Grassley, Scott and Colleagues Introduce Bill to Block Democrats’ IRS Oversight Proposal
“The information Democrats are looking for is a total invasion of privacy. The average American shouldn’t have to explain every financial transaction to the federal government. On top of that, this proposal would put a strain on our local banks and credit unions with significant implementation and administration costs ”, Grassley said. “Unfortunately, the IRS has not demonstrated its ability to maintain the confidentiality of the taxpayer information it already collects. And it can’t be trusted to keep even more private information safe.
“The Democrats’ plan to allow the IRS to spy on the bank accounts of nearly everyone in this country, even those living below the poverty line, should be of deep concern to anyone who values privacy and the ‘economic inclusion’ Scott said. “Of the more than 7 million American households currently unbanked, the majority are low-income, rural and minority Americans. Implementing Biden’s reporting system will disproportionately harm those who need better access to our financial institutions and people living paycheck to paycheck. My colleagues and I will not stop fighting the Democrats’ mistaken proposition to implement more federal government intrusions into our lives.
President Biden, Secretary of the Treasury Yellen and the IRS seek access to the financial information of every working American by requiring financial institutions to report to the IRS every withdrawal and deposit totaling at least $ 10,000. Under Biden’s reporting scheme, a family whose monthly expenses total only $ 833 should still be reported to the IRS. Almost all Americans, even those living below the poverty line, would be subject to this proposed reporting regime. The IRS Financial Supervision Act Prohibition would prohibit the privacy breach proposed by the Biden administration and the federal government’s overbreadth.
The Joint Committee on Taxation analyzed the proposal and found that it is likely to impact taxpayers of all income brackets, including those earning less than $ 50,000. Steven Rosenthal, of the left-wing Tax Policy Center, concluded that the proposed bank reporting requirement “would actually bury the agency in a sea of unproductive information.”
In addition to Grassley and Scott, this legislation is supported by Sens. Mike Crapo (R-Idaho), Pat Toomey (R-Penn.), Mitch McConnell (R-Ky.), John Thune (RS.D.), John Barrasso (R-Wyo.), Joni Ernst (R-Iowa. ), Roy Blunt (R-Mo.), John Cornyn (R-Texas), Roger Marshall (R-Kan.), Thom Tillis (RN.C.), Cynthia Lummis (R-Wyo.), Steve Daines (R -Mont.), John Kennedy (R-La.), Jerry Moran (R-Kan.), Kevin Cramer (RN.D.), Richard Shelby (R -Ala.), Mike Rounds (RS.D.), Richard Burr (RN.C.), Todd Young (R-Ind.), John Hoeven (RN.D.), Cindy Hyde-Smith (R-Miss.), Roger Wicker (R-Miss.), Marsha Blackburn ( R-Tenn.), Jim Risch (R-Idaho), Mike Braun (R-Ind.), Shelley Moore Capito (RW.Va.), Ben Sasse (R-Neb.), Tom Cotton (R-Ark.) , Mitt Romney (R-Utah), James Lankford (R-Okla.), Jim Inhofe (R-Okla.), Dan Sullivan (R-Alaska), Josh Hawley (R-Mo.), Marco Rubio (R-Fla. .), Rick Scott (R-Fla.), Ted Cruz (R-Texas), Bill Hagerty (R-Tenn.), Tommy Tuberville (R-Ala.), Lindsey Graham (RS.C.), Ron Johnson ( R-Wis.), Rand Paul (R-Ky.), John Boozman (R-Ark.), Mike Lee (R-Utah), Susan Collins (R- Maine), Deb Fischer (R-Neb.) And Rob Portman (R-Ohio).