Congressman Michael Guest (MS-03) recently joined Rep. Tom Emmer (MN-06) and other Republican members of Congress in expressing concern over a recent IRS data collection proposal.
In a letter to President Nancy Pelosi, Ways and Means President Richard Neal, Treasury Secretary Janet Yellen, and IRS Commissioner Charles Rettig, members of Congress expressed concern that the proposal The IRS would require financial institutions and other financial service providers to report some of the transaction-level data, as well as information on withdrawals and entries on accounts over $ 600 to the IRS each year.
This proposal would impose significant compliance costs on banks, credit unions and related financial institutions, and would also invade the privacy of millions of Americans.
“This proposal is simply an attempt to cover the huge spending proposals that the Democrats in Congress are pursuing,” Guest said. “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.”
Guest said the proposal would sacrifice individual privacy for government revenue, which he called “an ineffective and Orwellian strategy of offsetting public spending, especially when other methods remain available.”
âAs 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.