Thomas Honig says the proposal is an ‘unbelievable invasion of privacy’
Former Kansas City Fed Chairman Thomas Hoenig described Biden’s IRS proposal as “an incredible invasion of privacy,” arguing that the IRS tracking transactions of $600 or more would lead the public to “even in government institutions.” That would be less trust”.
Thomas Honig: I think this is a dangerous idea for several reasons. But number one, it’s an incredible invasion of privacy. This allows, basically, requiring banks to forward information account transactions over the course of a year. It’s as little as $600. He talked about increasing it to $10,000, which has little result. It’s still incredibly intrusive and it’s a massive find without a search warrant. I hate to say this.
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it will be middle class, upper–The middle class that would and would be trapped in this would, I think, be false positives in the collection of data. So it means that individuals will have their will by the government for what they are doing.
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I think it will actually give the public even less trust in our government institutions because very simply, if you are infiltrating everything you want to avoid, you become very cynical about the rule of law. go. And I think it undermines the trust of the American people in their institutions. And so I think it’s a bad idea on all fronts.
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