Prologue – April 26, 2017 – The Meadows FATCA Hearing
Democratic policy makers have been supporting automatic bank reporting of domestic bank information to the IRS since at least as early as 2017! See Elise Bean testifying at the Meadows FATCA hearing: https://t.co/Z7YPic8VRS
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) October 17, 2021
2021 – The Democrats attempt to legislate domestic bank reporting to the IRS
President Reagan said "We are a nation that has a government — not the other way around." He could not have foreseen @TheDemocrats proposal of domestic #FATCA that bank information of resident Americans would be automatically be reported to the IRS. https://t.co/yigPUU3JNq
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) October 16, 2021
The Democratic Party is working hard to turn America’s domestic banks into agents/accessories of the Internal Revenue Service. Specifically the Biden administration, Senate Democrats and the House Democrats are ALL in support of the proposal (which as informally described) is to require banks to automatically report aggregate inflows and outflows to the IRS. The Biden administration and Senate Democrats support a threshold of $600. The House Democrats appear to favour a reporting threshold of $10,000. As reported here Nancy Pelosi supports this reporting initiative.