Today, Rep. French Hill (AR-02) and Rep. Bryan Steil (WI-01) sent a letter to Treasury Secretary Janet Yellen and Joint Committee on Taxation (JCT) Chief of Staff Thomas Barthold requesting each provide an updated revenue estimate for Democrats’ proposed IRS surveillance program in their $4 trillion tax-and-spending spree.
In the letter, Rep. Hill and Rep. Steil write, “As Congress continues to consider what may be the largest spending package in American history, it is vital that both lawmakers and the public understand how it will be paid for. To date, Treasury has not made public any information or legislative text about its revised approach to the proposal beyond the October fact sheet, nor has it provided an updated estimate based on its revenues.”
The members continued, “We request that Treasury’s Office of Tax Analysis and the JCT each provide to Congress within 30 days with an updated revenue estimate based on the updated financial account information reporting proposal with the de minimis gross flow threshold of $10,000. We also request a detailed explanation for how the revenue estimate was calculated and what formulas, variables, and assumptions were used, as well as how Treasury’s exemption for wage and salary earners and federal program beneficiaries impacts the calculation.”
To read the full letter, click here.
Original source can be found here.
