'Massive invasion of privacy': Missouri treasurer describes possible new IRS rule

Current Missouri State Treasurer, and candidate for State Auditor, Scott Fitzpatrick calls a planned new IRS rule that would compel reporting of inflows and outflows of more than $600 from bank accounts to the agency, "a massive invasion of privacy."

Fitzpatrick has indicated that Missouri "won't comply" if the new rule is passed in Washington as part of the spending bill.

"Turning over their transaction data to the federal government is illegal under Missouri law and a gross violation of Missourians’ expectation of privacy when it comes to their personal financial records. I will not turn this information over to the IRS voluntarily and will fight in court to block any attempt by the federal government to compel my office to comply with this mandate," Missouri State Treasurer Scott Fitzpatrick said in a statement provided to FOX Business.

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