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Democrats narrow IRS bank reporting proposal to $10,000 transactions

By Zach Halaschak
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Democrats narrow IRS bank reporting proposal to $10,000 transactions

Democrats under pressure from the GOP and the banking industry announced that they are raising the cap to $10,000 on a proposal that all bank transactions of more than $600 be reported to the IRS.

Sens. Ron Wyden of Oregon, who heads the Finance Committee, and Elizabeth Warren of Massachusetts announced the change on Tuesday afternoon, just hours after the proposal was endorsed by Treasury Secretary Janet Yellen.

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