Washington, D.C. – U.S. Senators John Barrasso and Cynthia Lummis, both R-WY, joined Tim Scott (R-SC) and Mike Crapo (R-ID) in introducing the Prohibiting IRS Financial Surveillance Act to protect people in Wyoming from the Internal Revenue Service (IRS) monitoring their private transaction information.
“The people of Wyoming want nothing to do with Joe Biden’s plan to give more power to the IRS. This agency can’t even keep tax records secure. The last thing they should be given is even more access to taxpayers’ private and personal data,” said Sen. Barrasso. “The Democrats are using this tactic to squeeze as much money as they can out of hardworking Americans. Senator Lummis and I are committed to stopping this power-grab dead in its tracks.”
“The IRS has no business knowing every detail of small financial transactions between individuals in Wyoming, and banks and credit unions shouldn’t be forced to spy on their customers on behalf of the IRS,” said Sen. Lummis. “This commonsense legislation will stop this clear invasion of privacy and prevent future attempts to politicize the IRS.”
In 2021, the Biden administration proposed new requirements that would have directed the IRS to collect the private transaction information of virtually every person in Wyoming. This legislation will protect taxpayers by prohibiting such requirements from ever being implemented.
This bill is endorsed by the Consumer Bankers Association (CBA), Credit Union National Association (CUNA), American Bankers Association (ABA), Independent Community Bankers of America (ICBA), U.S. Chamber of Commerce, National Association of Federally-Insured Credit Unions (NAFCU), Americans for Tax Reform (ATR) and the National Taxpayers Union (NTU).
Click here to read the bill.