WASHINGTON – This week, U.S. Senators Roy Blunt (Mo.), Tim Scott (S.C.), and their Republican colleagues introduced the Prohibiting IRS Financial Surveillance Act, a bill to prevent the Internal Revenue Service (IRS) from implementing Democrats’ plan to give the agency access to transaction information of virtually every American.
“Democrats’ proposal to vastly expand the reach of the IRS to help pay for their misguided tax-and-spend spree is a terrible idea,” said Blunt. “Not only is this plan an unacceptable invasion of privacy, it’s a dangerous proposal that could put the personal, financial information of millions at risk. I’m proud to join Senator Scott and my Republican colleagues to introduce this legislation to protect the privacy and security of hardworking Americans.”
“The Democrats’ plan to allow the IRS to spy on the bank accounts of nearly every person in this country, even those below the poverty line, should be deeply concerning to anyone who values privacy and economic inclusion,” said Scott. “Of the more than 7 million American households that are currently unbanked, the majority are low-income, rural, and minority Americans. Implementing the Biden reporting scheme will disproportionately harm those who need greater access to our financial institutions and people living paycheck to paycheck. My colleagues and I will not stop fighting the Democrats’ wrong-headed proposal to implement more federal government intrusion into our lives.”
In May, Blunt cosponsored the Don’t Weaponize the IRS Act to prevent the IRS from being used as a political weapon against American citizens.
In addition to Blunt and Scott, the legislation is cosponsored by U.S. Senators Mike Crapo (Idaho), Pat Toomey (Penn.), Mitch McConnell (Ky.), John Thune (S.D.), John Barrasso (Wyo.), Joni Ernst (Iowa), John Cornyn (Texas), Roger Marshall (Kan.), Thom Tillis (N.C.), Cynthia Lummis (Wyo.), Steve Daines (Mont.), John Kennedy (La.), Jerry Moran (Kan.), Kevin Cramer (N.D.), Richard Shelby (Ala.), Mike Rounds (S.D.), Chuck Grassley (Iowa), Richard Burr (N.C.), Todd Young (Ind.), John Hoeven (N.D.), Cindy Hyde-Smith(Miss.), Roger Wicker (Miss.), Marsha Blackburn (Tenn.), Jim Risch (Idaho), Mike Braun (Ind.), Shelley Moore Capito (W.Va.), Ben Sasse (Neb.), Tom Cotton (Ark.), Mitt Romney (Utah), James Lankford (Okla.), Jim Inhofe (Okla.), Dan Sullivan (Alaska), Josh Hawley(Mo.), Marco Rubio (Fla.), Rick Scott (Fla.), Ted Cruz (Texas), Bill Hagerty (Tenn.), Tommy Tuberville (Ala.), Lindsey Graham (S.C.), Ron Johnson (Wis.), Rand Paul (Ky.), John Boozman (Ark.), Mike Lee (Utah), Susan Collins (Maine), Deb Fischer (Neb.), andRob Portman (Ohio).
BACKGROUND
President Biden, Treasury Secretary Yellen, and the IRS are seeking access to every working American’s financial information by requiring financial institutions to report to the IRS each and every withdrawal and deposit that total at least $10,000.
The “Prohibiting IRS Financial Surveillance Act” would prohibit the Biden administration’s proposed violation of privacy and federal government overreach.
Under the Biden reporting regime a family whose monthly expenses total just $833 would still be required to be reported to the IRS.
Nearly every American, even those below the poverty line, would be subject to this proposed reporting regime.
The Joint Committee on Taxation has analyzed the proposal and found that it is likely to impact taxpayers in every income bracket, including those making less than $50,000.
Steven Rosenthal at the left-leaning Tax Policy Center concluded the bank reporting requirement proposal would, “in fact, bury the agency in a sea of unproductive information.”
Click here to read the bill.