| |||||||
| |||||||
| |||||||
| 1 | HOUSE RESOLUTION
| ||||||
| 2 | WHEREAS, Advocates are constantly looking to extract more | ||||||
| 3 | money from working U.S. men and women to spend on what they | ||||||
| 4 | consider to be good causes; and
| ||||||
| 5 | WHEREAS, A proposal, currently moving rapidly through the | ||||||
| 6 | U.S. Congress, would direct U.S. financial institutions to | ||||||
| 7 | open virtually all of their customers' account books and | ||||||
| 8 | papers to the federal Internal Revenue Service (IRS); and | ||||||
| 9 | WHEREAS, This proposal would subject all transactions over | ||||||
| 10 | $600 to federal IRS investigation and scrutiny; and | ||||||
| 11 | WHEREAS, Although this proposal is being sold to | ||||||
| 12 | supporters as a weapon against alleged "tax evasion," it would | ||||||
| 13 | also open the books of the great majority of American | ||||||
| 14 | households, on a month-by-month basis, to federal | ||||||
| 15 | investigators; and | ||||||
| 16 | WHEREAS, The great majority of American households who | ||||||
| 17 | have mortgaged a home or who pay rent on a home participate in | ||||||
| 18 | monthly transactions of more than $600; and | ||||||
| 19 | WHEREAS, The great majority of American households who | ||||||
| 20 | have and use credit cards participate in monthly transactions | ||||||
| |||||||
| |||||||
| 1 | of more than $600; and
| ||||||
| 2 | WHEREAS, The great majority of working Americans who work | ||||||
| 3 | for pay have their pay deposited in accounts held in financial | ||||||
| 4 | institutions, and whenever a deposited pay stub would be | ||||||
| 5 | greater than $600, the transaction would be open to federal | ||||||
| 6 | investigation and scrutiny; and
| ||||||
| 7 | WHEREAS, Enacting a financial institution open-books law | ||||||
| 8 | with a transaction trigger of $600 will virtually end the | ||||||
| 9 | financial privacy of the American people; and
| ||||||
| 10 | WHEREAS, Every American who values their financial | ||||||
| 11 | standing and privacy must stand in total opposition to this | ||||||
| 12 | misguided proposal, and this opposition is urgently needed | ||||||
| 13 | because this privacy can never be recovered once it is gone; | ||||||
| 14 | therefore, be it
| ||||||
| 15 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE | ||||||
| 16 | HUNDRED SECOND GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | ||||||
| 17 | we totally and urgently oppose the $600 transaction financial | ||||||
| 18 | inspection and reporting proposal being considered in the | ||||||
| 19 | United States Congress as of October 2021; and be it further
| ||||||
| 20 | RESOLVED, That suitable copies of this resolution be | ||||||
| 21 | delivered to members of the Illinois Congressional delegation.
| ||||||