U.S. Sens. John Barrasso and Cynthia Lummis, both R-Wyo., joined Senator Tim Scott (R-S.C.) and other Republican members in introducing the “Prohibiting IRS Financial Surveillance Act.” This bill will prevent the Internal Revenue Service (IRS) from implementing the Biden administration’s plan to spy on the transactions of private and law-abiding Americans.
“Joe Biden wants to give even more power to the IRS. Almost every American will be caught in the Democrats’ dragnet. The people of Wyoming want nothing to do with this scary, big-brother proposal,” said Senator Barrasso. “Democrats want to squeeze as much money as they can out of hardworking taxpayers in order to pay for their reckless spending. Senator Lummis and I are committed to stopping this invasion dead in its tracks.”
“Through data breaches, targeting of conservative groups and other breaches of the public trust, the IRS has shown that it will seek to maximize its power whenever possible. The Biden Administration and Democrats in Congress have decided to weaponize the IRS to pay for their reckless tax and spending bill,” said Senator Lummis. “This is offensive. I joined Senators Tim Scott (R-SC), John Barrasso (R-WY) and my colleagues to protect the privacy of the people of Wyoming from this gross government overreach.”
• 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 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.”