Joe Biden, Xi Jinping Have Something In Common

Whether you’re the leader of a nominally democratic country or a nominally communist one doesn’t really matter: Either way, extracting some additional tax revenue isn’t going to be easy.

Under the new plan, backed by the administration, banks would only be required to provide data on accounts with total annual deposits or withdrawals worth more than $10,000, rather than the $600 threshold that was initially proposed. The reporting requirement would not apply to payroll deposits for wage and salary earners or to beneficiaries of federal programs such as Social Security.

The narrowing of the plan came after a steady lobbying campaign by banks and a rhetorical barrage from Republicans….

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