The White House is contending opposition to its tax enforcement proposals, targeting amounts as small as $600, is based on banks being too lazy to deal with the extra paperwork.
The tax enforcement measures are aimed at helping pay for President Joe Biden’s social welfare and climate spending package. The focus is on the wealthy rather than people with small bank accounts, according to White House press secretary Jen Psaki.
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“It should not be lost on anyone that the loudest opposition to these proposals and the biggest ad spending against them is from the biggest banks, who simply do not want to be bothered by additional reporting on inflows and outflows,” Psaki told reporters Monday.
“I would note that the top 1% is responsible for $163 billion a year in owed but unpaid taxes,” she added. “Let’s be clear what this is about. It’s about big banks …
White House: Opposition to IRS snooping proposal driven by top 1% and lazy banks
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