Washington, D.C. – Congresswoman Elise Stefanik joined her colleagues in sending a letter to Speaker Nancy Pelosi, Ways and Means Chair Neal, Department of Treasury Secretary Yellen, and Internal Revenue Service (IRS) Commissioner Rettig to express concern with a recent IRS data collection proposal that will increase tax information reporting requirements on financial institutions.
“This dangerous proposal contains alarming privacy implications for taxpayers and would impose unnecessary burdens on financial institutions that serve our communities,” Stefanik said. “I am proud to fight against these regulations that would pass burdensome costs to the residents of the North Country, and I will continue to work to protect the privacy of our citizens from this proposal.”
Specifically, the proposal would require financial institutions and other financial services providers to report certain transaction level data as well as information about the outflows and inflows on accounts over $600 to the IRS every year. The requirements of this proposal would impose significant compliance costs on our banks, credit unions, and related financial institutions, but also infringe on the privacy of millions of Americans.
“We ask you to address our concerns as we work to craft a regulatory environment focused on protecting Americans and our financial system, not one focused on raising revenue at the expense of our taxpayers and financial institutions,” the members wrote.
Read the full letter, led by Congressman Tom Emmer (R-Minn.) here.