a couple things simple way here. why would the administration want to have a $600 check followed or a $10,000 deposit followed? why would they want that? i think the concept here is to try to ultimately get at tax owed. our concerns here is aggregate deposit or account information has nothing to do with tax responsibility or liability. bill: okay. so from what i understand a lot of small contractors, if this were to be law, they would keep a lot of their money in cash as opposed to having financial record and be subjected to an irs inquiry. what would your expectation be, rebecca? our concern is if i.r.s. has this ability to look at all account information it would drive more people out of the
that is a big fox news alert right there. pay attention to it because bill: it s still dynamic and yet to be settled. dana: we have no one on the ground. it won t be for a long time. 19 past. employees are still paid by check and tip workers are often paid in cash. given these realities the bank would resort to applying its judgment in deciding which payments are exempt and which aren t. the stakes are too high for an ambiguous rule that can t be consistently or fairly applied. that s bob fisher testifying yesterday. bank leaders from across the country testifying before republicans house ways and means committee sounding the alarm on the i.r.s. plan to access private bank data. 100 banks and industry groups sent a letter to president biden telling him his proposal is not workable. rebecca romero rainy is with me now. good morning to you.
feel for banks who build relationship of trust. bill: they want the data and maybe something else. bob and rebecca, thank you. we ll see whether or not it lives or dies in the end. thanks for coming on today. thank you. thank you. dana: fox news alert. attorney general merrick garland testifying before the senate joo urd committee less than a week before he appeared before the house judiciary committee. we ll bring you anything as it develops. dozens of cargo ships back logged off the coast of california waiting for their turn to unload. florida says its waterways are open for business and can handle the extra freight. that s next. we can provide right now certainly with a better, faster, and cheaper way to move product to several areas of the united states.