Reconciliation bill: Manchin says Dems' IRS bank reporting proposal 'screwed up,' won't be in final bill
IRS bank reporting proposal ‘contradicts’ basic US principles: Hoenig
Mercatus Center Distinguished Senior Fellow Thomas Hoenig discusses Biden pushing his economic agenda amid rising inflation and the Democrats raising proposed IRS bank reporting threshold to $10,000.
Sen. Joe Manchin Tuesday said Democrats' proposal for banks to report the inflows and outflows of many bank accounts to the IRS is "screwed up" and won't be in the final bill, despite what many Democrats in Congress had hoped.
"I said, ‘Do you understand how messed up that is to think that Uncle Sam is going to be watching?’" Manchin, D-W.Va., said he told President Biden during their meeting Sunday. "I said, Mr. President, I don't know what happened. This cannot happen. This is screwed up."
Manchin made the comments at an event for the Economic Club of Washington, D.C.
Manchin described bewildered Biden staffers who were, "all looking at each other back and forth, 'Who in the hell did this one?'"
Manchin said the president said, "I think Joe's right on that."