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Morrisey against IRS proposal

CHARLESTON — West Virginia Attorney General Patrick Morrisey joined a 19-state coalition of attorneys general in writing a letter to President Joe Biden and Treasury Secretary Janet Yellen, voicing opposition to a Biden Administration plan to provide the federal government with access to nearly every American’s bank account and financial transaction information.

The attorneys general note that this invasive policy will require all banks, credit unions, and financial institutions to report information to the Internal Revenue Service on every bank account that has a balance of at least $600 and exceeds $600 per year in transactions.

“As the chief legal officers of our states, we find this proposal wholly unacceptable and oppose any requirement of its kind,” Morrisey joined in writing. “It is at best overly burdensome and at worst it is illegal. As such, we ask you to rescind this proposal immediately.”

In the letter, the attorneys general argue that banks across the country will have to transform the way in which they conduct business in order to comply with the proposed reporting requirements, including investing significant amounts of money in data collection and other systems.

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