HARRISBURG – The Senate of Pennsylvania voted today on a resolution sponsored by Senators Kristin Phillips-Hill (R-York) and Camera Bartolotta (R-Beaver/Washington/Greene) that calls on the United States Congress to oppose any effort by the Biden Administration to review any private financial accounts and transactions.
The U.S. Dept. of the Treasury released a comprehensive list of revenue proposals for the federal government to consider for the 2022 fiscal year. Included in that proposal that the Biden Administration supported is a plan that “would create a comprehensive financial account information reporting regime,” according to the Treasury.
The original measure would allow the federal government to monitor all financial account withdraws and deposits exceeding $600. The Biden Administration has since increased the threshold to $10,000. However, the average American has inflows and outflows exceeding $60,000 annually. This includes fund transfers into savings accounts, rent or mortgage payments, utilities, and other household bills.
The Biden Administration’s proposal also states, “The Secretary would be given broad authority to issue regulations necessary to implement this proposal.”
Phillips-Hill and Bartolotta highlighted that their offices have received many calls and emails from constituents who are concerned by this broad overreach by the federal government in order to fund a multi-trillion-dollar spending package.
“The IRS has a horrible track record of protecting personal data and information. To give the Treasury and the IRS massive amounts of new personal information to spy on individual financial transactions sets our nation and our taxation system on a very dangerous path moving forward,” Phillips-Hill said. “I am pleased the majority of my colleagues said yes to Senate Resolution 195 so we can say no to this IRS intrusion into our personal bank accounts.”
“I have not heard from a single constituent who feels the government is entitled to watch private citizens’ bank accounts, and I think that really speaks to the importance of this resolution. Pennsylvanians deserve financial independence, free from the watchful eye of a Big Brother government,” Bartolotta said.
The Senate of Pennsylvania will send letters indicating its disapproval of the Biden Administration’s tax snooping plan to every member of the Commonwealth’s U.S. Congressional delegation, as well as President Biden and various members in U.S. Senate and House leadership.