Congressman Chris Pappas (NH-01), Co-Chair of the bipartisan House Small Business Caucus, joined a letter with 20 House colleagues to House Speaker Nancy Pelosi and Ways and Means Committee Chairman Richard Neal expressing concerns about new tax information reporting proposed by the Department of Treasury, requesting that this proposal not be included in the Build Back Better package.
"While the intent of this proposal is to ensure all taxpayers meet their obligations—a goal we strongly share—the data that would be turned over to the IRS is overly broad and raises significant privacy concerns," wrote Pappas and other lawmakers in the letter. "Over the past few weeks, hundreds of thousands of constituents have reached out to our offices voicing concerns and opposition to allowing the IRS to collect this data...we have also heard from a wide range of constituent companies and small businesses about the significant burden and potential unintended consequences that could result from the new reporting regime."
The letter concludes: "Given the privacy concerns this raises in addition to the significant burden that would be imposed on a broad range of businesses and financial institutions, we respectfully request that this proposal not be included in the Build Back Better package."
Kristy Merrill, President of the NH Bankers Association, said: "We are deeply grateful to Congressman Pappas for standing with Granite Staters in opposition to sharing private financial information with the IRS. Throughout this process, he and his team have remained in regular contact with us and listened to our perspectives. Our member banks and their customers have serious concerns about how the IRS proposal would invade their financial privacy, along with the open questions concerning the ability of the IRS to safeguard their information and effectively process the additional information. The core of the relationship between New Hampshire's banks and Granite Staters is founded upon trust. This proposal would unnecessarily inject skepticism and distrust into that important relationship."
Click here to the full text of the letter.
Original source can be found here.
