Washington, D.C. -- U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the following statement after Democrats voted down his amendment to prevent the undue monitoring and reporting of sensitive financial information on law-abiding Americans to the Internal Revenue Service (IRS). Instead, Democrats adopted an amendment to provide even more latitude to the IRS in determining which Americans to monitor.
“This is one of the biggest violations of the privacy of American citizens to come to the floor of the Senate in a long time. This amendment would require reporting of ‘large’ financial account balances to the IRS. So now instead of $600, they’re going to say that whatever the IRS says is ‘large’ is what they will require every single American--whether they are an individual, small business or corporation owner--everyone is going to be subject to reporting on whatever the IRS says is large. This comes after another proposal that’s coming down the pike to double or triple the funding of the IRS so they can monitor the financial transactions of American citizens. This amendment should be rejected.”
Click here or the image above to view Crapo’s remarks.
Crapo’s amendment was supported by the Independent Community Bankers of America, Credit Union National Association, American Bankers Association and National Association of Federally-Insured Credit Unions, Americans for Tax Reform and the Center for a Free Economy.