Political Quotes

“Mr. Speaker, as explained prior, if we defeat the previous question, we will immediately move to bring up H.R. 5586. This bill prohibits the expansion of the Internal Revenue Service's requirements for financial institutions to report bank account transactions. The Biden administration is searching for ways to pay for their partisan $5.5 trillion social policy bill, and one of the Democrats' proposed solutions is to spy on taxpayers' bank accounts. Their proposal would require financial institutions and service providers to report data on accounts that deposit or withdraw more than $600 or maybe $10,000 to the Internal Revenue Service to help ensure that Americans are paying their fair share in taxes. Democrats claim that this regulatory expansion would only impact wealthy Americans and businesses. But in reality, it targets virtually all working-class people in our Nation. This government overreach would be an enormous violation of privacy, jeopardize the financial security of all Americans, and impose significant compliance costs on financial institutions. Through this proposal, the Democrats are looking to weaponize the IRS by creating a new surveillance program, which would allow them to monitor every single bank account without permission or limit. In order to conduct this surveillance on Americans, the provision includes $80 billion to double the number of IRS agents, which would be six times the size of the IRS' annual budget.…”