West Virginia Treasurer Riley Moore and Arizona Treasurer Kimberly Yee today encouraged U.S. Senators Joe Manchin, D-W.Va., and Kyrsten Sinema, D-Ariz., to remain strong in opposition to President Joe Biden’s proposal to turn over citizens’ bank account data to the Internal Revenue Service.
Treasurer Moore and Treasurer Yee sent a letter to the Senators expressing continued opposition to a proposal that would require banks to turn over to the IRS citizens’ bank transaction data once it exceeds a certain threshold.
“While the Biden Administration claims that the proposal is aimed at cracking down on wealthy tax evaders, in reality, the increased data collection practices will capture bank account information from average Americans and even many low-income individuals,” the Treasurers wrote. “We ask you to stand up for our constituents in our respective states and to protect our people’s interests and their Constitutional right to privacy and oppose this measure.”
President Biden and U.S. Treasury officials initially sought to require banks to turn over financial data on all bank accounts that exceed $600 of inflows or outflows in a given year. They claim they need the data to identify and investigate wealthy tax evaders.
Congressional officials are now reportedly seeking to raise that threshold to $10,000 with certain exemptions.
Treasurer Moore said this change still isn’t enough for the proposal to pass Constitutional muster.
“Forcing banks to turn over citizens’ personal financial data is a clear violation of the Fourth Amendment protection from unreasonable searches and seizures,” Treasurer Moore said. “This blanket requirement is an unconstitutional invasion of citizens’ privacy and will crush our community banks with the cost of implementing this reporting regime.”
Treasurer Moore pointed out that, even by increasing the threshold to $10,000, the proposal would still affect most working-class Americans. According to the Bureau of Labor Statistics, the average American spends more than $61,000 during a given year, including $7,300 a year on food and $2,900 on entertainment.
“This reckless proposal by President Biden to allow the IRS access to nearly every American’s private financial information tramples on our citizens’ rights to be free from unreasonable searches and seizures,” Treasurer Moore said. “Hardworking Americans will be squeezed to pay for this outrageous $3.5 trillion spending bill, which will increase the likelihood that they can be audited by the IRS. These audits can take years and cost thousands of dollars. This is wrong and unconstitutional and I will do everything in my power to fight it.”
As key swing votes in the Senate, Treasurer Moore and Treasurer Yee encouraged Senators Manchin and Sinema to remain strong in standing up for the people of their states and oppose this radical Biden Administration proposal.
A copy of the letter can be viewed here: https://bit.ly/3vyxSIK.