State Treasurer Pushes Back on Biden Plan

State Treasurer Scott Fitzpatrick is pushing back on the Biden Administration’s proposal to track bank transactions being made to avoid taxes. It calls for banks, credit unions, and some state treasurers to report bank transactions and accounts of ten thousand dollars or more. Fitzpatrick, a Republican running for State Auditor, says giving the IRS more personal information is not a good idea.

Under the plan, Fitzpatrick says he would be required to turn over information about Missouri’s 529 Educational Savings Accounts and the MO Able Program for individuals with disabilities. According to national media reports, Treasury Secretary Janet Yellen says under the current system, American workers pay virtually all their tax bills while many top earners avoid paying billions in the taxes they owe by exploiting the system.