Moorcroft Leader - The Voice of the Community Since 1909, Serving Moorcroft and Pine Haven, Wyoming

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...