Congresswoman Ashley Hinson (IA-01) called for the House to take up legislation that would block the Biden Administration’s Internal Revenue Service (IRS) from having unprecedented access to Americans’ financial transactions.
“President Biden and Speaker Pelosi are moving full steam ahead with their big government, big spending vision for this country.
“One of the most egregious proposals in their multi-trillion-dollar reconciliation package would give the IRS access to nearly every single American’s bank account by requiring financial institutions, like your local bank or credit union, to report every account with more than $10,000 in transactions annually to the IRS.
“This proposal would give the IRS unprecedented access to sensitive personal information… and unprecedented power to target working families across Iowa and across America. This government snooping is a complete invasion of privacy and a massive overreach into our lives and livelihoods.
“This spying scheme is a lose-lose-lose. It will increase the existing backlog at the IRS exponentially. It will jeopardize the privacy of millions of Americans. It will destroy our community financial institutions. And it will hurt rural communities and working families hardest of all.
“Democrats claim this is about tax evasion. Everyone should pay the taxes they owe — that is not the argument here. But this misguided proposal isn’t about tracking down missing revenue; it is about expanded government control plain and simple.
“This proposal, by design, will hit normal, working families’ bank accounts. A total of $10,000 in transactions a year? That’s a year’s rent, a series of farm equipment bills, for example. The IRS should be more efficient at its current job, not emboldened and certainly not unleashed on hardworking Americans.
“We do not need to throw more money at the IRS to put Americans’ daily transactions under a microscope. Iowans have been very clear with me – they do not want the IRS snooping around in their bank accounts.
“I’ve also heard serious concerns from community financial institutions, who help farmers, families, and small businesses access credit. They told me this proposal could force them to shut down for good, leaving Iowans without access to the credit and capital they need to keep our rural economy going to feed and fuel the world.
“I urge my colleagues to stop this madness and stand up for our constituents by voting no on the Previous Question and keeping the government out of Americans’ bank accounts.”