Congresswoman Ashley Hinson (IA-01) introduced the Protecting Financial Privacy Act, legislation that would prevent the IRS from monitoring Americans’ financial transactions. This bill blocks the provision proposed in Democrats’ reconciliation package that would allow the IRS to monitor transactions of $600 or more. Senator Tommy Tuberville (R-AL) introduced the Senate version of this legislation earlier this week.
Hinson joined KCRG to discuss this legislation and the need to safeguard taxpayers’ personal data.
Forcing financial institutions to turn over Americans’ transactions of $600 or more would compromise the privacy of Americans, shut down community financial institutions, and ultimately reduce Iowans’ access to credit. The IRS doesn’t need access to Iowans’ most basic personal information; the government has no right to know every time Iowans pay their bills or go the grocery store. The Protecting Financial Privacy Act would block this proposal and safeguard taxpayers from this invasion of privacy. The push to include this provision in reconciliation, along with $80 billion to nearly quadruple the IRS budget, is reflective of how backwards Democrat priorities are right now–we need more border agents, not more IRS agents.” –Congresswoman Ashley Hinson
“Folks feel uneasy when someone is snooping around in their business, especially when it’s the federal government doing the snooping. Yet that is exactly what President Biden wants to do with excessive reporting that will strain our local banks and credit unions. The Protecting Financial Privacy Act will proactively block President Biden’s proposal of reporting Americans’ financial transactions of over $600 to the IRS, and stop big brother government at its worst.” –Senator Tommy Tuberville