The President's Tax Reform Proposal to Increase Revenues

The president's tax reform would apply the taxes consistently to those making over 400 thousand dollars, ansuring that all high income americans pay the same medicare taxes. This proposal would create a comprehensive financial account information reporting regime. Financial institutions would report data on financial accounts in an information return. The ann return will report gross inflows and outflows, with a breakdown for physical cash transactions with a foreign account and transfers to and from another account with the same owner. And we find the appropriate section here on page 88, wherein the treasury department proposes this, introduce comprehensive financial account reporting to improve tax compliance.