Last week, U.S. Senator Todd Young (R-Ind.) joined his Republican colleagues to introduce 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.
“Despite Americans’ outrage and warnings from local banks and credit unions, Democrats are insisting that we turn our local financial institutions into IRS agents. This proposal from the Biden-Harris administration is a clear violation of Americans’ financial privacy,” said Senator Young. “My Republican colleagues and I introduced the Prohibiting IRS Financial Surveillance Act to protect law-abiding, tax-paying citizens’ confidential banking information from being handed over to the IRS.”
On Oct. 19, Senator Young joined a group of Republican Senators to discuss the Democrats’ IRS bank reporting proposal. Click here to watch his remarks.
More on the proposed IRS bank reporting rule by the Biden-Harris administration below:
- 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 cumulatively total at least $10,000 over the year.
- The Prohibiting IRS Financial Surveillance Act would prohibit the Biden-Harris administration’s proposed violation of privacy and federal government overreach.
- Under the Biden-Harris administration 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 for bill text on the Prohibiting IRS Financial Surveillance Act.