Sen. Thune: IRS Tax Reporting Proposal an Unprecedented Shakedown of American's Financial Data

U.S. Sen. John Thune (R-S.D.) on Tuesday reiterated his strong opposition to Democrats’ proposal to double the size of the IRS and monitor everyday Americans’ bank accounts to offset the cost of additional spending programs in the American Families Plan.

In September, Thune led a letter to Senate Majority Leader Chuck Schumer (D-N.Y.) urging him to abandon the Biden administration’s unprecedented proposal to expand the reporting of the private, confidential financial data of law-abiding Americans from financial institutions to the Internal Revenue Service (IRS). Thune’s letter was signed by every Republican member of the Senate Committee on Finance and the Senate Committee on Banking, Housing, and Urban Affairs.

“And today, we want to focus on one particular element of that, and that is how it's paid for. And in particular, this proposal, which would double the size of the IRS, literally double the size of the IRS, and allow them to snoop into every American's transactions, bank transactions," Sen. Thune said. 

“And as has already been pointed out, this is something that is so sweeping, we've never seen anything like it before, where you're literally talking about an IRS dragnet across the bank accounts of every single American, or at least every single American who banks. Because as has been pointed out, any American who uses a bank account probably at some point is going—with deposits and withdrawalsexceed $600."

Watch Sen. Thune's full statement

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