"Bipartisan supermajority of Americans and more than 100 organizations representing small businesses clearly oppose the IRS monitoring bank account information."
Natasha Srdoc's Commentary — Why America's taxpayers should oppose this government surveilance of personal bank accounts impacting all Americans and requiring additional reporting procedures.
Natasha Srdoc, a former international banker, economist and contributor to The Economist Intelligence Unit presents a principled solution in addressing the challenges of tax evasion by focusing on tax havens in Liechtenstein and other places around the world and advances the principled flat tax policy with its built-in anti-corruption mechanism which removes loopholes, broadens the tax base and increases tax revenues.
“If this were truly about finding the tax gap for the top earners, the reporting threshold would be in the hundreds of thousands, not $600, not $10,000. Farmers and Merchants Bank opposes this proposal because it is definitely overreach by the government and an invasion of privacy. Farmers and Merchants Bank does not currently track this type of information on customers’ accounts. The bank would have to hire additional staff and/or purchase software. The cost would be substantial, making small banks like us even less competitive with the large banks.”
— Stanley Tucker, President and CEO, Farmers and Merchants Bank | Source: The Valley Times-News
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement:
“While policymakers are proposing tweaks to Washington’s widely opposed proposal that would require financial institutions to report customer account information to the IRS, no amount of updating will salvage this misguided plan or quell the widespread public backlash it has generated. The proposed tweaks—such as raising the reporting threshold—would benefit hardly any taxpayers, make the policy more difficult to implement, and do nothing to address the proposal’s privacy, due process, and data security concerns.
"An ICBA poll conducted by Morning Consult found 67% of voters oppose the proposal, with 64% saying they do not trust the IRS to monitor their financial information. Further, consumers have sent hundreds of thousands of messages to their members Congress in opposition via banklocally.org/privacy.
“A bipartisan supermajority of Americans and more than 100 organizations representing small businesses clearly oppose the IRS monitoring bank account information, which Congress continues working to advance through a budget reconciliation package that requires only a simple majority to pass.
“The IRS reporting proposal is an invasion of consumers’ privacy, a violation of Americans’ due process, a data security risk amid the agency’s ongoing tax return leak investigation, and a threat to bipartisan efforts to reduce the unbanked population by driving more Americans out of the banking system and toward predatory lenders.
“ICBA, community bankers, and voters across the country will continue opposing this proposal.”
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America's Roundtable is co-hosted by Natasha Srdoc and Joel Anand Samy, co-founders of International Leaders Summit and the Jerusalem Leaders Summit.
America’s Roundtable radio program - a strategic initiative of International Leaders Summit, focuses on America’s economy, healthcare reform, rule of law, security and trade, and its strategic partnership with rule of law nations around the world. The radio program features high-ranking US administration officials, cabinet members, members of Congress, state government officials, distinguished diplomats, business and media leaders and influential thinkers from around the world.
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