The SNOOP Act would strike the intrusive ARP provision requiring third-party payment platforms to report transactions of $600 or greater to the IRS
WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Bill Hagerty (R-TN) as a cosponsor of the Stop the Nosy Obsession with Online Payments, or SNOOP Act, to strike a tax code provision inserted by the Biden administration in the American Rescue Plan (ARP) that requires third-party payment platforms to report businesses’ gross transaction volumes totaling more than $600 to the Internal Revenue Service (IRS).
“As per usual, Joe Biden is sticking his nose where it doesn’t belong. The IRS has shown time and again that they can’t be trusted with Americans’ sensitive data,” said Senator Tuberville. “We shouldn’t be giving them increased access that places more burdens on working Americans and our small business owners. Small businesses are the backbone of our economy, and I will continue to push back against Joe Biden’s attempts to burden them with red tape.”
The Biden administration’s policy places an undue burden on small businesses, forcing them to fill out 1099-Ks on routine small dollar transactions made on e-commerce platforms.
U.S. Senators Cynthia Lummis (R-WY), John Hoeven (R-ND), John Kennedy (R-LA), John Barrasso (R-WY), James Lankford (R-OK), Kevin Cramer (R-ND), and Ted Cruz (R-TX) also cosponsored the legislation.
BACKGROUND
Since taking office, Senator Tuberville has championed pro-growth policies for small businesses, including his introduction of the Protecting Financial Privacy Act in response to a proposal by the Biden Administration requiring all financial transactions of $600 or more to be reported to the Internal Revenue Service (IRS).
Senator Tuberville previously asked his Senate colleagues to unanimously approve the Protecting Financial Privacy Act after speaking with Americans across the country about their thoughts on the $600 monitoring proposal, but Senate Democrats refused.
Senator Tuberville also helped introduce the Don’t Weaponize the IRS Act to prevent the IRS from going after non-profit conservative groups after evidence was released that the Obama IRS spent over two years systematically targeting conservative tax-exempt organizations.
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, and HELP Committees.
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