Claim: To help detect unreported income and narrow the gap between federal taxes collected and owed, the Biden administration has proposed expanding annual reporting requirements for banks and other financial institutions to include the total amounts of money flowing in and out of all business and personal accounts worth at least $600.
Fact-check: Republicans Mischaracterize Proposed Financial Reporting Requirement - FactCheck.org
Verdict: to help detect unreported income and narrow the gap between federal taxes collected and owed, the biden administration has proposed expanding annual reporting requirements for banks and other financial institutions to include the total amounts of money flowing in and out of all business and personal accounts worth at least $600.
Organisation: FactCheck.org
Author: D'Angelo Gore
Date published: 2021-10-08T18:28:39