Texas 2021 - 87th 3rd C.S.

Texas House Bill HCR15 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	By: Middleton H.C.R. No. 15
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4	4	HOUSE CONCURRENT RESOLUTION
5	5	WHEREAS, The Biden administration's tax increase proposal
6	6	for fiscal year 2022 includes a number of provisions that would
7	7	place undue burdens on banks, small businesses, and law-abiding
8	8	American citizens; and
9	9	WHEREAS, The proposal seeks to increase tax enforcement
10	10	measures by requiring peer-to-peer payment transaction apps as well
11	11	as banks and other financial institutions to annually report
12	12	aggregated data on all account inflows and outflows of $600 or more
13	13	to the Internal Revenue Service; the reports would also disclose
14	14	whether transactions involved physical cash, foreign accounts, or
15	15	transfers between accounts with the same owner; there are serious
16	16	issues regarding privacy, compliance costs, and negative impacts on
17	17	low-income communities; and
18	18	WHEREAS, The proposal's low $600 threshold for reporting
19	19	would ensnare most active bank accounts, including those owned by
20	20	individuals and small businesses; as a result, the financial data
21	21	of the majority of bank accounts would be sent to the IRS, which
22	22	experiences more than one billion cyberattacks each year; in
23	23	addition, a June 2021 ProPublica article revealed a massive leak of
24	24	tax return data from the IRS, demonstrating that the agency is
25	25	unable or unwilling to protect taxpayer information; considering
26	26	its many vulnerabilities in cybersecurity, the IRS should not be
27	27	trusted with more private information; and
28	28	WHEREAS, By holding financial institutions responsible for
29	29	data collection and reporting, the proposal would force banks to
30	30	increase spending on additional staffing, technology, and other
31	31	resources; these costs could then be passed on to the depositors,
32	32	thereby burdening tax-compliant citizens and businesses; and
33	33	WHEREAS, People from both political parties have expressed
34	34	concern about the Biden administration's tax increase proposal; a
35	35	group of 141 House Republicans explained their position in a letter
36	36	to their Democratic colleagues, and House Democrats omitted the
37	37	bank reporting requirements in their September 2021 list of tax
38	38	policy changes due to the potential harm it may cause to low-income
39	39	communities; and
40	40	WHEREAS, The Biden administration's tax increase proposal
41	41	fails to consider cybersecurity risks and unjust burdens on lawful
42	42	individuals, and the United States Congress should oppose this
43	43	unprecedented intrusion into the privacy of Americans; now,
44	44	therefore, be it
45	45	RESOLVED, That the 87th Legislature of the State of Texas,
46	46	3rd Called Session, hereby respectfully urge the Congress of the
47	47	United States to oppose the burdensome reporting requirements
48	48	included in the Biden administration's tax increase proposals for
49	49	fiscal year 2022; and, be it further
50	50	RESOLVED, That the Texas secretary of state forward official
51	51	copies of this resolution to the president of the United States, to
52	52	the president of the Senate and the speaker of the House of
53	53	Representatives of the United States Congress, and to all the
54	54	members of the Texas delegation to Congress with the request that
55	55	this resolution be entered in the Congressional Record as a
56	56	memorial to the Congress of the United States of America.