News release: “Finance Committee staff today released a bipartisan discussion draft of the President’s proposal to require information reporting by banks and other entities on reimbursements to merchants that accept electronic forms of payment, including credit and debit cards. The Finance Committee intends to use public comment to understand more about how payment reporting may affect the tax gap – the $345 billion in Federal taxes legally owed but uncollected each year – as well as to determine whether increased reporting requirements would unfairly burden merchant businesses or banks.”