Politics

Missouri, Arkansas Won’t Comply With IRS $600 Transaction Plan

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Missouri and Arkansas became the latest states to say they would not comply with a Biden proposal to force banks to hand over transaction data over $600 to the IRS on Wednesday.

‘I will stand up to this government overreach and protect the privacy of those account holders,’ state treasurer Scott Fitzpatrick said in a statement Wednesday morning. ‘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,’ Fitzpatrick said.

The states follow both West Virginia and Nebraska in promising to defy the policy.

Arkansas state treasurer Dennis Milligan told DailyMail.com he would not hand over citizen’s data to the IRS either.

‘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,’ he said. ‘I would do all I could in my role to not comply with this proposal.’

West Virginia state treasurer Riley Moore said that no state should comply with the IRS plan, tucked into the $3.5 trillion budget reconciliation bill, which he describes as an ‘unconstitutional invasion.’

‘The impact this is going to have on community banks, this is like Dodd Frank on steroids,’ Moore told DailyMail.com.

Moore said big banks who supported Biden would be the beneficiaries of the proposal.

‘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,’ he said. ‘So who wins? The big banks win. The same banks that were bankrolling Biden’s campaign in 2020.’

The proposal, backed by $79 billion in additional funding, would allow the IRS to peer into the aggregate inflows and outflows of a bank account with over $600.

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This crackdown on unreported income is expected to generate $463 billion over the next decade, according to the Office of Tax Analysis. That money would be used to partially fund Biden’s $3.5 trillion Build Back Better agenda.

‘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, Moore continued.

Banks are already required to file a currency transaction report to the financial crimes division of the Treasury on transactions over $10,000 to prevent money laundering.

Moore praised Nebraska Treasurer John Murante, who last week said he would defy the policy if it were to take effect.

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‘I think it’s great what Treasurer Murante said, I think we should all follow suit in our respective states by not complying with this.’

‘If the feds feel like they wanna sue every state that’s not complying with it, then okay. Bring it on.’

So far, 24 state treasurers, auditors and financial officers have signed onto a letter opposing the policy.  ‘This would be one of the largest infringements on data privacy in our … (Read more)

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