HR0574 102ND GENERAL ASSEMBLY

HR0574 LRB102 22266 ECR 31399 r

HOUSE RESOLUTION

WHEREAS, Advocates are constantly looking to extract more money from working U.S. men and women to spend on what they consider to be good causes; and

WHEREAS, A proposal, currently moving rapidly through the U.S. Congress, would direct U.S. financial institutions to open virtually all of their customers' account books and papers to the federal Internal Revenue Service (IRS); and

WHEREAS, This proposal would subject all transactions over $600 to federal IRS investigation and scrutiny; and

WHEREAS, Although this proposal is being sold to supporters as a weapon against alleged "tax evasion," it would also open the books of the great majority of American households, on a month-by-month basis, to federal investigators; and

WHEREAS, The great majority of American households who have mortgaged a home or who pay rent on a home participate in monthly transactions of more than $600; and

WHEREAS, The great majority of American households who have and use credit cards participate in monthly transactions of more than $600; and

WHEREAS, The great majority of working Americans who work for pay have their pay deposited in accounts held in financial institutions, and whenever a deposited pay stub would be greater than $600, the transaction would be open to federal investigation and scrutiny; and

WHEREAS, Enacting a financial institution open-books law with a transaction trigger of $600 will virtually end the financial privacy of the American people; and

WHEREAS, Every American who values their financial standing and privacy must stand in total opposition to this misguided proposal, and this opposition is urgently needed because this privacy can never be recovered once it is gone; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE HUNDRED SECOND GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we totally and urgently oppose the $600 transaction financial inspection and reporting proposal being considered in the United States Congress as of October 2021; and be it further

RESOLVED, That suitable copies of this resolution be delivered to members of the Illinois Congressional delegation.