Manchin: IRS bank reporting proposal dropped from budget bill

Removing the provision would poke another roughly $250 billion revenue hole in the bill's offsets

The Treasury Department initially proposed reporting on all accounts with at least $600 flowing through them. That threshold was later raised to $10,000 on top of wages, salaries and federal benefits after a storm of protests from business and banking interests...
But Manchin said even a $10,000 threshold would be too intrusive. And business and banking groups echoed that view in a letter to Biden this week.

[rollcall.com]