Crapo Joins Scott, Colleagues in Introducing Bill to Block Democrats' IRS Snooping Proposal

Press Release

U.S. Senator Mike Crapo (R-Idaho), Ranking Member of the Senate Finance Committee, U.S. Senator Tim Scott (R-South Carolina) and their Republican colleagues have 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.

"Every American should be wary of giving the IRS more power and more tentacles into private financial transactions," said Senator Crapo. "The IRS bank reporting proposal is one of the biggest expansions of the agency's authority we've ever seen, and is fundamentally flawed. I'm proud to support Senator Scott's legislation to stop this proposal in its tracks and protect Americans' personal, private financial information."

The bill is co-sponsored by Pat Toomey (R-Pennsylvania), Ranking Member of the Senate Banking Committee, as well as Senators Mitch McConnell (R-Kentucky), John Thune (R-South Dakota), John Barrasso (R-Wyoming), Joni Ernst (R-Iowa), Roy Blunt (R-Missouri), John Cornyn (R-Texas), Roger Marshall (R-Kansas), Thom Tillis (R-North Carolina), Cynthia Lummis (R-Wyoming), Steve Daines (R-Montana), John Kennedy (R-Louisiana), Jerry Moran (R-Kansas), Kevin Cramer (R-North Dakota), Richard Shelby (R-Alabama), Mike Rounds (R-South Dakota), Chuck Grassley (R-Iowa), Richard Burr (R-North Carolina), Todd Young (R-Indiana), John Hoeven (R-North Dakota), Cindy Hyde-Smith (R-Mississippi), Roger Wicker (R-Mississippi), Marsha Blackburn (R-Tennessee), Jim Risch (R-Idaho), Mike Braun (R-Indiana), Shelley Moore Capito (R-West Virginia), Ben Sasse (R-Nebraska), Tom Cotton (R-Arkansas), Mitt Romney (R-Utah), James Lankford (R-Oklahoma), Jim Inhofe (R-Oklahoma), Dan Sullivan (R-Alaska), Josh Hawley (R-Missouri), Marco Rubio (R-Florida), Rick Scott (R-Florida). Ted Cruz (R-Texas), Bill Hagerty (R-Tennessee), Tommy Tuberville (R-Alabama), Lindsey Graham (R-South Carolina), Ron Johnson (R-Wisconsin), Rand Paul (R-Kentucky), John Boozman (R-Arkansas), Mike Lee (R-Utah), Susan Collins (R-Maine), Deb Fischer (R-Nebraska) and Rob Portman (R-Ohio).

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 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."
Read more about Senator Crapo's efforts in recent weeks to blast this intrusive reporting regime:

Led an October 12 roundtable discussion with concerned Idahoans to discuss the reporting scheme.
Delivered remarks on the Floor of the U.S. Senate calling on Americans to loudly reject the intrusive IRS reporting regime.
Led a press conference with other Republican members of the Senate Banking and Senate Finance Committees to blast the IRS bank reporting dragnet.
Sent a letter to the U.S. Treasury Department requesting details about Democrats' "new approach" to the Administration's financial reporting regime as details have not been made available to Republicans in the Senate.
Full text of the bill can be found here.

Source