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Republicans in the House of Representatives want to block a bill from the Biden administration, which aims to empower the Internal Revenue Service (IRS) to do additional scrutiny of bank accounts of the majority of Americans, in order to take action against the tax hoaxes of wealthy people.
Fox Business published that the Republican legislation, known as the IRS Financial Oversight Prohibition Act, will prevent the agency from imposing new reporting requirements for banks to disclose information about Americans’ private accounts.
The bill being led by Rep. Drew Ferguson, R-Georgia, prohibits the Treasury Department from requiring financial institutions to report the inflows and outflows of any account they maintain, excluding any monitoring that exists under current law.
“This IRS surveillance is an invasion of individual privacy And with the Democrats’ track record of using the IRS as a weapon for their own political gain, it is in the best interest of all Americans that Let’s avoid using private financial information for this kind of heinous power playFerguson told Fox Business.
According to the information, Biden’s plan would force banks, credit unions and other financial institutions to Report deposits and withdrawals from customer accounts of $ 600 or more annually to the IRS. It is understood that individual transactions would not be listed, but the policy would apply to most American bank accounts.
Estimates of the White House, calculate that the policy applicable to bank accounts, loans and investment, would generate around $ 463 billion in additional revenue over the next decade.
The banks, for their part, argue that this policy would increase compliance costs and add to the burden faced by the industry by delivering more information to the government.
Republicans say Biden’s policy amounts to the worst kind of government overreach: “We must not allow the IRS to invade the privacy of Americans by snooping into their bank accounts”Ferguson said.
“The Biden Administration and Congressional Democrats have clearly demonstrated their intention to establish a comprehensive financial surveillance regime using private financial information from Americans,” said the Republican.
On the other hand, Natasha Sarin, the Treasury’s deputy undersecretary for economic policy, commented last week that the proposal has been “clouded by misinformation, as opponents have raised the pernicious myth that banks will have to report all bank transactions. individual clients to the IRS ”. “
For its part, the Treasury Department explained that Gathering additional information would help the IRS spot people who might be evading your taxes.
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