As part of the American Families Plan, it was proposed that financial institutions would be required to report detailed information on all deposits and withdrawals through business and personal accounts worth more than $600 - regardless of tax liability
- to the IRS. The requirement raises several concerns:
- This proposal would violate consumers’ personal privacy by forcing credit unions and banks to provide the government with information that does not reflect taxable activity.
- Financial institutions would face an unnecessary and expensive regulatory burden that would increase expenses for the institutions, and eventually result in increased account costs for the consumers.
- The government relies on outdated data systems to store and secure IRS information. These systems have already been compromised in recent years, and the addition of this type of data only increases the likelihood of a future breach.
We need to work together to keep this from becoming law.
Please use this link to easily contact your representatives and let them know you oppose this proposal.