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

By Scott W. Meier
Wyoming Bankers Association 

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...



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