Attorney General Ken Paxton joined a multistate coalition demanding the Biden Administration rescind the IRS proposal that would require banks and financial institutions to report to the federal government information on every bank account that has a balance of $600 and more than $600 in transactions in a single year.
Such government prying into the personal information of millions of Americans is not only unconstitutional, but it also violates Fourth Amendment protections against government searches. If enacted, this proposal would result in higher banking fees and escalating interest rates, in addition to the negative effect on individual privacy rights.
For copy of the letter click here.