LITTLE ROCK, Ark. (KNWA/KFTA) — Arkansas Treasurer Doug Milligan says he’s not in favor of the Biden Administration’s proposed tax agenda.

A change would make all banks and credit unions report transactions of any bank account with more than $600 to the IRS, hoping to crack down on the number of companies avoiding domestic taxes.

Milligan says, “People who evade taxes aren’t your hardworking middle-class Arkansans. Instead, this is just another type of government overreach that is typical of a democrat-controlled congress.”

President Joe Biden says actions must be taken.

“This is our moment to deal working people back into the economy,” Biden said. “It’s long overdue. I’m not out to punish anybody. I’m a capitalist.”

Biden says he thinks implementing tighter oversight will generate around $460 billion in tax revenue over the next ten years.