WASHINGTON – On Thursday, Sen. Ron Johnson joined Sen. Tim Scott (R-S.C.) and 47 other Republican colleagues in introducing the Prohibiting IRS Financial Surveillance Act, a bill to prevent the Internal Revenue Service (IRS) from implementing Democrats’ plan to give the agency unduly broad access to Americans’ transaction information.
The Prohibiting IRS Financial Surveillance Act would block the Biden administration’s plan to give the IRS access to the financial information of any American’s bank account that has annual withdrawals greater than $10,000, or deposits aside from wages or federal benefits greater than $10,000. Under the Biden reporting regime a family whose monthly expenses total just $833 would still subject to IRS snooping. Nearly every American, even those below the poverty line, could be subject to this proposed reporting regime.
In addition to Senator Johnson, the bill is co-sponsored by the ranking members of the Senate finance and banking committees, Senators Mike Crapo (R-Idaho) and Pat Toomey (R-Penn.), as well as Senators Mitch McConnell (R-Ky.), John Thune (R-S.D.), John Barrasso (R-Wyo.), Joni Ernst (R-Iowa), Roy Blunt (R-Mo.), John Cornyn (R-Texas), Roger Marshall (R-Kan.), Thom Tillis (R-N.C.), Cynthia Lummis (R-Wyo.), Steve Daines (R-Mont.), John Kennedy (R-La.), Jerry Moran (R-Kan.), Kevin Cramer (R-N.D.), Richard Shelby (R-Ala.), Mike Rounds (R-S.D.), Chuck Grassley (R-Iowa), Richard Burr (R-N.C.), Todd Young (R-Ind.), John Hoeven (R-N.D.), Cindy Hyde-Smith (R-Miss.), Roger Wicker (R-Miss.), Marsha Blackburn (R-Tenn.), Jim Risch (R-Idaho), Mike Braun (R-Ind.), Shelley Moore Capito (R-W.Va.), Ben Sasse (R-Neb.), Tom Cotton (R-Ark.), Mitt Romney (R-Utah), James Lankford (R-Okla.), Jim Inhofe (R-Okla.), Dan Sullivan (R-Alaska), Josh Hawley (R-Mo.), Marco Rubio (R-Fla.), Rick Scott (R-Fla.), Ted Cruz (R-Texas), Bill Hagerty (R-Tenn.), Tommy Tuberville (R-Ala.), Lindsey Graham (R-S.C.), Rand Paul (R-Ky.), John Boozman (R-Ark.), Mike Lee (R-Utah), Susan Collins (R-Maine), Deb Fischer (R-Neb.), and Rob Portman (R-Ohio).
The full text of the bill can be found here.