Congresswoman Miller Co-Sponsors The Prohibiting IRS Financial Surveillance Act
February 17, 2023
WASHINGTON, D.C. – Congresswoman Carol Miller (R-WV) co-sponsored The Prohibiting IRS Financial Surveillance Act, along with Republican Members of the Ways and Means Committee. This bill was introduced by Congressman Drew Ferguson (R-GA) and a companion bill was introduced by U.S. Senator Tim Scott (R-SC) in the Senate. With the strong concerns raised by families and small businesses concerning their financial privacy, this bill will focus on preventing the Internal Revenue Service (IRS) from establishing new reporting requirements for banks or other financial institutions to administer aggressive financial surveillance under the Biden Administration.
“The IRS is a tool used by the Biden Administration to spy on and enforce more taxes on hard-working Americans,” said Congresswoman Carol Miller. “From lowering the e-commerce threshold, to disregarding the privacy of American citizens, the Biden Administration must be held accountable. The Prohibiting IRS Financial Surveillance Act will limit government overreach and protect the financial information of Americans from being used against them.”
“For the past two years, the Biden Administration and Congressional Democrats have worked to inflate the unchecked power of the IRS by implementing a broad financial surveillance regime – putting the financial information of millions of Americans at risk,” said Congressman Drew Ferguson. “This surveillance is an invasion of privacy and it's in every Americans best interest that we protect their private financial information. By hiring 87,000 new agents to harass and audit thousands of hardworking families, farmers, and small businesses without probable cause, the Democrat’s intent to weaponize the IRS is crystal clear and this important legislation stops this radical, big-government overreach.”
Joining Congresswoman Carol Miller (R-WV) and Congressman Drew Ferguson (R-GA) as co-sponsors are Representatives Vern Buchanan (R-FL), Adrian Smith (R-NE), Mike Kelly (R-PA), David Schweikert (R-AZ), Darin LaHood (R-IL), Brad Wenstrup (R-OH), Jodey Arrington (R-TX), Ron Estes (R-KS), Lloyd Smucker (R-PA), Greg Murphy (R-NC), David Kustoff (R-TN), Brian Fitzpatrick (R-PA), Claudia Tenney (R-NY), Blake Moore (R-UT), Michelle Steel (R-CA), Beth Van Duyne (R-TX), Randy Feenstra (R-IA), Nicole Malliotakis (R-NY), and Mike Carey (R-OH).
Background:
The Biden Administration proposed implementing a surveillance regime requiring banks and other financial institutions to provide the IRS details on their customers and data for accounts with deposits or withdrawals worth more than $600 as part of their “Built Back Better” plan.
As of January 1, 2022, any financial transaction over $600 on mobile money apps – such as Venmo, PayPal, and Cash App – must be reported to the IRS.
Congresswoman Carol Miller (R-WV) re-introduced the Saving Gig Economy Taxpayers Act, which would repeal an unwarranted and unfair tax hike in the American Rescue Plan. Before the law change, Taxpayers would have to earn at least $20,000 and have at least 200 transactions to qualify for a 1099-K form if they made money through an e-commerce platform or worked as an independent contractor through a gig economy app. The American Rescue Plan included a provision to lower this threshold to $600 a year with no minimum on the number of transactions, effectively raising taxes on America's hardworking gig economy workers.
“The IRS is a tool used by the Biden Administration to spy on and enforce more taxes on hard-working Americans,” said Congresswoman Carol Miller. “From lowering the e-commerce threshold, to disregarding the privacy of American citizens, the Biden Administration must be held accountable. The Prohibiting IRS Financial Surveillance Act will limit government overreach and protect the financial information of Americans from being used against them.”
“For the past two years, the Biden Administration and Congressional Democrats have worked to inflate the unchecked power of the IRS by implementing a broad financial surveillance regime – putting the financial information of millions of Americans at risk,” said Congressman Drew Ferguson. “This surveillance is an invasion of privacy and it's in every Americans best interest that we protect their private financial information. By hiring 87,000 new agents to harass and audit thousands of hardworking families, farmers, and small businesses without probable cause, the Democrat’s intent to weaponize the IRS is crystal clear and this important legislation stops this radical, big-government overreach.”
Joining Congresswoman Carol Miller (R-WV) and Congressman Drew Ferguson (R-GA) as co-sponsors are Representatives Vern Buchanan (R-FL), Adrian Smith (R-NE), Mike Kelly (R-PA), David Schweikert (R-AZ), Darin LaHood (R-IL), Brad Wenstrup (R-OH), Jodey Arrington (R-TX), Ron Estes (R-KS), Lloyd Smucker (R-PA), Greg Murphy (R-NC), David Kustoff (R-TN), Brian Fitzpatrick (R-PA), Claudia Tenney (R-NY), Blake Moore (R-UT), Michelle Steel (R-CA), Beth Van Duyne (R-TX), Randy Feenstra (R-IA), Nicole Malliotakis (R-NY), and Mike Carey (R-OH).
Background:
The Biden Administration proposed implementing a surveillance regime requiring banks and other financial institutions to provide the IRS details on their customers and data for accounts with deposits or withdrawals worth more than $600 as part of their “Built Back Better” plan.
As of January 1, 2022, any financial transaction over $600 on mobile money apps – such as Venmo, PayPal, and Cash App – must be reported to the IRS.
Congresswoman Carol Miller (R-WV) re-introduced the Saving Gig Economy Taxpayers Act, which would repeal an unwarranted and unfair tax hike in the American Rescue Plan. Before the law change, Taxpayers would have to earn at least $20,000 and have at least 200 transactions to qualify for a 1099-K form if they made money through an e-commerce platform or worked as an independent contractor through a gig economy app. The American Rescue Plan included a provision to lower this threshold to $600 a year with no minimum on the number of transactions, effectively raising taxes on America's hardworking gig economy workers.
###