Crapo joins colleagues in introducing Prohibiting IRS Financial Surveillance Act

BOISE, Idaho (KIFI) - US Senator for Idaho, Mike Crapo, and other republicans are introducing the Prohibiting IRS Financial Surveillance Act.

They say it's a bill to prevent the Internal Revenue Service from implementing a plan to give the agency access to transaction information of virtually every American.

"Every american should be wary of giving the IRS more power and more tentacles into private financial transactions,” Crapo said.

The Biden Administration had proposed banks and other financial institutions would need to provide the IRS with transactions worth more than $600.  

That changed Tuesday to $10,000 after Republican lawmakers criticized the proposal.