CLARKSBURG, W.Va. – West Virginia State Treasurer Riley Moore has been traveling the state talking about his opposition to President Biden’s $3.5 trillion “Build Back Better” reconciliation spending bill. On Wednesday, he stopped in north central West Virginia to speak about the bill and promote trade jobs to students in Fairmont and Clarksburg.
One major concern that Moore brought up concerning “Build Back Better” was it requiring banks to report transactions of six hundred dollars or more, instead of the current ten thousand dollars.
“This is going to open up the IRS to everyone’s financial information,” Moore said. “I think it’s an infringement on the 4th amendment of the Constitution, unreasonable search and seizure. It’s something my office is standing against. I’ve joined a coalition of twenty-three other State Treasurers from around the country to say we will not comply with this and we will fight this. This is unconstitutional, I think it’s a total invasion of privacy and it could potentially kill a lot of community banks in West Virginia because the compliance is going to be so onerous.”
According to the Whitehouse, the Build Back Better Agenda is “an ambitious plan to create jobs, cut taxes, and lower costs for working families.” In order to do this, President Biden wants to change tax codes and tax the wealthiest and largest corporations at a higher rate. Democrats have debated what needs to be included in the bill, while Republicans, like Moore, have raised concerns about the bill.
While he was stopped in the area, Moore also made stops at Fairmont State University to speak with aviation students and Notre Dame High School to talk about the Hope Scholarship and Jumpstart Savings Programs.
Treasurer Riley Moore supported Governor Jim Justice in passing the Jumpstart Savings Program in March of this year which allows people who wish to pursue a vocation or trade to make tax-free contributions to a savings and investment account up to $25,000 annually.
“It’s allowing people that are in trades and vocations to be able to save money to buy tools and equipment, licenses and certifications. So, it’s really an exciting opportunity for people all around West Virginia that have chosen a non-collegial path but are going to be working with their hands or a trade of rotation,” said Moore.