ICBA testifies on IRS reporting as Manchin speaks out

ICBA testified against the widely opposed IRS reporting proposal while a key Democratic senator raised objections to the policy. 

Roundtable: ICBA Chairman Robert Fisher said at a House Ways and Means Committee Republican roundtable that tweaks to the harmful IRS plan won’t quell the opposition and that policymakers must reject it outright. 

Manchin: Meanwhile in Washington, Sen. Joe Manchin (D-W.Va.) said he opposes the proposal no matter the reporting threshold and that he has told President Joe Biden that the plan is “screwed up.” 

Doubts Spreading: Manchin’s remarks come after Rep. Charlie Crist (D-Fla.) last week became the first Democratic member of Congress to publicly express concerns with the IRS proposal. 

Grassroots: ICBA is encouraging community bankers to call their members of Congress in opposition and to continue using customizable email and social media content to urge consumers to call lawmakers. 

Calls Critical: ICBA Director of Advocacy Jack Coleman notes in a recent blog post that phone calls to congressional offices are four times more effective than emails—making them particularly vital with Congress pressing its reconciliation package.