By: Middleton H.C.R. No. 15
 
 
 
HOUSE CONCURRENT RESOLUTION
         WHEREAS, The Biden administration's tax increase proposal
  for fiscal year 2022 includes a number of provisions that would
  place undue burdens on banks, small businesses, and law-abiding
  American citizens; and
         WHEREAS, The proposal seeks to increase tax enforcement
  measures by requiring peer-to-peer payment transaction apps as well
  as banks and other financial institutions to annually report
  aggregated data on all account inflows and outflows of $600 or more
  to the Internal Revenue Service; the reports would also disclose
  whether transactions involved physical cash, foreign accounts, or
  transfers between accounts with the same owner; there are serious
  issues regarding privacy, compliance costs, and negative impacts on
  low-income communities; and
         WHEREAS, The proposal's low $600 threshold for reporting
  would ensnare most active bank accounts, including those owned by
  individuals and small businesses; as a result, the financial data
  of the majority of bank accounts would be sent to the IRS, which
  experiences more than one billion cyberattacks each year; in
  addition, a June 2021 ProPublica article revealed a massive leak of
  tax return data from the IRS, demonstrating that the agency is
  unable or unwilling to protect taxpayer information; considering
  its many vulnerabilities in cybersecurity, the IRS should not be
  trusted with more private information; and
         WHEREAS, By holding financial institutions responsible for
  data collection and reporting, the proposal would force banks to
  increase spending on additional staffing, technology, and other
  resources; these costs could then be passed on to the depositors,
  thereby burdening tax-compliant citizens and businesses; and
         WHEREAS, People from both political parties have expressed
  concern about the Biden administration's tax increase proposal; a
  group of 141 House Republicans explained their position in a letter
  to their Democratic colleagues, and House Democrats omitted the
  bank reporting requirements in their September 2021 list of tax
  policy changes due to the potential harm it may cause to low-income
  communities; and
         WHEREAS, The Biden administration's tax increase proposal
  fails to consider cybersecurity risks and unjust burdens on lawful
  individuals, and the United States Congress should oppose this
  unprecedented intrusion into the privacy of Americans; now,
  therefore, be it
         RESOLVED, That the 87th Legislature of the State of Texas,
  3rd Called Session, hereby respectfully urge the Congress of the
  United States to oppose the burdensome reporting requirements
  included in the Biden administration's tax increase proposals for
  fiscal year 2022; and, be it further
         RESOLVED, That the Texas secretary of state forward official
  copies of this resolution to the president of the United States, to
  the president of the Senate and the speaker of the House of
  Representatives of the United States Congress, and to all the
  members of the Texas delegation to Congress with the request that
  this resolution be entered in the Congressional Record as a
  memorial to the Congress of the United States of America.