Joe Biden was disappointed by his request to have banks hand over transaction information exceeding $600 to the IRS.
Numerous GOP-led states refuse to follow the lead of the Biden administration.
The proposal has been opposed by Arkansas, Nebraska, Missouri, West Virginia, and Missouri.
Missouri sScott Fitzpatrick, Missouri’s treasurer asserted, “I will stand up to this government overreach and protect the privacy of those account holders.”
“Turning over their transaction data to the federal government is illegal under Missouri law and a gross violation of Missourians’ expectation of privacy when it comes to their personal financial records,” he continued to add.
“I will not turn this information over to the IRS voluntarily and will fight in court to block any attempt by the federal government to compel my office to comply with this mandate.”
Arkansas state treasurer Dennis Milligan stated, “It would be absolutely absurd for me to turn over their private account data regarding money they’re saving for their loved ones’ future to the IRS, and I do not intend to do so.”
“I would do all I could in my role to not comply with this proposal,” Milligan said.
West Virginia state treasurer Riley Moore explained, “The impact this is going to have on community banks, this is like Dodd Frank on steroids. In terms of compliance, a community bank, to be able to be in compliance, to set that type of regime up is just going to put them out of business.”
“So who wins? The big banks win,” Moore said. “The same banks that were bankrolling Biden’s campaign in 2020.”
Moore concluded, “The $600 requirement is absolutely unconstitutional. It’s a massive invasion of privacy; it’s huge government overreach. I don’t think any state should comply with this.”