Nebraska is already promising to defy a Biden proposal that would require banks to hand over data on transactions over $600 on individual bank accounts to the IRS.
'My message is really simple. The people of Nebraska entrusted me to protect the privacy of these accounts and I am not going to comply with this. If the Biden administration sues me, we will take it all the way to the Supreme Court. We are going to fight every step of the way,' state treasurer John Murante told FOX Business.
The proposal, backed by $79 billion in additional funding, would allow the IRS to peer into the aggregate inflows and outflows of a bank account over $600.
This crackdown on unreported income is expected to generate $463 billion over the next decade, according to the Office of Tax Analysis. That money would be used to partially fund Biden's $3.5 trillion budget reconciliation plan.
Murante said he believes other states would also refuse to comply.
'We have members across the country who are committed to limited government and free market approaches, and we are unanimously against this proposal. It is an invasion of privacy and lacks any due process,' he said.
Wyoming Republican Sen. Cynthia Lummis on Tuesday tore into Treasury Sec. Janet Yellen on Tuesday for her support of the Biden proposal.
'Banks do not work for the IRS,' Lummis said. 'This is invasive of privacy. Wyoming's people literally will find alternatives to traditional banks just to thwart IRS access to their personal information, not because they're trying to hide anything, but because they are not willing to share everything.'
read more here: https://www.dailymail.co.uk/news/article-10046087/Nebraska-says-NOT-comply-Biden-plan-banks-report-transactions-600-IRS.html
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