U.S. Senator Bill Hagerty (R-TN) filed legislation on Thursday to reverse the decision to require third-party payment processors to report transfers more than $600 to the Internal Revenue Service (IRS). Hagerty called the three-year-old policy an “egregious and unwarranted overreach” into citizens’ privacy.
Hagerty introduced the Stop the Nosy Obsession with Online Payments (SNOOP) Act, which his office said would remove the provisions of the Internal Revenue Code created by former President Joe Biden’s American Rescue Plan (ARP), which required third-party payment processors like PayPal and CashApp to report the transaction histories of customers with volumes of more than $600, lowering the threshold from $20,000 or 200 total transfers.
“The Biden Administration proved to be relentless in its attempt to invade the privacy of Americans’ lives and finances,” stated Hagerty on Thursday.
He added, “It is regrettable that the Biden Administration insisted on advancing their perilous and oppressive political agenda to the detriment of taxpayers’ privacy, heedless of the IRS’s failed track record of protecting Americans’ confidential data and the deep concern of the American people that they served.”
Alluding to his previous, unsuccessful effort to reverse the Biden-era policy in 2022, Hagerty added, “the Trump Administration is thankfully now looking out for the small business owners the Biden Administration ignored,” and said his legislation was an opportunity to “stand up for our small business owners and put an end to this egregious and unwarranted overreach for good.”
More than 40 trade associations representing entire industry sectors signed a letter urging Congress not to approve the legislation in September 2021, while the U.S. Chamber of Commerce called it an “existential threat” to the country’s economy.
Despite the concerns of lawmakers and business leaders, Biden’s ARP was ultimately passed by lawmakers. The proposed changes became part of the federal tax code by November 2022, when the IRS warned taxpayers to begin complying and announced that it planned to raise $8.9 billion through the initiative. By the time the IRS began enforcing the code, the federal deficit had passed $1.4 trillion.
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Tom Pappert is the lead reporter for The Tennessee Star, and also reports for The Pennsylvania Daily Star and The Arizona Sun Times. Follow Tom on X/Twitter. Email tips to [email protected].
Photo “Bill Hagerty” by Bill Hagerty. Background Photo “IRS Building” by Joshua Doubek. CC BY-SA 3.0.
TOO BAD YOU VOTED TO CERTIFY JOE BIDEN As President of the Unites States ON JAN 6, 2021.
YOU NEED TO NOW CORRECT THAT PATHETIC ACTION BY DOING THE INVESTIGATION NEEDED THEN.
THEREFORE, AMERICA HAS NOW HAD TWO ILLEGITIMATE PRESIDENTS.
OBAMA did not meet the Constitutional Requirements to be a Legal Candidate. Our US Constitution requires that the candidate must have two parents who are both Naturalized US Citizens.
Everything Obama & Biden did during their combined 12 years of destruction is UNCONSTITUTIONAL.
I don’t know how you correct that other than acknowledging those horrific acts & making sure it can NEVER happen again.
You can also help the hundreds of US Patriots who have suffered loss of Civil Rights, their Health, their Families, their businesses or Careers. Most were law enforcement & retired war veterans. One War Veteran was Ashli Babbitt, who was murdered by a Capitol Police Officer Michael Byrd. Byrd,s illegal shooting has never been investigated. To add insult to injury, he was promoted. Ashli was denied a military funeral, denied her veterans benefits.
NO WONDER THIS COUNTRY IS IN SUCH BAD SHAPE.
CORRECT THAT CRAP
It’s a BLACK MARK ON OUR COUNTRY that must be acknowledged & corrected.
A $600 threshold is absurd. I can spend that at Walmart.
I’m glad that the Chamber of Commerce has such good representation in Washington D.C. …..
/S