Thune called the proposal ‘historic in terms of the prevalence and infringement of people’s privacy’
Senate Minority Whip John Thune, RSD, rejected a new proposal from Democrats on Tuesday that would raise the limit up to $10,000 to allow the Internal Revenue Service to demand banks report account transactions.
Democrats previously proposed a $600 trigger point.
Speaking during a press conference with other Republican senators who denounced the proposal, Thune described the “Democrats’ tax-and-spend spree” as “a terrifying vision” for America’s future and their The IRS paid special attention to the proposal.
“This proposal, which would double the size of the IRS – literally double the size of the IRS – and allow them to peek into every American’s bank transactions…’ Literally an IRS dragnet into every single American’s bank accounts. I’m talking,’ Thune said.
“Even if it’s $10,000, it’s still going to hold thousands, millions of Americans,” Thune said.
Republicans push back on Yellen’s argument that $600 reporting requirement is targeted at rich tax cheats
Thune noted how nearly every American has a bank account that would potentially be swept away under surveillance.
“This is one of many very bad ideas in the Democrat proposal, but it needs to be specifically struck with for all the reasons that have been mentioned, and not the least of which is a massive invasion of the privacy of Americans,” Thune , who also questioned the intelligence of the federal agency’s expansion of power, saying that “there have been many problems with keeping information confidential.”
Sen. John Kennedy, R-La. later echoed his aide, calling the proposal “crazy” and something that would make Chinese President Xi Jinping proud.
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Jessica Anderson, executive director of Conservative Heritage Action, recently denounced Treasury Secretary Janet Yellen’s comments in defense of the proposal. Yellen said it was “seriously misrepresented” and “involves no reporting of individual transactions.”
“It is unfortunate that Treasury Secretary Janet Yellen’s claim that this new IRS proposal will only be implemented to deter billionaire tax dozers,” Anderson told Granthshala Business. “Indeed, any American with more than $600 in their bank account or $600 in annual transactions would be left vulnerable to being spied on by the IRS.”
“After years of politically motivated leaks and hacks, why should we trust the IRS not to spy on Americans or silence political opponents?” he said. “The truth is that Biden The administration is arming the IRS against anyone who uses the American financial system, and now the Secretary of the Treasury is coming out in support of this radical proposal.”
Granthshala Business’ Tyler Olsen and Kelly Lako contributed to this report.