(WSIL) --ÌýMissouri State Treasurer Scott Fitzpatrick announced that should proposals pass requiring financial institutions to turn over private citizensâ€� personal bank account information to the Internal Revenue Service (IRS) if they exceed $600 of inflows or outflows from the account, he will not comply.
“As Treasurer, I have an obligation toÌýtheÌýnearly 200,000ÌýMOST 529 and MO ABLE account holdersÌýin MissouriÌýand I will stand up to this government overreach and protect the privacy of those account holders. Turning over their transaction data to the federal government isÌýillegalÌýunder Missouri law and a gross violation of Missouriansâ€� 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,â€� Treasurer Fitzpatrick said. “This proposal is nonsensical and unnecessary and should be rejected by every member of Congress.â€�
The Biden Administration proposalÌýwould create a comprehensive financial account information reporting system under which financial institutions would be required to report information on accounts with inflows and outflows over $600. TheÌýrequirement would apply to over 100 million Americans with bank accounts.
The records sought under this proposalÌýÌýfor MOST and MO ABLE participants and cannot be disclosed.Ìý
Treasurer Fitzpatrick administersÌýÌý²¹²Ô»åÌý, Missouri’s savings and investment program for individuals with disabilities. These programs represent nearly 200,000 savings and investment accounts.
In September, the Treasurer joined a coalition of 24 state financial officers, including Kentucky's treasurer and auditor, opposing this Biden Administration proposal.
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