Nebraska Republican officeholders criticized a pending Biden administration proposal that could compel financial institutions to report accounts with flows above $600 to the Internal Revenue Service.
Democratic lawmakers are considering including a provision on bank reporting requirements in their pending social spending package, according to a report in The Hill.
The online news report said Democratic lawmakers have reached a tentative agreement to raise the proposed threshold from $600 to $10,000 and exclude regular salary payments if they decide to add a reporting provision to the legislation.
State Treasurer John Murante told Fox Business that Nebraska is leading the charge in objecting to the proposal.
"My message is really simple," Murante said. "The people of Nebraska entrusted me to protect the privacy of these accounts, and I am not going to comply with this.
"If the Biden administration sues me, we will take it all the way to the Supreme Court."
Sen. Deb Fischer said she has signed onto a bill introduced by Sen. Mike Crapo of Idaho that would "protect the American people from Democrats' efforts to hire an army of IRS agents charged with snooping on taxpayers' bank accounts and surveilling the public's everyday expenses."
President Biden is "grasping at straws to fund his partisan tax-and-spending spree," Fischer said.
See the Nebraska laws that went into effect at end of August
Aug. 27: Social Security
Aug. 27: Retired military
Aug. 27: Business parks
Aug. 27: Police reform
Aug. 27: Hair discrimination
Aug. 27: School bond property taxes
Aug. 27: Cryptocurrency
Aug. 27: School curriculum
Aug. 27: Farm to school
Aug. 27: Tenant rights
In effect: Rural broadband
In effect: Take-out alcohol
In effect: Firework sales
In effect: Crisis hotline
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