This week, Rep. Mark Green joined over 100 Republican colleagues in sending a letter to Speaker Nancy Pelosi, Ways and Means Committee Chairman Richard Neal, Treasury Secretary Janet Yellen, and IRS Commissioner Charles Rettig, expressing his frustration over a recent IRS data collection proposal to increase tax information reporting requirements on financial institutions.
The letter reads, “The recent spending proposal to include new tax information reporting requirements for financial institutions would not only impose significant compliance costs on our banks, credit unions, and related financial institutions that have served as the backbone of this economy these past 18 months, but also infringe on the privacy of millions of Americans.”
Rep. Green said, “I am disgusted by this scheme. This unnecessary data collection effort is inappropriate and will place more undue burdens on the American people and more regulations within an agency already infested with bureaucratic red tape.”
“This proposal would also create a tremendous amount of compliance costs for financial institutions—costs the American people, not Congress or bureaucrats, will have to pay. Creating such a massive database is like an invitation to bad actors and will threaten the privacy and security of Americans’ financial data.”
Original source can be found here.
