Coalition Letter to House Leadership Oppositing New Tax Information Reporting Proposal

On September 17 NAR signed on to a coalition letter to Speaker Pelosi and Minority Leader McCarthy. The signatories representing a cross-section of financial and business interests strongly oppose a proposal under consideration as part of the reconciliation package. The proposal would establish an expansive new tax information reporting regime that would directly impact almost every American and small business with an account at a financial institution. This proposal would create significant operational and reputational challenges for financial institutions, increase tax preparation costs for individuals and small businesses, and create serious financial privacy concerns. The signatories urge members to oppose any efforts to advance this ill-advised new reporting regime.