bloomberg News recently reported that Democrats were considering raising the threshold for reporting from $600 to $10,000 amid the backlash from the public. But Jerry Theodorou, the policy director for the libertarian R Street Institute, argued that such a move would make basically no difference in who would be subject to the requirement.
“It makes me laugh, because it just… tells me that the number is meaningless if you’re going to go from hundreds to 10,000,” he said. “Just an ordinary teacher, or you know, Post Office worker is going to have [$50,000-$60,000] moving in and out of their account every year because of their rent or school payments or food or whatever.”