John Murante

Party: Republican

Took office: 2019

Salary: $85,000 Content Exchange

Don’t make tax season harder for yourself by ditching old tax documents before you should. But how long do you really need to hold onto them? It depends.

Nebraska Republican officeholders criticized a pending Biden administration proposal that could compel financial institutions to report accounts with flows above $600 to the Internal Revenue Service. 

Democratic lawmakers are considering including a provision on bank reporting requirements in their pending social spending package, according to a report in The Hill.

The online news report said Democratic lawmakers have reached a tentative agreement to raise the proposed threshold from $600 to $10,000 and exclude regular salary payments if they decide to add a reporting provision to the legislation. 

State Treasurer John Murante told Fox Business that Nebraska is leading the charge in objecting to the proposal.

"My message is really simple," Murante said. "The people of Nebraska entrusted me to protect the privacy of these accounts, and I am not going to comply with this.

"If the Biden administration sues me, we will take it all the way to the Supreme Court."

Sen. Deb Fischer said she has signed onto a bill introduced by Sen. Mike Crapo of Idaho that would "protect the American people from Democrats' efforts to hire an army of IRS agents charged with snooping on taxpayers' bank accounts and surveilling the public's everyday expenses."

President Biden is "grasping at straws to fund his partisan tax-and-spending spree," Fischer said.

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On Twitter @LJSdon

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