U.S. SENATE —U.S. Senator Steve Daines is urging President Biden and Senate Majority Leader Chuck Schumer to protect Montanans’ financial privacy and abandon the Biden administration’s unprecedented proposal to force banks and other financial institutions to report customer information, such as deposits or withdrawals of as little as $600, directly to the IRS.
At a U.S. Senate hearing today, Daines raised his concerns that this proposal would be especially burdensome for smaller banks and credit unions in Montana, which would be required to submit additional information to the IRS on nearly all of their customers.
Watch and download the remarks HERE.
Then in a letter to Leader Schumer, Daines raised the pressure on Democrats to abandon this proposal that would violate the privacy of law-abiding Montanans.
“Though the details of the legislation being negotiated by congressional Democrats remain unclear because Republicans continue to be boxed out of the process, one of the misguided proposals embedded within President Biden’s American Families Plan would violate law-abiding taxpayers’ privacy and place onerous new reporting requirements on financial institutions. Specifically, this proposal would require banks, credit unions, and other financial institutions to report financial account information to the IRS for nearly all of their customers – including gross inflow and outflow information, and possibly transaction information,” the letter states. “This troubling proposal would create serious privacy concerns for American taxpayers. In addition, it would be unreasonably burdensome for financial institutions across the nation, particularly those community financial institutions serving families and small businesses across America.”
Read the letter HERE.
Contact: Katherine McKeogh, Katie Schoettler