WASHINGTON, D.C. – U.S. Senator Thom Tillis (R-NC) and his Republican colleagues this week 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.
“President Biden and Democrats want the IRS to have full access to the personal financial information of nearly every American with a job so they can audit hardworking middle class Americans and make them foot the bill for their tax and spending spree,” said Senator Tillis. “I am proud to introduce this legislation to stop this intended IRS overreach and protect the financial privacy of hardworking Americans.”
- 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.”