BAY COUNTY, Fla. – Following Florida Chief Financial Officer (CFO) Jimmy Patronis’ Op-Ed in Florida Politics, which criticized the Biden Administration’s proposal forcing banking institutions to report certain transactions over $600 to the Internal Revenue Service (I.R.S.), the CFO was asked about the issue at a press conference in Bay County. 

For the Video of the CFO’s Comments, Click HERE 

For the CFO’s Op-Ed in Florida Politics, Click HERE

BEGIN TRANSCRIPT:

CFO PATRONIS: What you will do is you will drive people into black market economies. People will start spending more things with cash. When you spend more things with cash, you’re going to even limit less taxation transactions, legally, by the government.

So, again I think their pitch is going to have an adverse reaction. It is way too much of a government overreach, but then you’re going to encourage transactions that ultimately will be totally under the radar.

REPORTER: So is your suggestion just to keep things the way they are?

CFO PATRONIS: Yea, the status quo is fine, look I don’t think the federal government should know when I go to Rooms to Go, to go buy a sofa for my kids to sleep on. So, I think it’s – again – way overreaching by the government, but this is what’s happening right now.

In the current administration, the inmates are running the institution.

And the IRS, there’s a bunch of folks up there that feel like, “We have got to grow government, we gotta collect more taxes. The best way to collect more taxes is to track every transaction that we can.” So they pick the $600 sweet-spot which to me is just – you know – this is the first growth of government that citizens, especially the state of Florida, are not going to stand for.

[END TRANSCRIPT]

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About CFO Jimmy Patronis 
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and X (@FLDFS).