Red states are pushing back against a proposed plan to forces banking institutions to release transaction data for any transactions over $600 to the IRS, according to The Daily Wire.
According to the report, a growing number of GOP-led states are stating that they will not comply with the administration’s push for more data to flow from the American people to the federal government.
This news broke after West Virginia and Nebraska have said they will not comply and the Missouri state treasurer Scott Fitzpatrick spoke out against the proposed policy:
“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.
“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 made a similar statement to other GOP-led states to the Daily Mail, saying “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.”
West Virginia state treasurer Riley Moore had even more to say about the possible motivation for the plan, “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. The same banks that were bankrolling Biden’s campaign in 2020.” He added, “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.”