Alabama Senator Tuberville’s Statement on the New Proposed Tax Law

Sen. Tuberville’s office sent https://abc3340.com/news/nation-world/irs-proposal-to-track-transactions-of-600-or-more?fbclid=IwAR0LAHtMaHM7cZNcU0PWU6VJUEWrZn_g4W1ur3VY1aY46nT7Hp8IT9R2Wq0 the following statement:

“The Biden Administration’s IRS reporting proposal is an unprecedented intrusion into the financial lives of American citizens that would place a crushing compliance burden on our nation’s community banks and credit unions. The proposal would require financial institutions to turn over data on customer account inflows and outflows of $600 or greater. This means that basic financial transactions millions of Americans make such as rent payments, car payments, or purchases of items like a gun, washing machine, or wedding dress would be of an amount great enough to trigger the reporting requirement. Virtually every American with a bank account would be impacted. Democrats are arguing that their new proposal would help the IRS close the tax gap and root out high income tax evaders. They must think that every American who makes a financial transaction of $600 or more over the course of a year is a wealthy tax cheat. Senator Tuberville wants to protect the financial privacy of all Americans and block the IRS from collecting data on account inflows or outflows of $600 or greater.”