| 1 | 1 | | *SC2009* |
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| 2 | 2 | | Introduced Version |
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| 3 | 3 | | SENATE CONCURRENT |
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| 4 | 4 | | RESOLUTION No. ____ |
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| 5 | 5 | | DIGEST OF INTRODUCED RESOL UTION |
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| 6 | 6 | | A CONCURRENT RESOLUTION urging the Congress of |
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| 7 | 7 | | the United States to oppose the burdensome reporting |
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| 8 | 8 | | requirements included in the Biden administration's tax increase |
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| 9 | 9 | | proposals for fiscal year 2022. |
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| 10 | 10 | | Houchin |
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| 11 | 11 | | _______________________, read first time and referred to Committee on |
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| 12 | 12 | | 20222443 |
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| 13 | 13 | | 2022 SC 2009/DI 92 Introduced |
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| 14 | 14 | | Second Regular Session of the 122nd General Assembly (2022) |
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| 15 | 15 | | SENATE CONCURRENT |
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| 16 | 16 | | RESOLUTION ____ |
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| 17 | 17 | | 1 A CONCURRENT RESOLUTION urging the Congress of |
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| 18 | 18 | | 2 the United States to oppose the burdensome reporting |
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| 19 | 19 | | 3 requirements included in the Biden administration's tax increase |
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| 20 | 20 | | 4 proposals for fiscal year 2022. |
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| 21 | 21 | | 5 Whereas, The Biden administration's tax increase proposal |
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| 22 | 22 | | 6 for fiscal year 2022 includes a number of provisions that would |
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| 23 | 23 | | 7 place undue burdens on banks, small businesses, and |
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| 24 | 24 | | 8 law-abiding American citizens; |
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| 25 | 25 | | 9 Whereas, The proposal seeks to increase tax enforcement |
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| 26 | 26 | | 10 measures by requiring peer-to-peer payment transaction apps |
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| 27 | 27 | | 11 as well as banks and other financial institutions to annually |
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| 28 | 28 | | 12 report aggregated data on all account inflows and outflows of |
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| 29 | 29 | | 13 $600 or more to the Internal Revenue Service; |
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| 30 | 30 | | 14 Whereas, The required reports would also disclose whether |
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| 31 | 31 | | 15 transactions involved physical cash, foreign accounts, or |
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| 32 | 32 | | 16 transfers between accounts with the same owner; |
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| 33 | 33 | | 17 Whereas, There are also serious issues regarding privacy, |
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| 34 | 34 | | 18 compliance costs, and negative impacts on low-income |
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| 35 | 35 | | 19 communities; |
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| 36 | 36 | | 20 Whereas, The proposal's low $600 threshold for reporting |
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| 37 | 37 | | 21 would ensnare most active bank accounts, including those |
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| 38 | 38 | | 22 owned by individuals and small businesses. As a result, the |
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| 39 | 39 | | 23 financial data of the majority of bank accounts would be sent |
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| 40 | 40 | | 24 to the IRS, which experiences more than one billion cyber |
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| 41 | 41 | | 25 attacks each year; |
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| 42 | 42 | | 2022 SC 2009/DI 92 2 |
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| 43 | 43 | | 1 Whereas, A massive leak of tax return data from the IRS was |
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| 44 | 44 | | 2 reported in June 2021, demonstrating that the agency is unable |
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| 45 | 45 | | 3 or unwilling to protect taxpayer information; |
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| 46 | 46 | | 4 Whereas, The IRS should not be trusted with more private |
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| 47 | 47 | | 5 information because of its many cyber security vulnerabilities; |
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| 48 | 48 | | 6 Whereas, By holding financial institutions responsible for |
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| 49 | 49 | | 7 data collection and reporting, the Biden administration's |
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| 50 | 50 | | 8 proposal would force banks to increase spending on additional |
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| 51 | 51 | | 9 staffing, technology, and other resources. These costs could |
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| 52 | 52 | | 10 then be passed on to the depositors, thereby burdening |
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| 53 | 53 | | 11 tax-compliant citizens and businesses; |
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| 54 | 54 | | 12 Whereas, People from both political parties have expressed |
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| 55 | 55 | | 13 concern about the Biden administration's tax increase |
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| 56 | 56 | | 14 proposal. A group of 141 House Republicans explained their |
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| 57 | 57 | | 15 position in a letter to their Democratic colleagues, and House |
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| 58 | 58 | | 16 Democrats omitted the bank reporting requirements in their |
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| 59 | 59 | | 17 September 2021 list of tax policy changes due to the potential |
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| 60 | 60 | | 18 harm it may cause to low-income communities; and |
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| 61 | 61 | | 19 Whereas, The Biden administration's tax increase proposal |
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| 62 | 62 | | 20 fails to consider cyber-security risks and places unjust burdens |
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| 63 | 63 | | 21 on lawful individuals, and the United States Congress should |
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| 64 | 64 | | 22 oppose this unprecedented intrusion into the privacy of |
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| 65 | 65 | | 23 Americans: Therefore, |
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| 66 | 66 | | 24 Be it resolved by the Senate |
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| 67 | 67 | | 25 of the General Assembly of the State of Indiana, |
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| 68 | 68 | | 26 the House of Representatives concurring: |
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| 69 | 69 | | 27 SECTION 1. That the Indiana General Assembly respectfully |
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| 70 | 70 | | 28 urges the Congress of the United States to oppose the |
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| 71 | 71 | | 29 burdensome reporting requirements included in the Biden |
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| 72 | 72 | | 30 administration's tax increase proposals for fiscal year 2022. |
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| 73 | 73 | | 31 SECTION 2. That copies of this resolution be transmitted by |
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| 74 | 74 | | 32 the Secretary of the Senate to the President of the United States, |
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| 75 | 75 | | 33 to the President of the Senate and the Speaker of the House of |
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| 76 | 76 | | 34 Representatives of the United States Congress, and to all the |
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| 77 | 77 | | 35 members of the Indiana delegation to Congress with the request |
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| 78 | 78 | | 36 that this resolution be entered in the Congressional Record as |
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| 79 | 79 | | 37 a memorial to the Congress of the United States of America. |
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| 80 | 80 | | 2022 SC 2009/DI 92 |
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