Texas 2021 - 87th 3rd C.S.

Texas Senate Bill SCR5 Compare Versions

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

Old	New	Differences
1	1	87S30703 TBO-D
2	2	By: Springer S.C.R. No. 5
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4	4
5	5	CONCURRENT RESOLUTION
6	6	WHEREAS, The Biden administration's revenue proposal for
7	7	fiscal year 2022 includes a number of provisions that would place
8	8	undue burdens on banks, small businesses, and law-abiding American
9	9	citizens; and
10	10	WHEREAS, The proposal seeks to improve tax enforcement
11	11	measures by requiring peer-to-peer payment transaction apps as well
12	12	as banks and other financial institutions to annually report
13	13	aggregated data on all account inflows and outflows of $600 or more
14	14	to the Internal Revenue Service; the reports would also disclose
15	15	whether transactions involved physical cash, foreign accounts, or
16	16	transfers between accounts with the same owner; critics of the
17	17	proposal have highlighted key issues regarding privacy, compliance
18	18	costs, and negative impacts on low-income communities; and
19	19	WHEREAS, The proposal's low $600 threshold for reporting
20	20	would ensnare most active bank accounts, including those owned by
21	21	individuals and small businesses; as a result, the financial data
22	22	of the majority of bank accounts would be sent to the IRS, which
23	23	experiences more than one billion cyberattacks each year; in
24	24	addition, a June 2021 ProPublica article revealed a massive leak of
25	25	tax return data from the IRS, demonstrating that the agency is
26	26	unable or unwilling to protect taxpayer information; considering
27	27	its many vulnerabilities in cybersecurity, the IRS should not be
28	28	trusted with more private information; and
29	29	WHEREAS, By holding financial institutions responsible for
30	30	data collection and reporting, the proposal would force banks to
31	31	increase spending on additional staffing, technology, and other
32	32	resources; these costs could then be passed on to the depositors,
33	33	thereby burdening tax-compliant citizens and businesses; and
34	34	WHEREAS, People from both political parties have expressed
35	35	concern about the Biden administration's revenue proposal; a group
36	36	of 141 House Republicans explained their position in a letter to
37	37	their Democratic colleagues, and House Democrats omitted the bank
38	38	reporting requirements in their September 2021 list of tax policy
39	39	changes due to the potential harm it may cause to low-income
40	40	communities; moreover, an Independent Community Bankers of America
41	41	poll conducted by Morning Consult found bipartisan opposition to
42	42	the IRS reporting requirements included in the proposal, with 67
43	43	percent of voters opposed and more than half of voters strongly
44	44	opposed; and
45	45	WHEREAS, The Biden administration's revenue proposal fails
46	46	to consider cybersecurity risks and unjust burdens on lawful
47	47	individuals, and the United States Congress should oppose this
48	48	unprecedented intrusion into the privacy of Americans; now,
49	49	therefore, be it
50	50	RESOLVED, That the 87th Legislature of the State of Texas,
51	51	3rd Called Session, hereby respectfully urge the Congress of the
52	52	United States to oppose the burdensome reporting requirements
53	53	included in the Biden administration's revenue proposals for fiscal
54	54	year 2022; and, be it further
55	55	RESOLVED, That the Texas secretary of state forward official
56	56	copies of this resolution to the president of the United States, to
57	57	the president of the Senate and the speaker of the House of
58	58	Representatives of the United States Congress, and to all the
59	59	members of the Texas delegation to Congress with the request that
60	60	this resolution be entered in the Congressional Record as a
61	61	memorial to the Congress of the United States of America.