WASHINGTON–The IRS has no business in your business, says Congressman Michael Guest. He and Mississippi’s two Republican senators are warning of a move by the Biden administration they believe will give the IRS access to almost everyone’s bank account information.
The administration believes it will keep everyone honest about paying their taxes. Republican lawmakers say it will allow the IRS access to your banking and financial info by requiring banks to report anyone whose accounts add as little as $833 in a month.
“This proposal imposes on our right to privacy and is bad for families, small businesses and financial institutions,” said Guest, in a speech on the U.S. House floor.
The IRS proposal to spy on American bank accounts is an invasion of privacy and would be bad for middle class families. I spoke on the floor encouraging my colleagues to join me in opposing this overbearing proposal. pic.twitter.com/9u79TqMuTm
— Congressman Michael Guest (@RepMichaelGuest) October 22, 2021
He said that in addition to the implications for privacy, the rule would also cause banks trouble with new regulations they would have to implement.
“It is not apparent that the IRS has any constitutional authority to monitor Americans in this way,” he said. “The American public does not support the expansion of IRS bank data collection.”
Guest, who represents Neshoba County and parts of east and central Mississippi in DC, cited bi=partisan polling in support of his statements.
Mississippi’s two senators are backing a bill to stop the rule.
“Every taxpayer should pay their due, but that doesn’t mean President Biden’s plan to expand the federal government should result in growing the IRS to collect the details on personal financial information of virtually every Mississippian,” said Sen. Cindy Hyde-Smith.
The Prohibiting IRS Financial Surveillance Act would prohibit the Biden administration’s proposed proposed rule through restrictions on the U.S. Treasury and IRS.