NH AG Signs Letter Opposing IRS Access to Bank Accounts
New Hampshire Attorney General John Formella joined 18 other state Attorneys General in a letter to President Joe Biden that calls his proposal to give the IRS access to every bank account with a balance of at least $600 "unacceptable."
The plan is intended to crackdown on tax evaders and generate another $463 billion in tax revenue over the next decade, according to the White House.
Critics are concerned it will increase audits and increase costs for the banking industry. The Biden Administration said those fears are unfounded especially after it promised not to increase audits on anyone earning less than $400,000.
"The proposal involves no reporting of individual transactions of any individual," Treasury Secretary Janet Yellen told CBS News. "If somebody reports an income of $10,000 and they had $3 million go out of their checking account, that tells the IRS that's an individual you might audit."
In the letter the Attorneys General call the proposal a "burdensome Big Brother mandate" and goes against the privacy Americans expect and deserve.
"The federal government combing through almost every American’s bank account without cause, or even suspicion, is unacceptable, illegal and contrary to the well-founded constitutional principles against illegal searches and seizures," the letter read.
The letter hinted at the letter signed by many of the same Attorneys General r threatening legal action over Biden's COVID-19 vaccine mandate for companies employing over 100 workers.
"Unfortunately, it has become all too common for this administration to disregard the
Constitution and laws of the United States when issuing policies such as this one," the letter read, adding that it could also lead to higher taxes.
The attorneys general said that if the Biden administration wants to pursue tax evaders they are prepared to join that effort.
"But we are certain that violating the privacy of virtually every American with a bank account is not the answer," read the letter.
Contact reporter Dan Alexander at Dan.Alexander@townsquaremedia.com or via Twitter @DanAlexanderNH