State Treasurer Curtis Loftis opposes disclosure of personal bank details to the Internal Revenue Service.
He and 22 other state financial agents oppose a proposal by the Biden administration to violate the confidentiality of accounts exceeding $ 600 in deposits.
“The authoritarian federal government does not have to scrutinize the personal financial accounts of law-abiding Americans,” said the West Columbia resident.
âThe proposal would allow the IRS to act as Big Brother.
“Not only would the proposal invade the privacy of ordinary citizens, but it would also impose on financial institutions – including small local banks and credit unions – the role of being an accessory to unnecessary data mining from the IRS, which could damage the trust and good relationships that these organizations have established with their clients and communities.
“As a state banker and chairman of the State Council of Financial Institutions, I condemn him.”
The Biden proposal is part of the American family plan.
It will require financial institutions to report inflows and outflows for bank, loan, and investment accounts of U.S. citizens and businesses.
This would affect over 100 million Americans’ financial accounts.
Many banks and credit unions oppose this “intrusive action,” a letter from the 23 financial officers said.
âWe urge you to consider the negative impacts this initiative would have on individuals and small businesses in all of our communities, as well as the negative impact on local financial institutions. “
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