Sep 24, 2021 4:38 PM

Austin: Banking proposal could create 'slippery slope'

Posted Sep 24, 2021 4:38 PM


Hutch Post

HUTCHINSON, Kan. — Kansas State Treasurer candidate Michael Austin wants to make sure that Kansans don't have to deal with intrusion into their financial lives.

"President Biden wants access to your bank account, so that the IRS can better squeeze every single tax dollar, in order to finance the government's record setting deficits and debt," Austin said.

The proposal would ask banks to keep track of all transactions of $600 or more. Individual information is not a part of the current proposal.

"Is this the start of a slippery slope?" Austin said. "They're only taking an inch and not taking a mile, but once we become accustomed to it, it will be a lot easier to take it to the next step."

Bankers see this as very detrimental to their business.

"It's effectively making the banks a de facto arm of the state," Austin said. "That should be a huge red flag to any red-blooded American. What's really dangerous, of course, is by setting this precedent, it makes it easier for the IRS to go after those who just don't understand how complicated our tax system is and simply make a mistake."

Austin is one of several candidates expected to run as Republicans for the State Treasurer's seat currently occupied by Democrat Lynn Rogers.