Jacobs cosponsors legislation to protect Americans from IRS ‘weaponization’

Posted 27 October 2021 at 10:44 am

Press Release, Congressman Chris Jacobs

WASHINGTON, D.C. – Congressman Chris Jacobs (NY-27) has cosponsored two pieces of legislation to protect Americans from the President’s proposals to weaponize the Internal Revenue Service (IRS) and surveil the bank accounts of millions of Americans.

“Despite the numerous crises facing our nation, the President and Democrats are moving full speed ahead with their reckless plan to waste trillions of tax dollars and expand the size of the federal government,” Jacobs said. “Hidden in their proposal is a plan to weaponize the IRS to unjustly surveil millions of Americans. It is a frightening proposal that is an overreach of authority and threatens the privacy of everyday Americans.”

Jacobs cosponsored two pieces of legislation, the Prohibiting IRS Financial Surveillance Act and the Protecting Financial Privacy Act. These pieces of legislation would prohibit the IRS from creating new mandates on financial institutions to report financial transactions of their customers.

Currently, Democrats are proposing to add millions of IRS agents to the agency to surveil any American who has more than $10,000 in transactions in one fiscal year. For reference, that encompasses anyone who spends on average just $28 per day. A transaction is considered any inflow or outflow from an account.

“The President once again has revealed his true colors. This plan is meant to expand the federal government’s control over Americans and erode their privacy to pay for his big government socialist agenda,” Jacobs said. “My colleagues and I are fighting this proposal and the entire reconciliation package in Washington to ensure that American’s don’t face higher taxes and our rights are protected.”