AZ HCM2004

Urges the United States Congress to oppose the Biden administration's tax increase proposal for fiscal year 2022, specifically targeting reporting requirements on financial transactions.

Opposes the proposal's requirement that peer-to-peer payment apps, banks, and financial institutions report aggregated data on account inflows and outflows of $600 or more annually to the Internal Revenue Service.

Asserts the $600 reporting threshold would burden most active bank accounts and expose sensitive financial data to cybersecurity risks, citing the IRS's history of cyberattacks and a 2021 tax return data breach.

Warns that financial institutions would increase costs for data collection and compliance, potentially passing expenses to depositors and harming low-income communities.

Directs the Arizona Secretary of State to transmit copies of this memorial to the President, Congress leadership, and all Arizona members of Congress.