Tuesday | October 19, 2021

Scott: Democrats' IRS Snooping Plan Hurts Americans Living Paycheck-to-Paycheck

WASHINGTON – Today, U.S. Senator Tim Scott (R-S.C.) spoke out against the Democrats' plans to give the IRS access to the bank information of virtually every American during a Senate Banking Committee hearing and a Senate GOP press conference.  

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Click to watch Senator Scott's questions at the hearing

On the IRS investigating every American’s accounts … "It would be impossible for me not to ask a question about the current proposals coming out of the administration as it relates to the ability to investigate and/or have access to every transaction in every American’s banking accounts or financial accounts based on simply $600 of flow coming through. I know that some proposals have $600; others have $10,000. The challenge is, whether it’s $600 or $10,000, it captures basically the same number of accounts."

On enlarging big government … "If you’re looking for tax cheats, that is a terrible way of figuring it out. But if you are, in fact, looking at a big-government proposal to have the ability to investigate every single transaction of a financial institution of your account, my account, and their accounts… well, this might be a good direction to go in."

On burdening working-class Americans … "If you’re looking to simply find the tax cheats of the top one percent or two percent of Americans, you don’t need a threshold of $600. You don’t need a threshold of $10,000. Frankly, you don’t even need a threshold of $100,000 dollars. What this threshold of $600 or $10,000 does is it captures all the information, all the transactions of everyday Americans, not the rich ones, but the ones working paycheck-to-paycheck. … That’s not about millionaires and billionaires. That is an actual additional burden on working-class Americans."

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Click to watch Senator Scott's remarks at the press conference

On the results of the Democrats' proposal ... "I think about the fact that there are seven million Americans who are unbanked and may be a little suspicious of the government. This proposal will keep those good Americans from being able to engage and get involved in the financial systems of our country. I can’t think of anything more wrong-directed than this proposal. ... For those Americans who are concerned that, somehow, the government is too big, too onerous, too burdensome, this only adds more fuel to that fire."

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