Republicans Introduce the Defense of Financial Secrecy Act
Republicans in Congress have introduced legislation aimed at blocking a proposal from the Biden administration that would force banks to report every customer transaction of $600 or more to the Internal Revenue Service.
Sen. Tommy Tuberville, R-Ala. last week protected the Financial Privacy Act of 2021, which would prohibit “any federal agency from requiring financial institutions to report on the financial transactions of their clients.”
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Tuberville told Granthshala Business’s Larry Kudlow that the law is intended to prevent “the IRS’s Gestapo agency” from spying on Americans through their bank accounts.
“They want everything,” the Alabama Republican said of the IRS. “They want to know how much money you’ve got in the bank, how much you’re spending if you bought a wedding dress or a gun — they’ll have a mile-long list on you.”
Ashley Hinson, R-Iowa, said in a statement introducing the bill to the House of Representatives, “The push to include this provision in reconciliation is expected to nearly quadruple the IRS budget to $80 billion, indicating That’s how backward the Democrats are right now — we need more border agents, not more IRS agents.”
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“The IRS shouldn’t be spying on our bank accounts,” Hinson told “Warney & Co.” to Granthshala Business, “that’s what President Biden wants to be, this is what these Democrats want to be.”
But with Democrats controlling both the White House and both houses of Congress, GOP legislation could face an uphill climb.
When asked by host Stuart Varney if she has the votes to pass the bill and if she expects any Democrats to back down against increased spying by the IRS, Hinson said, “They should.”
Pointing to Democrats’ $3.5 trillion reconciliation package stalled by their own infighting, Hinson suggested that some Democrats “maybe hearing the same thing I heard back home, which is not true.” Is.”
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The plan to increase IRS enforcement and force reporting on $600 transactions is supported by Treasury Secretary Janet Yellen, who argued in a Senate hearing last week that banks already report some information directly to the IRS, and the agency has There is already a wealth of information about “individuals.”