U.S. Treasury's Yellen Says Democrats Propose $10,000 IRS Bank Reporting Threshold

Reuters
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Reuters

WASHINGTON, Oct 19 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Tuesday she welcomed a new proposal from congressional Democrats to raise the bank account transaction reporting threshold to the Internal Revenue Service to $10,000 annually from a proposed $600 level, with an exemption for wage earners.

"Today's new proposal reflects the Administration's strong belief that we should zero in on those at the top of the income scale who don't pay the taxes they owe," Yellen said in a statement.

(Reporting by David Lawder; editing by Jonathan Oatis)

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