Source: United States Senator for Florida Marco Rubio
Washington, D.C. — U.S. Senator Marco Rubio (R-FL) joined Senator Tim Scott (R-SC) and Republican colleagues in introducing the Prohibiting IRS Financial Surveillance Act to prevent the Internal Revenue Service (IRS) from implementing Democrats’ plan to give the agency access to the financial transaction information of virtually every American.
“The Biden Administration’s total disregard for privacy should be concerning to every person in this country with a bank account.” Rubio said. “Regular Americans don’t want the IRS spying on their personal financial information, but President Biden and Democrats in Congress seem committed to trying. I will continue to push back against their gross overreach of federal power.”
Click here for a full list of cosponsors and quotes.
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 withdrawals and deposits for any account with at least $10,000 in inflows or outflows in a given year.
- 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.
- Even 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.”