BANK CUSTOMERS: OPPOSE IRS REPORTING PROPOSAL
The U.S. Congress is currently negotiating next year’s budget bill. As a revenue raising option, the bill could include a new system of information reporting that would jeopardize the security of your personal financial information. Specifically, there is a proposal that would require financial institutions to automatically report your private account information to the IRS every year. This includes deposits, withdrawals, loan payments, transfers, and more.
Every American has a reasonable expectation of financial privacy. This proposal would jeopardize that right. Furthermore, the Fourth Amendment to the U.S. Constitution protects us from unreasonable searches and seizures unless probable cause exists. There is no probable cause justifying the automatic reporting of your personal financial information to the government. In America, our justice system mandates that we are innocent until proven guilty. However, if this proposal passes, the IRS is assuming Americans are guilty of tax evasion, and we must prove that we’re not.
Texans in Washington, D.C. need to hear how you feel about this proposal! Send your House member and Senators Cornyn and Cruz an email TODAY opposing the IRS Reporting Proposal.https://www.texasbankers.com/TBA/Advocacy/Grassroots-Center/Grassroots-Action-Center/TBA/Advocacy/Grassroots_Action_Center.aspx#/