Congressman opposes IRS data collection proposal

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Congressman opposes IRS data collection proposal

Recent IRS data collection proposal to increase tax reporting requirements on financial institutions would trade U.S. privacy for government revenue

Washington DC – Recently, Congressman Michael Guest (MS-03) joined Congressman Tom Emmer (MN-06) and other Republican members of Congress in a letter to President Pelosi, Ways and Means Chairman Neal, Secretary of the Treasury Department Yellen and Commissioner Rettig of the Internal Revenue Service (IRS) to voice concerns about a recent IRS data collection proposal to Require financial institutions and other financial service providers to report certain transaction-level data as well as information on withdrawals and entries on accounts over $ 600 to the IRS each year.

The requirements of this proposal would impose significant compliance costs on banks, credit unions and related financial institutions, but would also invade the privacy of millions of Americans.

“This proposal only grabs the straws in an attempt to cover the huge spending proposals that the Congressional Democrats are pursuing. There is no evidence that the IRS’s data collection proposal is effective in closing the “tax gap” – the difference between taxes paid and taxes owed by law. In addition, the proposal would sacrifice American privacy for the benefit of government revenues, an ineffective and Orwellian strategy of offsetting public spending, especially when other methods remain available, ”said Guest. “As a result of the invaluable service our financial institutions have provided to keep our nation afloat during the pandemic, this proposal to help fund a multibillion dollar spending proposal at the expense of Americans’ privacy is outright betrayal and simple of our financial institutions and the American people. and should not be implemented.

MageeNews.com is an online news source serving Simpson and surrounding counties as well as the state of Mississippi.


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