Cattle

The Biden administration has proposed a sweeping new information reporting requirement on annual gross inflows and outflows of financial accounts. If enacted, this proposal would require financial institutions to report to the IRS account information on nearly every American who has a bank account.

In response, American Farm Bureau has joined over 100 other organizations in a letter to leaders of Congress to share their concerns about this proposal.

“Lawmakers must fully understand the breadth of taxpayers who would be receiving a new form from their financial institution – almost every American who has a bank or credit union account and has gross inflow and outflow of at least $600,” the letter to Speaker Nancy Pelosi, Majority Leader Chuck Schumer, Minority Leader Kevin McCarthy and Minority Leader Mitch McConnell reads. “While recent proposals suggest that increasing the threshold to $10,000 is less objectionable, this is a flawed assumption and will not significantly reduce the scale of this new IRS program.”

Those in favor of the suggested changes claim that this proposal targets wealthy Americans who do not pay what they owe in taxes. The letter also addresses those charges.

“This proposal would create serious financial privacy concerns, increase tax preparation costs for individuals and small businesses, and create significant operational challenges for financial institutions. We believe that this program is costly for all parties, not fit for purpose, and loaded with the potential for unintended and serious negative consequences. As associations representing a broad cross-section of financial and business interests, we urge you to oppose any efforts to institute this new reporting regime.”

Read the full letter.

As a member of Farm Bureau, I am glad that this organization takes action when necessary to protect and advance agriculture.
Mary Smallsreed's avatar
Mary Smallsreed

Trumbull County Farm Bureau

Policy Development
If you have issues with local planning or have legal questions, someone at the Farm Bureau has the answer for you, or they’ll connect you with someone who does.
Gayle Hansen's avatar
Gayle Hansen

Cuyahoga County Farm Bureau

Hansen's Greenhouse
Farm Bureau is an incredible organization that has given me countless professional development opportunities in addition to advocating for all sizes and types of farmers.
Shana Angel's avatar
Shana Angel

Tuscarawas County Farm Bureau

We go to a lot of Farm Bureau events, and there’s a lot of camaraderie built because you’re meeting with people who have similar interests and goals.
Andy Hollenback's avatar
Andy Hollenback

Licking County Farm Bureau

Event Calendar
Through its policies it brings together people in the agricultural community and invests in building vibrant communities that support agriculture.
Eric Bernstein 's avatar
Eric Bernstein

Kalmbach Feeds

Kalmbach Feeds
If it wasn't for Farm Bureau, I personally, along with many others, would not have had the opportunity to meet with our representatives face to face in Washington, D.C.
Austin Heil's avatar
Austin Heil

Hardin County Farm Bureau

Washington, D.C. Leadership Experience
Suggested Tags: