MSCI Signs Letter Opposing Proposal To Require Banks To Report Business Transactions To IRS
As Connecting the Dots has reported before, one of the provisions in President Joe Biden’s tax proposals would require banks to report to the Internal Revenue Service (IRS) all the transactions of their account holders of more than $600. This controversial proposal was initially included in the bipartisan infrastructure framework, but opposition to it was so strong and vocal that it was subsequently deleted from that proposal. Several senators continue to support the plan, however, and are working to include it in future legislation.
As part of the Coalition for a Democratic Workplace, MSCI recently sent a letter to U.S. House and Senate leaders opposing the idea.
The letter, available here, said, “[W]e are concerned about the IRS’s poor record of data security which exposes taxpayers’ data, compromises their privacy, and makes them vulnerable to identity theft. In today’s environment, privacy and enhanced security of taxpayer data should take precedence over the mass collection of new data.”