Luetkemeyer Holds Roundtable on Democrats’ Outrageous IRS Reporting Regime Proposal
‘[T]his bill changes almost hourly, and something that the Treasury estimated will raise $460 billion in revenue is a juicy payfor whenever Democrats want to pass a radical tax and spend agenda.’
Washington,
November 5, 2021 -
Today, Congressman Blaine Luetkemeyer (MO-03), Ranking Member on the Consumer Protection & Financial Institutions Subcommittee and House Small Business Committee, held a roundtable discussion with members of the House Financial Services Committee and House Small Business Committee on the Democrats’ IRS financial account reporting regime.
Witnesses from the National Taxpayers Union, National Federation of Independent Business (NFIB), and Independent Community Bankers of America (ICBA) all gave testimony on how this proposal poses a major threat to access to credit for low-income and minority communities, infringes on the privacy of millions of Americans, puts their financial information at risk, and adds devastating costs for small businesses and small financial institutions
“I want to thank the panelists and Members for being here today to discuss the proposed IRS financial account reporting regime.
“As you all know the latest version of the Democrats’ reconciliation bill does not have the IRS reporting requirement in it.
“However, it must be stated that this bill changes almost hourly, and something that the Treasury estimated will raise $460 billion in revenue is a juicy payfor whenever Democrats want to pass a radical tax and spend agenda.
“As some of you know, Ways and Means and Leader McCarthy held roundtables on this proposal to discuss how terrible it is for businesses, financial institutions, and consumers.
“Due to our jurisdiction, it is important for the Financial Services Committee and Small Business Committee to come together for this briefing to get a better understanding of how the proposal will affect small businesses, financial institutions, and their customers. Particularly since there has been no Congressional hearing on this proposal.
“And I have asked, quite frankly, my colleague, Chairman Perlmutter and Chairwoman Waters and to date, no hearing. In fact, recently Ranking Member McHenry and I sent a letter to [Chairwoman Waters] requesting a hearing on this matter and obviously we haven’t had it.
“Since the Democrats will not give us a hearing, we are holding an informal hearing on this matter so Members can truly learn how terrible this proposal is and the impact it will have on constituents.”
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