In their Sunday meeting, the West Virginia Democrat said he told President Biden that 'This cannot happen. This is screwed up.'
"So he says, I think Joe is right on that one.' So I think that one is gonna be gone," Manchin insisted at a breakfast meeting of the Economic Club. Manchin met with the president and Sen. Majority Leader Chuck Schumer at Biden's home in Wilmington, DE.
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Manchin noted he was not satisfied when Democrats raised the reporting threshold from $600 to $10,000 in aggregate transactions per year.
"Even if it's $10,000 that’s only $800, $900 a [month]." Yet Manchin sounded optimistic Democrats would come to an agreement regarding a final bill, shaved down from $3.5 trillion to his ideal figure of $1.5 trillion, this week.
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During the same breakfast, he affirmed there was a 'high probability of Democrats' social spending bill and the bipartisan infrastructure bill passing in the near future.
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On Monday, a group of 99 banks and industry groups addressed a letter to President Biden calling on him to drop his proposal to hand over transaction data to the IRS, pointing out that they too were unsatisfied by raising the threshold. The organizations that claimed to represent business and financial interests urged the White House to withdraw support and find "more targeted measures" to reduce the tax gap.
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The proposal to hand over data on all aggregate inflows and outflows of accounts with more than $600 in total transactions, drew sharp outcry from Republicans and banks alike, provoking Democrats to raise the amount to $10,000. The letter states that raising that cap amounted only to 'cosmetic' changes.
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The banking groups lauded the administration's 'good-faith attempt' to ensure all Americans pay the taxes they owe but wrote: 'our members, and the American people, believe that they have a reasonable right to privacy and this overly broad proposal to report gross annual inflows and outflows from nearly every account is disconnected from its purported narrow purpose of focusing government scrutiny on Americans with actual income above $400,000.'
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"The privacy concerns for Americans who pay their taxes and would be swept into this account reporting program are real and should not be taken lightly," the letter went on.
The letter was signed by various groups, ranging from the American Bankers Association, the American Farm Bureau Federation, and the Chamber of Commerce to the Asian American Hotel Owners Association, the National RV Dealers Association, the National Grocers Association, and the North American Die Casting Association.
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