The Internal Revenue Service (IRS) is reportedly looking to get more information and data about Americans’ financial activities from banks in order to crack down on tax dodgers and potentially recover billions in lost revenue. Florida Bankers Association CEO Alex Sanchez joined FOX Business’ "Mornings with Maria" and said this move would "kill our community banks" and hurt small businesses.
ALEX SANCHEZ: Let me just simply say this will kill our community banks and hurt our regional banks in our country who are the main providers of capital for small businesses. While community banks only have 20% of market share, they give 50% of small business loans in our entrepreneurial society to small businesses where half of Americans work.
Having every [American’s] data sent to the IRS for every $600 withdrawal, deposit, moving in accounts -- it's unbelievably ridiculous. There are more efficient ways to do this by the IRS. Sen. Warren herself to the commissioner said we need to get high-income tax evaders. Well, hire more auditors. There’s many more efficient ways to do this than to have every American's data sent to the IRS for a $600 transaction.
I hope moderate Democrats rule the day and tell the Biden administration this is totally unacceptable. Look, we want taxes to be paid. We want taxes to support our country. But there are more efficient ways of doing it than the intrusive violation of privacy of every American's right for all their bank accounts. So there’s just a better way to do it than what the Biden administration is proposing.
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