Intrusive IRS Reporting Regime

U.S. Senator Mike Crapo (R-Idaho), Ranking Member of the Senate Finance Committee, delivered remarks on the Senate Floor outlining concerns with the Internal Revenue Service (IRS) financial account reporting dragnet and rumored changes.  Watch Crapo’s remarks here.

Excerpts:  

“Under the guise of ‘closing the tax gap,’ Democrats have proposed to drastically expand the powers of the IRS and turn banks and credit unions into private investigators for law abiding Americans. We have been pointing this out to people across America for several weeks and the uproar is loud.

“The IRS today–because of the pressure we’ve been putting on them–said ‘we already have data from everybody’s account from their paychecks, and we already have data on the interest they get on their various accounts, which has to be reported to us, and we already have data on federal benefits like the COVID payments that have been made to people. So we don’t need those data points collected in this new massive privacy violation, we can leave those out. But we need to have access to the other sources of income that people have.’

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