Source: United States Senator for Maine Susan Collins
Washington, D.C. – U.S. Senator Susan Collins joined a group of her colleagues in introducing the Prohibiting IRS Financial Surveillance Act, legislation that would prevent the Internal Revenue Service (IRS) from implementing Democrats’ plan to give the agency access to Americans’ bank transaction information.
“Allowing the IRS to monitor hardworking Americans’ bank accounts is not only an invasion of privacy, but also a vast overreach by the federal government,” said Senator Collins. “This intrusive measure would grant the IRS access to essentially every American’s financial information. Our legislation would block the Administration from implementing this terrible proposal.”
One of the proposals included in the partisan reconciliation bill currently under consideration would require financial institutions to report to the IRS each and every withdrawal and deposit if the total of all transactions for the year is more than $10,000. Under this reporting regime, a family whose monthly transactions total just $834 would still be reported to the IRS. The Joint Committee on Taxation has analyzed the proposal and found that it is likely to impact taxpayers in every income bracket.
The Prohibiting IRS Financial Surveillance Act would bar the IRS from instituting any new requirements that would force financial institutions to report on the account activity of Americans. It would allow individuals and small businesses to make normal financial transactions without fear of increased and unnecessary scrutiny from the federal government.
In addition to Senator Collins, the bill is co-sponsored by Senators Tim Scott (R-SC), Rob Portman (R-OH), Mike Crapo (R-ID), Pat Toomey (R-PA), Mitch McConnell (R-KY), John Thune (R-SD), John Barrasso (R-WY), Joni Ernst (R-IA), Roy Blunt (R-MO), John Cornyn (R-TX), Roger Marshall (R-KS), Thom Tillis (R-NC), Cynthia Lummis (R-WY), Steve Daines (R-MT), John Kennedy (R-LA), Jerry Moran (R-KS), Kevin Cramer (R-ND), Richard Shelby (R-AL), Mike Rounds (R-SD), Chuck Grassley (R-IA), Richard Burr (R-NC), Todd Young (R-IN), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Roger Wicker (R-MS), Marsha Blackburn (R-TN), Jim Risch (R-ID), Mike Braun (R-IN), Shelley Moore Capito (R-WV), Ben Sasse (R-NE), Tom Cotton (R-AR), Mitt Romney (R-UT), James Lankford (R-OK), Jim Inhofe (R-OK), Dan Sullivan (R-AK), Josh Hawley (R-MO), Marco Rubio (R-FL), Rick Scott (R-FL), Ted Cruz (R-TX), Bill Hagerty (R-TN), Tommy Tuberville (R-AL), Lindsey Graham (R-SC), Ron Johnson (R-WI), Rand Paul (R-KY), John Boozman (R-AR), Mike Lee (R-UT), and Deb Fischer (R-NE).
Click HERE to read the text of the bill.
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