Contact Your Lawmaker Today!
We recently informed you about a proposal under consideration by Congress that would require financial institutions like MMCCU to report account activity to the Internal Revenue Service (IRS).
Ultimately, there’s both good and bad news. The good news is over 800,000 messages have been sent to Capitol Hill telling lawmakers to oppose this proposal, leading to 21 Democratic members of the U.S. House of Representatives to openly oppose expanding the Internal Revenue Service (IRS) reporting requirements. The House of Representatives removed this language from their version of the bill which passed on November 19th. If you took the time to email Congress, thank you for your efforts as this wouldn’t be possible without your efforts. We opposed this provision, sent messages to House members, and they listened.
The bad news is that some Senators are debating whether to add this provision back into the bill. As Congress continues to debate this package, some lawmakers are still considering this unconventional source of revenue to fund their plans. Such an unprecedented grab of your personal financial data raises several concerns.
- This proposal would violate the personal privacy of consumers like you by forcing credit unions and other financial institutions to provide the government with information that does not reflect taxable activity.
- Financial institutions like MMCCU would face a new and expensive regulatory burden that could make it harder to promote your financial well-being.
- Furthermore, government relies on decades-old data systems to store and secure IRS information. These systems have been compromised in recent years, and the addition of this type of data only increases the likelihood of a future breach of your personal financial information.
- While we understand the intent of the proposal to go after people underreporting their incomes, most Americans are not tax cheats and already pay their fair share of taxes. There are better methods to go after the real cheaters.
What We Need from You
If you contacted your lawmaker already, we would encourage you to do so again. The message to the lawmakers has been updated to reflect the current debate. If you didn’t participate the first time, now is your opportunity to join the cause. At MMCCU, we value civic engagement and believe it’s our duty to inform you when legislation is being discussed that could directly affect you.
Tell Congress to reject this new IRS reporting provision. Click on this link to learn more and send an e-mail to your elected representatives in Washington, D.C.
Thank you for your time!
David Murphy, MMCCU President