LANSING, Mich. — State Sen. Kevin Daley on Thursday introduced a resolution calling on Congress to reconsider recently announced IRS reporting requirements.
“These proposed requirements are a disturbing invasion of personal privacy from our federal government,” said Daley, R-Lum. “I don’t believe our federal representatives should allow people’s privacy to be put in danger so the government can collect more tax dollars to pay for massive government spending programs.”
Senate Resolution 85 urges the U.S. Congress to oppose the unnecessary and harmful changes to Internal Revenue Service reporting requirements proposed by the U.S. Department of Treasury.
The department has proposed requiring financial institutions to report financial account information for accounts with a gross flow threshold or fair market value of $600 or more. The proposal calls for financial institutions to report gross inflows and outflows with a breakdown for physical cash, transactions with foreign accounts, and transfers to and from another account with the same owner. The proposed rules would apply to both business and personal accounts, including bank, loan, and investment accounts at financial institutions subject to the proposed requirement.
“I’ve heard from people throughout my district, and even the state, about how they are genuinely concerned for what these rules mean for their personal privacy,” Daley said.
“This would also put more stress on our community banks and credit unions, who are already struggling with unnecessary regulations from Washington.”