During an interview on CNBC’s “Squawk Box” on Tuesday, Yellen was pressed on whether the IRS has the “wherewithal” to collect more information about taxpayers and bank accounts including cash flows, something many Republicans have called invasive.
“Well, of course they do,” Yellen said. “Right now, on every bank account that earns more than $10 a year in interest, the banks report the interest earned to the IRS. That’s part of the information base that includes W2’s and reports on dividends in other income that taxpayers earned. So collection of information is routine.”
Yellen cited the “enormous tax gap” in the US as the reason behind the proposed tax hikes and information collecting, blaming the gap on places where information on income “can be hidden.” Treasury Secretary Janet Yellen defended President Biden’s plan to have banks inform the IRS of transactions of $600 or more as simply “routine.”CNBC
“It’s just a few pieces of information about individual bank accounts, nothing at the transaction level that would violate privacy,” the secretary said.
The collected information would ostensibly help the Treasury Department determine which high-income wealthy individuals may be concealing transactions and income, and “these would be helpful indicators of where it would make sense for auditing to occur,” she added.
“So, it is not reporting of individual transactions or anything of the like. And it would be a simple thing for banks and other payment providers to provide along with the other information they’re already providing.”
Under the proposal, banks would be required to turn over aggregate inflow and outflow numbers annually to the IRS and would cover bank accounts with at least $600 or at least $600 worth of...
Read More HERE
5 comments:
The only recurring expense I have over $600 is my credit card which I pay off every month. If this goes through I will start paying cash instead of using the card. Or get 3 or 4 more credit cards and keep tabs on the monthly charge and quit using the card before it hits $600.
Is Hunter going to report his income?
Is Joe going to report when he gets his cut?
The REAL question is what are the IRS, FBI, and DoJ going to do when they DON'T???
But then you already know the answer to that, just as you already know the answer to your own questions!!!
So many good people had to leave this earth well before their time. Yet Yellen, Pelosi, Waters, McCuller, Sleepy Joe, they all stll run around tightening the noose. Disgusting.
They don't care about your expenses. They're looking for income streams that may not be getting reported. It's still bs.
Post a Comment