WEST VIRGINIA (WOAY) – A change included in the $3.5 trillion ‘Build Back Better’ bill, the Biden Administration is proposing the level that triggers a bank to report to the IRS be reduced to $600 rather than the previous $10,000 transactions, and many people are opposing the potential new changes.
“I think it’s unconstitutional, I think it infringes on the fourth amendment of the United States Constitution and it’s something that we’re fighting against with the coalition of 23 other state treasurers,” says WV State Treasurer Riley Moore. “We are not going to comply, all of these other states don’t want to comply either, and I don’t think anybody should comply with this.”
People opposing these changes fear that increasing the IRS reports could potentially expose millions of Americans to data breaches and hackers.
