Protecting Financial Privacy Act

Mark Campanale Government Relations, Government Relations Updates

The Biden Administration’s proposal for the IRS to monitor every American’s financial transaction of $600 or more will see another challenge in the form of the Protecting Financial Privacy Act.

On Monday the bill sponsor, Senator Tommy Tuberville (R-AL) stated that currently, “the IRS can find out every $10,000 you spend, but now they want to move it all the way down to $600. And if you go out and buy a wedding dress for your daughter, or a gun to go hunting, or even plane tickets, they will know everything you do. And the IRS cannot keep a secret—they will release all your records to the media or whoever. The American people don’t need the IRS in their business any more than they already are.”

As soon as this bill has been assigned a number and the text is publicly available, we will provide it. Meanwhile you can read Senator Tuberville’s press release here.