Sen. Thune Fights Proposal that Would Burden Banks and Compromise Customers' Privacy

This week, Sen. John Thune lead his colleagues, including Sen. Mike Rounds, in sending a letter to Senate Majority Leader Chuck Schumer (D-N.Y.) requesting that Democrats 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). The administration’s proposal would force financial institutions to report customer information such as gross inflow and outflow information and transaction information directly to the IRS.

“This proposal represents a radical departure from existing reporting requirements associated with national security and actual taxable events,” the senators wrote. “Placing more requirements on financial institutions would not only adversely affect these institutions and their customers—who ultimately pay the price for compliance costsbut it would also inundate the IRS with layers of new paperwork and taxpayer data that is either redundant or irrelevant to improving federal tax compliance, as account inflows and outflows are not taxable events.”

Read the full text of the letter here

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