A new act is making its way through the House of Representatives seeking to place strict limitations protecting the privacy of citizens' personal finances from the Internal Revenue Service.
The original measure was introduced in 2021 after President Joe Biden suggested requirements directing the IRS to collect information on private transactions above $600.
Co-sponsor of the bill, Rep. Drew Ferguson, R-Ga., joined Newsmax's "National Report" cheering the Prohibiting IRS Financial Surveillance Act that would prohibit implementing new reporting requirements for banks and other financial institutions.
"It prevents the IRS from snooping into your bank accounts," said Ferguson. "Americans should be trusted to do their taxes. There are plenty of provisions to make sure that the audits are done — that people pay their taxes correctly. But the one thing that we don't want is we do not want the IRS spying on our bank accounts — looking at the transaction between family members."
He added, "They want access to American's bank accounts so that they can come literally snoop into the cushions on your couch — to come look for your money.
"All we're saying is ... that the secretary and the IRS cannot do this. This is the purview of Congress, and we're not going to allow unelected bureaucrats to come spy on our fellow Americans — that's what this bill is about."
Ferguson said, "If you do transactions over $10,000, that is something that's got to be reported. But the truth of the matter is that you don't want to — you don't want these smaller transactions, particularly in a cumulative manner, for the IRS to see that."
He told Newsmax: "We do not want the federal government spying on our bank accounts. … We do not need another set of regulations in the banking industry — No. 1, that they aren't prepared to implement — No. 2, that's going to make ... the cost of borrowing money go higher."
Ferguson added, "The war on the American middle class and the American worker is continuing by this administration … Americans don't want the IRS snooping into their bank accounts. Americans don't want the IRS to be intrusive or political — this is a tool to stop that."
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