Wyoming families personal wealth is under attack by Biden Plan
September 30, 2021
Few things are more private than your household finances. In his American Families Plan, President Biden unveiled a tax compliance initiative aimed at closing the gap between taxes that are owed and what are paid.
Most of the anticipated revenue, which the Administration estimated at $460 billion over 10 years, would come from requiring financial institutions to report account information that Treasury says would be similar to W-2 reporting for wages and other income reporting.
The proposal, if enacted, would require banks and other financial institutions to report to the IRS detailed i...