WASHINGTON, D.C. – Congressman Clay Higgins (R-LA) issued the following statement after Democrats announced they will scale back a Biden administration proposal that would require banks to provide the Internal Revenue Service (IRS) with private banking data. Under a revised proposal, Democrats have increased the threshold to target accounts with outflows totaling $10,000 or more in a year.
“I’ve been quite actively engaged in the fight to force removal of the $600 reporting threshold that the Democrats very much wanted snuck into their monstrosity spending bill. I will never sit idly by and allow invasion of privacy that impacts the overwhelming majority of Americans. The federal government should not be spying on Americans’ bank accounts. This is but one of many intrusive and injurious policies buried within the Democrats’ $5.5 trillion socialist tax-and-spend agenda. Every real Republican should oppose these insidious bills. Democrats really wanted the $600 reporting requirement. The very fact that they pulled it out is reflective of the fact that they’re desperate to pass both bills. It’s unfortunate that any Republican would support their socialist spending agenda.”