Dear Members,

As congress considers new spending for infrastructure, lawmakers are looking into unconventional sources of revenue to cover their spending plan. To ‘close the tax gap’ they are considering a bill that would require financial institutions like Jackson County 1st Credit Union to report many activities on accounts with balances larger than $600 which includes non-taxable activities. Keep in mind this amount of $600 was deliberately set so low, in order to require financial Information from nearly every account held in American depository institutions.

Our primary concern is the protection of our members privacy and personal information. The government relies on antiquated systems to store taxpayer’s data. Whether it be the 2014 data breach of the federal Office of Personnel Management or the IRS leaks of wealthy Americans, it has been proven that such data will not be kept safe or private.

Our next concern is for small credit unions and other financial institutions like those that will be burdened by this new proposal. From the increased cost of software upgrades to staff training, small institutions would perhaps need financial resources and additional time for implementation to meet new requirements.

Please lend your voice as a credit union member and contact your congressman to vote NO to this IRS reporting provision.

You can simply google your congressman and send a message from their website under contact. Should you need help finding or sending a message feel free to contact the credit union and we will be more than happy to help you.

Thank you,

Valena Alexander

CEO