Democrats Reject Measure To Prevent IRS From Collecting Americans’ Sensitive Banking Information | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

Democrats Reject Measure To Prevent IRS From Collecting Americans’ Sensitive Banking Information

The Senate on Tuesday rejected a measure introduced by Finance Committee Ranking Member Mike Crapo that would have prevented the Internal Revenue Service from having access to Americans’ private banking records.

The rule, which Crapo proposed as an amendment to Democrats’ $3.5 trillion budget resolution, was narrowly defeated 50-49 in a party-line vote. It would have prohibited President Joe Biden’s administration from requiring financial institutions to report all transactions on accounts with a balance of more than $600.

“The IRS financial institution reporting requirement forces financial institutions to turn over detailed bank account information to the IRS based on vague and ‘flexible’ criteria, such as a $600 threshold and account inflows and outflows, which are determined by the IRS,” Crapo said in a statement.

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