Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) has introduced S. Amdt #3099 to S.Con Res. 14, the Fiscal Year 2022 Budget Resolution. ATR urges Senators to support and vote YES on this amendment.
This amendment would prohibit the IRS from implementing President Biden’s proposal to create a new comprehensive financial account information reporting regime which would force the disclosure of any business or personal account that exceeds $600.
Not only would this include the bank, loan, and investment accounts of virtually every individual and business, but it would also include third-party providers like Venmo, CashApp, and PayPal.
President Biden wants to give the IRS $80 billion in new funding. This funding would add 87,000 new IRS agents that Biden claims will squeeze taxpayers for an additional $787 billion. It will allow the agency to audit and harass taxpayers. A major way the agency will do this is through the new $600 reporting regime.
The IRS has a record of mismanagement and corruption. It has routinely failed to protect taxpayer data. Rather than being given new responsibilities the IRS needs reform so that it can better assist taxpayers.