S. CON. RES. 14
September 09, 2021 / Source: TBA
Please act now. It appears the Biden Administration and this Congress has resolved itself to allow the invasive and potentially unconstitutional tax provision that would turn bankers into de facto surrogates for the IRS. As noted before, this little known or debated tax policy inserted into the reconciliation bill would force banks to report details of all consumer transactions over $600 to the IRS.
Texas community bankers know what this kind of action could mean for our industry and to customers.
TBA strongly urge our bank members and your customers to reach out to their congressional members and remind them that our trusted relationships have taken years to build, even generations, but can quickly come undone with the stroke of a pen if this provision isn't removed.
If you have not done so, please don't hesitate and contact your Member of Congress now! Encourage all bankers to send a message.