Republicans Investigate IRS Surveillance Proposal

Republicans held a public meeting Tuesday to dig into the White House’s plan to require banks to hand over the personal information of millions of Americans to the IRS.

Under Biden’s proposal, IRS would audit more Americans in an effort to raise more tax revenue. As part of that plan, banks would be required to hand over bank information of Americans who have more than $10,000 in transaction in the bank accounts, which would include millions of Americans.

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“The Biden Administration has signaled that it is prepared to raise that threshold to $10,000. Not $10,000 per transaction, or even per day, but $10,000 in financial transactions cumulatively over the course of a year,” said Harry Hutchinson of the American Center for Law and Justice. “This proposal would cover inflows as well as outflows. This means that the average family of four, which spends on average more than $10,000 per year on food, would fall into an insidious IRS trap that essentially demands that citizens and their banks show the government their financial papers without so much as a warrant as required by the Fourth Amendment to the U. S. Constitution.”

The proposal has come under heavy fire from a range of banks, nonprofits, businesses and lawmakers. Now Republicans are eliciting testimony on the issue in a concerted effort to push back against the proposal.

The Biden administration’s announcement of potentially moving the threshold up to $10,000 has done little to appease critics.

“Today marks another attempt by the administration and congressional leaders to explain to the American people why the government needs more information on them,” said Rob Nichols, president and CEO of the American Bankers Association. “Even with the modifications announced today, this proposal still goes too far by forcing financial institutions to share with the IRS private financial data from millions of customers not suspected of cheating on their taxes. The exclusion of payroll and federal program beneficiaries does not address millions of other taxpayers who would be impacted by the proposal. Not every non-wage worker is a millionaire. How about self-employed hair stylists, convenience store owners and farmers just to name a few?”

Watch the meeting here.

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