IRS Bank Account Information
COLUMBUS, Ohio (WKBN) – Ohio Treasurer Robert Sprague joins other state treasurers across the country to fight a Biden administration plan that rrequire financial institutions to turn over account information to the Internal Revenue Service.
Targeted bank accounts would be those with an inflow or outflow of $ 600.
This measure aims to close an unpaid tax revenue gap estimated at nearly $ 175 billion per year.
Treasury Secretary Janet Yellen urges Democrats to uphold the Biden administration’s comprehensive proposal to give the Internal Revenue Service more resources to identify tax evaders.
The measure also includes $ 80 billion to increase staffing and enforcement efforts.
A letter sent to the Biden administration of the State Financial Officers Foundation (SFOF) said the group does not believe the federal government should give the IRS “unprecedented and unconstitutional power to review the private financial accounts of law-abiding citizens.”
|“The Biden administration’s proposal is a scandalous attack on American freedoms,” Treasurer Sprague said. âTheir attempt to invade our private financial accounts not only erodes our rights and values ââas Americans, but it would also be dangerously burdensome to our financial institutions – large and small. I am proud to stand alongside my colleagues across the country in the fight against this unprecedented and unnecessary intrusion.|
According to the SFOF, the measure would impact 100 million Americans. They cited the millions of Americans who received money from the CARES Act, which included a weekly increase in unemployment benefits from the Federal Pandemic Unemployment Compensation Program (FPUC) to the 25 million Americans who lost their jobs during the pandemic, about $ 3,200 in Economic Impact Payments (EIPs) and, most recently, child tax credit payments advanced to millions of Americans. All of these beneficiaries would fall under the $ 600 guideline.
“There is no quantitative or qualitative evidence that this proposed measure will help to gather
tax evaders, âthe treasurers wrote.
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