TOPEKA, Kan. (WIBW) – Kansas’s two U.S. Senators are fighting back against a proposal that they say would increase IRS surveillance on Kansas bank accounts.
U.S. Senator Jerry Moran (R-Kan.) says he spoke on the Senate floor on Thursday to oppose the proposal to expand the Internal Revenue Service, which would allow it increased authority to review individual financial accounts.
“Knowing how much money a Kansan earns isn’t enough; now the IRS wants to know how you spend your money,” said Sen. Moran. “This proposal gives the government unprecedented access to nearly every working American’s bank account. Rather than listen to the enormous pushback from Americans and eliminating consideration of this invasive mandate, Democrats are simply suggesting to tweak this proposal depending on the revenues needed to fund their massive tax-and-spend spree.”
In September, Sen. Roger Marshall (R-Kan.) said he cosponsored the Tax Gap Reform and Internal Revenue Service Enforcement Act, which would protect taxpayers against the proposal to monitor bank account transactions over $600 and provide guardrails against proposals to expand the IRS.
“Requiring financial institutions to report any transaction over $600 to the IRS is incredibly intrusive, and violates the rights and privacy of the American taxpayer,” said Senator Marshall. “I’m proud to support this bill to hold the IRS accountable and halt them from harassing American taxpayers.”
The bill would require timely, annually updated information on tax gap estimates with the Joint Committee on Taxation. It would also codify President Joe Biden’s pledge to not increase audits of taxpayers who make less than $400,000 per year and prohibit the establishment of new bank reporting requirements.
Marshall said the legislation is would also require the IRS to use existing data and tools to improve its audit selection process and increase enforcement against high-income non-filers. Lastly, he said it would create an IRS enforcement fellowship pilot program to help its most complex audits and case selection decisions. Before hiring thousands of new agents, he said Congress should test the effectiveness of increased expertise in a targeted way.
Copyright 2021 WIBW. All rights reserved.
Go to Source
Powered by WPeMatico