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ABA: The American Bankers Association
Statement

ABA Statement on Updated Tax Reporting Proposal

“Today marks another attempt by the administration and congressional leaders to explain to the American people why the government needs more information on them. Even with the modifications announced today, this proposal still goes too far by forcing financial institutions to share with the IRS private financial data from millions of customers not suspected of cheating on their taxes. The exclusion of payroll and federal program beneficiaries does not address millions of other taxpayers who would be impacted by the proposal. Not every non-wage worker is a millionaire. How about self-employed hair stylists, convenience store owners and farmers just to name a few? If enacted, this new proposal would still raise the same privacy concerns, increase tax preparation costs for individuals and small businesses, and create significant operational challenges, particularly for community banks.

“Given the IRS’s own recent history, the privacy and data security concerns for Americans are real and should not be taken lightly. That is why Americans across the country have expressed their strong opposition to this proposal. We firmly believe that everyone should honor their tax obligations, but this blunt instrument is not the right tool to solve this problem. We urge lawmakers on both sides of the aisle to listen to their constituents and oppose any efforts to advance this ill-advised reporting regime.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $23.3 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $19.2 trillion in deposits and extend nearly $11 trillion in loans.

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Blair Bernstein

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