Republican led states are not happy with Democrat President Joe Biden’s plan to give the IRS tracking rights for all transactions exceeding $600, in fact, the number of states which are signing up for a fight is swelling to overwhelming numbers, with a feeble Biden hardly being up to the challenge.
Following declarations from Nebraska and West Virginia that they would not comply with the proposed IRS privileges, Missouri joined the crowd with state treasurer Scott Fitzpatrick warning that he would not lie down while the federal government sough such an overreach and violation of privacy. Handing over transaction data to the federal government remains illegal by Missouri law, and Fitzpatrick said that he would not willingly hand over such information to the IRS. He added that if the IRS attempts to push the issue, it will be fought in court.
Dennis Milligan, state treasurer of Arkansas made similar noises, calling the IRS request for private transaction data “absolutely absurd,” and swearing to do everything in his power to “not comply with this proposal.”
Riley Moore, state treasurer of West Virginia said that the IRS plan was not just a gross invasion of privacy but also an existential threat to smaller community banks that don’t have the budget to come into compliance with such draconian oversight. Moore warned that the proposal was a situation which would favor big banks, the same ones, he points out, that financed Biden’s 2020 campaign. Moore called the move by the IRS unconstitutional and swore not to comply with it.
John Murante, treasurer of Nebraska similarly promised not to comply with the new requirements and said that he would fight the Biden administration all the way to the Supreme Court over the issue.
Moore praised Murante’s comments and emphasized the importance of state-state cooperation in combating Biden’s unconstitutional plan. He argued that the federal government was not likely to be willing to sue every state in the union over the issue, and every state should absolutely put up a fight.
Richard Hunt of Consumers Bankers warned of the dismally small number of people currently working in the banking system and said that if such a rule becomes normalized that it will scare off potential workers and startups.
Author: Noah Webster