Crist Opposes IRS Reporting Proposal

Bank account mining proposal unfairly targets hardworking Floridians

Washington, DC – U.S. Representative Charlie Crist (D- St. Petersburg) released this statement on the proposed measure to expand account reporting requirements to the IRS. 

“Floridians depend on their banks and credit unions to secure more than just deposits. They depend on them to safeguard their personal information. President Biden is correct to go after the tax cheats, who despite being worth millions of dollars, often pay little to no taxes. Part of that is fixing the broken tax code, but another critical part is focusing the IRS on auditing lawbreakers at the top. I have long supported increasing the IRS enforcement budget and criticized the agency for disproportionately auditing the poor instead of the top 1%. Better audits would increase compliance, go after the bad actors, and raise revenues to fund the President’s Build Back Better plan to invest in good-paying jobs, fighting climate change, and stronger families.

“I am deeply concerned about the proposal to expand IRS reporting requirements for bank accounts. Working people with $10,000 in annual deposits are hardly the top 1%. Allowing the IRS to data mine checking accounts raises serious privacy red flags and would increase costs, while targeting hardworking Floridians who are already struggling to get by. I will not support any IRS account reporting requirements that go after the middle class and working families. That dog won’t hunt.”

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