Moolenaar Opposes Biden Proposal for More IRS Monitoring of Americans

Press Release

The Biden Administration and Democrats in Congress are working together to pass a new proposal that would require banks, credit unions, and other financial institutions to report information about every American bank account with more than $600 to the IRS each year. Congressman John Moolenaar is opposed to this federal overreach.

"Many constituents have reached out to me about this proposal, and I share their concerns. This would be a violation of privacy by the government upon millions of Americans and the proposal would do more harm than good by creating higher costs that would be passed on to customers," said Congressman Moolenaar. "It would also require more electronic information to be collected about Americans, thus making their personal information more vulnerable to cyberattacks. Americans already report a large amount of data to the IRS, and there is no evidence the Democrats' new requirements would substantially help the IRS do more to stop wrongdoing."

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