Political Quotes

“in the past few weeks, I have been working with my colleagues in the Senate to draw attention to the privacy concerns of requiring all financial institutions to report to the IRS on the inflows or outflows on every checking, loan, and investment account above a certain threshold. Under the guise of closing the tax gap, Democrats have proposed to drastically expand the powers of the IRS and turn banks and credit unions into private investigators for law-abiding Americans. The proposal as it originally came out in the ``Green Book'' from the White House required that every single financial account--not just bank accounts, not just credit union accounts, but all financial accounts that have more than $600 worth of inflow or $600 worth of outflow in a given year would have to have that reported to the IRS. We have been pointing this out to people across America now for several weeks, and the uproar is loud. The message has been getting heard obviously because now the administration and the IRS are saying: Well, we didn't really mean just everybody who has a $600 inflow or outflow of their account. We are willing to raise that to $10,000--so that you don't have to have the IRS snooping on your financial data in your financial accounts unless you have more than $10,000 worth of income or more than $10,000 worth of outflow in your account. And they said: And we are not even going to count wages or interest or government benefits in that.…”