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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
R E P R E S E N T A T I V E S
House Memorial 1
A memorial to the Congress of the United States, 2
urging Congress to oppose the intrusive Internal 3
Revenue Service reporting requirements placed on 4
financial institutions included in the Biden 5
administration's tax increase proposal. 6
7
WHEREAS, the Biden administration's tax increase proposal 8
for fiscal year 2022 includes a number of provisions that would 9
place undue burdens on financial institutions, small businesses, 10
and law-abiding citizens, and 11
WHEREAS, one proposal seeks to increase tax payment 12
enforcement measures by requiring peer -to-peer payment 13
transaction applications as well as financial institutions to 14
annually report aggregated data on all accou nt inflows and 15
outflows of $10,000 or more to the Internal Revenue Service 16
(IRS), and 17
WHEREAS, the reports would also disclose whether 18
transactions involved physical cash, foreign accounts, or 19
transfers between accounts with the same owner, negatively 20
impacting the privacy rights of Americans, compliance costs, and 21
low-income communities, and 22
WHEREAS, the proposal's $10,000 threshold for reporting 23
would ensnare many active financial institution accounts, 24
including those owned by individuals and small bus inesses, 25
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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requiring the financial data of the majority of those accounts 26
to be sent to the IRS, an agency that experiences more than one 27
billion cyberattacks each year, and 28
WHEREAS, a June 2021 ProPublica article revealed a massive 29
leak of tax return data from the IRS, demonstrating that the 30
agency is unable or unwilling to protect taxpayer information, 31
and given its many vulnerabilities in cybersecurity, the IRS 32
should not be trusted with more private information, and 33
WHEREAS, by holding financial institu tions responsible for 34
data collection and reporting, the proposal would force 35
financial institutions to increase spending on additional 36
staffing, technology, and other resources, which could then be 37
passed on to the depositors, thus burdening tax -compliant 38
citizens and small businesses, and 39
WHEREAS, the Biden administration's tax increase proposal 40
fails to consider cybersecurity risks and unjust burdens on law -41
abiding citizens, financial institutions, and small businesses, 42
and the United States Congress sh ould oppose this unprecedented 43
intrusion into the privacy rights of Americans, NOW, THEREFORE, 44
45
Be It Resolved by the Legislature of the State of Florida: 46
47
That the Congress of the United States is urged to oppose 48
the intrusive Internal Revenue Servic e reporting requirements 49
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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placed on financial institutions included in the Biden 50
administration's tax increase proposal. 51
BE IT FURTHER RESOLVED that copies of this memorial be 52
dispatched to the President of the United States, to the 53
President of the United States Senate, to the Speaker of the 54
United States House of Representatives, and to each member of 55
the Florida delegation to the United States Congress. 56