Dana Hall McCain: Hands off my banking
This is an opinion column.
If there’s one thing we need most in 2021, it’s privacy. Still, the Biden administration would like to deny us a little more with a proposal that would require financial institutions to report transactions of $ 600 or more to the IRS.
I think I’ll pass, Joe.
IRS regulations already require your bank to report on you whenever you move over $ 10,000. But by lowering that threshold to $ 600, the government makes all of the mid-level spending decisions that you make.
In this, as in all things, information is power.
Fortunately, Senator Tommy Tuberville is working to stop this blatant excess by introducing the Financial Privacy Protection Act. This legislation would prohibit the IRS from requiring financial institutions to report their clients’ financial transaction data in addition to what is already required by the Bank Secrecy Act.
It’s none of the IRS business if I buy a new carpet for my living room, book a flight to see my nephew on the west coast, or buy my daughter a special dress for a formal occasion. It’s none of their business if I give a financial gift to a friend in need.
It’s none of their business if I buy a new lawn mower or contract with a local company to get a service I need.
Our freedom as Americans is based on privacy. The more we are forced to share with the government, the more power they have to harness that information to rob us of our dollars through future taxes or to track our movements and market participation. In a million different ways, privacy protects freedom.
Senatorial candidate Katie Britt has also taken a strong stand against the proposal, vowing to fight to keep our bank private if elected. She and Tuberville are both keenly aware of the ramifications of this type of government intrusion and have focused on raising enough sand in the public square to stop it.
We should all hope that they are successful.
Dana Hall McCain writes on faith, culture and public policy for AL.com. You can follow her on Twitter @dhmccain.