Portman, Colleagues Introduce Bill to Block Democrats’ IRS Snooping Scheme

October 22, 2021 | Press Releases

WASHINGTON, DC – U.S. Senator Rob Portman (R-OH) joined his Republican colleagues in introducing 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 Americans’ transaction information.

“The Biden administration’s plan to give the IRS the ability to monitor Americans’ bank accounts is a concerning intrusion into taxpayers’ privacy,” said Portman. “I am pleased to support this legislation that will protect Americans and their private financial information from this vast government overreach.”

The bill is co-sponsored by Senators Tim Scott (R-SC), 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), Susan Collins (R-ME), and Deb Fischer (R-NE).

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.”

To read the entire bill, click here.

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