Florida bankers are outraged over a proposal by the Biden administration that would require Americans to share sensitive banking information related to their deposits and withdrawals.
In an effort to curb tax fraud, Biden’s proposal would require said information be reported regularly, with reports tracking expenses of $600 or more.
Florida Bankers Association (FBA) President Alex Sanchez and the state’s Chief Financial Officer Jimmy Patronis released statements stating that Biden’s proposal is an invasion of privacy. Patronis also noted how it could “encourage more underground economy.”
“At the end of the day, I don’t think having Uncle Sam sitting in my bedroom, finding out what I’ve purchased over the last thirty days is any of their business,” said Patronis in a report by News4Jax.com.
In a press release from last week, Patronis said the proposal will drive people into black market economies. He noted that people will be incentivized to participate in more cash transactions which will lead to fewer taxable transactions.
As far as Sanchez, he stated, “It’s just wrong … It’s an incredible invasion of privacy by the Biden Administration, [and] by the Internal Revenue Service.”
Commenting on Biden’s excuse for such a proposal being required to handle tax fraud, Sanchez stated, “I think what the Biden Administration should do is go after the high-income tax evaders that are either persons or corporations and audit them.”
To battle Biden’s proposal, Patronis told News4Jax that he has already directed the Florida Department of Financial Services to try and find a way to allow state residents to be exempt from the proposal if it becomes a law.
In a joint effort between Patronis and 23 other states’ treasurers to shoot down the proposal, a letter was written to President Biden and U.S. Secretary of Treasury Janet Yellen, that outlined their opposition towards the proposal.
Additionally, in an op-ed by Patronis published by Florida Politics, Patronis states:
“To the degree Florida can fight back on this — we need to. That’s why I have asked Florida’s Office of Financial Regulation (OFR) to brief the Governor and Cabinet on this issue, notify Florida’s banking community of this threat, and coordinate with my office in developing preemptive actions Florida could take to protect Floridians from the IRS.
The IRS needs less power, not more power, and we’re not going to allow them to intrude into our personal lives without a fight.”
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Casey Owens is a contributing writer for The Florida Capital Star. Follow him on Twitter at @cowensreports. Email tips to email@example.com.
Photo “Alex Sanchez” by Florida Bankers Association. Photo “Jimmy Patronis” by State of Florida. Background Photo “Wells Fargo” by Mike Mozart. CC BY 2.0.
Republished with permission from The Florida Capital Star.