Former Kansas City Fed President Thomas Hoenig slams Biden’s IRS proposal as "an incredible invasion of privacy," arguing the IRS tracking transactions of $600 or more will cause the public to have "even less trust" in government institutions.
THOMAS HOENIG: I think it's a dangerous idea for several reasons. But number one, it is an incredible invasion of privacy. It allows, basically requires banks to forward information account transactions over the course of a year. That's as little as $600. They talked about raising it to $10,000, which is of little consequence. It's still be incredibly intrusive and it's a massive search without a search warrant. I hate to say that.
It will be the middle class, upper-middle-class who will be caught in this and there will be, I think in the collection of the data, there will be false positives. So that means individuals will have their will be approached by the government about what they're doing.
I think it really will cause the public to have even less trust in our government institutions because very simply, if you're intruding into everything you want to avoid that you become very cynical about the rule of law. And I think it undermines confidence of the American people in its institutions. And so I think it's a bad idea on all fronts.
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