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House Speaker Nancy Pelosi said Tuesday that despite widespread outrage, the planned requirement that banks report to the IRS information on any account with $600 in total activity over a 12-month period will remain in some form in Democrats' so-called "reconciliation package."
Pelosi, D-Calif., stated that some spending programs in the package must be eliminated in order to decrease the bill's $3.5 trillion price tag to a level that can pass the Senate.
However, when asked whether the contentious reporting requirement could be repealed amid outrage from banks and their customers over the rule, which would give the IRS access to the inflows and outflows of virtually every bank account in the United States, the speaker stated categorically that it will remain.
"With all due respect, the plural of anecdote is not data," Pelosi stated in reference to bank clients who opt-out of having their information shared with the IRS. "Yes, some people have concerns. However, if individuals violate the law by failing to pay their taxes, one way to monitor them is through the banking system."
Pelosi continued: "I believe $600 - the exact number will be negotiated. However, yes."
Bloomberg News recently reported that Democrats were considering raising the reporting threshold from $600 to $10,000 in response to public outrage. However, Jerry Theodorou, the libertarian R Street Institute's policy director, said that such a move would make little difference in terms of who would be subject to the requirement.
"It makes me laugh, because it just… tells me that the number is meaningless if you're going to go from hundreds to 10,000," he explained. "Just an ordinary teacher, or you know, Post Office worker is going to have [$50,000-$60,000] moving in and out of their account every year because of their rent or school payments or food or whatever."
Democrats hope to pass the reconciliation package by the end of October, though that deadline is looking increasingly improbable as negotiations drag on.
If negotiations go on too long into November, Democrats risk having their legislative agenda eclipsed by potential economic crises caused by the government's funding expiry on Dec. 3 and a debt default shortly thereafter.
Pelosi was evasive Thursday about the timing of the Democrats' agenda passage, stating simply that she is "optimistic" it will occur soon.
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