Sen. Tim Scott (R-S.C.) introduced S. 3056, which would prohibit the Internal Revenue Service from requiring banks and other financial institutions to report certain bank account information, including private bank deposits or withdrawal activity, for tax enforcement purposes.
The bill comes in the wake of the American Families Plan, which proposes banks supply additional information for certain businesses and personal accounts over a de minimis threshold in Form 1099-INT reports.
Read on for more details.