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