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Last week, Senator Tim Scott (R-S.C.), with Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) and Senate Banking Committee Ranking Member Pat Toomey (R-Penn.), introduced the “ Prohibiting IRS Financial Surveillance Act ,” which would bar the IRS from implementing Democrats’ proposed reporting regime on the bank, loan, and investment accounts used by virtually every American. There is also a House companion bill introduced by Rep. Drew Ferguson (R-Ga.).
Democrats’ reporting regime would force financial institutions to collect any personal or business account in which the total withdrawals and deposits exceed at least $10,000 throughout the year. The Joint Committee on Taxation (JCT) estimates that taxpayers in every single income bracket would be impacted by this reporting requirement. This is a radical violation of privacy, will subject virtually every American to IRS abuse, and is not consistent with Democrats’ goals of making the “rich pay their fair share.”
Sen. Scott’s bill explicitly prohibits the disclosure of any account’s outflows and inflows:
“The Secretary of the Treasury (including any delegate of the Secretary) may not require any financial institution to report –
(1) the inflows or outflows of any account maintained by such institution, or
(2) any balances, transactions, transfers, or similar information with respect to any such account…”
The proposed reporting regime is a radical violation of privacy. This policy would give the federal government access to virtually every American’s account inflows and outflows. The proposal is not tailored nor targeted at all towards higher-income taxpayers or more “suspicious” behavior. Steven Rosenthal with the left-leaning Tax Policy Center explained that this reporting regime proposal would “bury the agency in a sea of unproductive information.” In fact, if a family’s monthly expenses total just $833 a month , or about $200 a week, their bank information would be reported to the IRS.
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Additionally, the IRS already abuses current reporting laws. The IRS Criminal Investigation Division (IRS-CI) regularly violated taxpayers’ rights and skirted or ignored due process requirements when investigating taxpayers for allegedly violating the existing $10,000 currency transaction reporting requirements, according to a 2017 report by the Treasury Inspector General for […]
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