The number of Republican-led states which say they will not go along with the Biden White House proposal to force banks to give transaction data over $600 to the IRS is now going up.
This week, after Nebraska and West Virginia had already showed they would not accept the measure, Missouri treasurer Scott Fitzpatrick also said, “I will fight against this government overreach and guard the privacy of our people. Turning over their data to the federal government is illegal under state law and a total violation of Missourians’ privacy as it relates to their personal finances. I will not give this information to the IRS and will fight to block any attempt by the federal government to force my office to go along with this mandate.”
Arkansas state treasurer Dennis Milligan also said, “It would be completely absurd for me to hand over their private data about money they are saving for their loved ones’ future, and I don’t plan to do so. I would do all I can to not go along with this proposal.”
Then West Virginia state treasurer Riley Moore commented, “The impact this will have on community banks, this is Dodd Frank but worse. To be in compliance, a community bank might just go out of business. So who wins? The big banks do.” He said, “The $600 requirement is absolutely unconstitutional. It is a huge invasion of privacy; it is huge federal overreach. I don’t believe any state should go along with this.”
Consumers Bankers President Richard Hunt said to Fox News, “Now they have this data, they are going to look at every transaction of almost every American. I’m scared if it does pass it might force some people not to go into the banking system, and we require people in our banking system.”
On Sept. 20, numerous state treasurers and financial officers signed a letter to President Joe Biden and Treasury Sec. Janet Yellen, which said:
“As State Treasurers, financial officers, and auditors we are joining to show our opposition to any measure that would force financial institutions to hand over private citizens’ personal bank account information to the IRS if they go beyond $600 of outflows or inflows in an account.”
“We do not think the federal government should award the IRS the unconstitutional power to look into law abiding citizens’ private records. This would be among the largest infringements of privacy in our country’s history.”
Author: Blake Ambrose
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