Prohibiting IRS Financial Surveillance Act

Prohibiting IRS Financial Surveillance Act

This bill prohibits the Department of the Treasury from requiring a financial institution to report on an account's balance, transactions, transfers, or similar information. This prohibition does not apply to laws or regulations in effect on the date of enactment.

Bill 118 s 453, also known as the Prohibiting IRS Financial Surveillance Act, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to prohibit the Internal Revenue Service (IRS) from conducting any form of financial surveillance on American citizens without their consent.

The bill aims to protect the privacy and rights of individuals by preventing the IRS from accessing their financial information without proper authorization. This includes prohibiting the IRS from monitoring bank accounts, credit card transactions, and other financial records without a valid reason or court order.

Supporters of the bill argue that it is necessary to prevent government overreach and protect the Fourth Amendment rights of citizens. They believe that individuals should have the right to privacy when it comes to their financial information and that the IRS should not have unlimited access to this data. Opponents of the bill, however, argue that it could hinder the IRS's ability to investigate tax fraud and other financial crimes. They believe that the IRS needs access to financial information in order to effectively enforce tax laws and ensure compliance. Overall, Bill 118 s 453 is a controversial piece of legislation that raises important questions about the balance between privacy rights and government oversight. It will be interesting to see how this bill progresses through Congress and what impact it may have on the IRS's ability to conduct financial surveillance in the future.