GOP state AGs oppose plan giving IRS access to $600 bank accounts to pay for $3.5T spending bill
Agency projects policy change will generate $460 billion in tax revenue over 10 years
Republican attorneys general in 20 states have joined in opposition to the Biden administration's proposal requiring financial institutions to give the Internal Revenue Service information on any bank accounts with a balance of more than $600 — to help pay for Washington Democrats' proposed $3.5 trillion spending bill.
The group wrote a letter dated Friday to President Biden and Treasury Secretary Janet Yellen arguing the Treasury Department proposal to improve tax collecting "stands in direct opposition to privacy that Americans are entitled to and deserve."
The agency projects the policy change, which tentatively requires at least $600 in annual transaction for IRS access, will generate $460 billion in tax revenue over 10 years.
House Speaker Nancy Pelosi said last week whether the proposal will be included in her chamber's final version of the bill is still being negotiated, according to Cleveland.com.
"If people are breaking the law and not paying their taxes, one way to track them is through the banking measure," said Pelosi, leader of the Democrat-controlled House.
The letter states the proposal — which would have the federal government "combing through almost every American's bank account without cause, or even suspicion" — is "illegal and contrary to the well-founded constitutional principles against illegal searches and seizures."
The letter follows a group of congressional Republicans and others last month opposing the proposal.
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