> Thirty-one Republican senators cosponsored and reintroduced a bill on Wednesday that would ban the Internal Revenue Service (IRS) from conducting surveillance on the financial affairs of American taxpayers. > The Prohibiting IRS Financial Surveillance Act was originally introduced in 2021 as a response to President Biden’s proposed new requirements that would have directed the IRS to collect the private transaction information of virtually every American. The proposed rule would require banks to provide the IRS information about customer accounts with annual withdrawals or deposits above $600, affecting an estimated 100 million household and millions of business accounts. The new legislation will protect taxpayers by prohibiting such requirements from ever being implemented. > Current federal mandates under the Bank Secrecy Act require banks to report cash transactions above $10,000 to detect money laundering and other crimes. The rationale is that such thresholds are sufficiently high that they’re not likely to ensnare middle-income or lower-income individuals or businesses. First, this will never pass the Senate if it even makes it out of the House. Second, the $10K threshold is way too low (and they know that) and often ensnares 'average' Americans. Third, yes we should abolish the Fed and the IRS. That's not going to make it through Congress either. Their ((( masters ))) won't let it happen.