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Daily Dashboard | IRS bank-account reporting plan raises privacy, security concerns Related reading: EU, US launch competition policy cooperation

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The Wall Street Journal reports the proposal by Senate Democrats that would require banks to report individual annual cash flows of $10,000 — up from $600 raises privacy concerns. Opponents say the proposal is a surveillance overreach and would put taxpayer data at risk in the event of a breach at the IRS. “Even with the modifications announced today, this proposal still goes too far by forcing financial institutions to share with the IRS private financial data from millions of customers ...,” President and CEO of the American Bankers Association Rob Nichols said.
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