Yellen: IRS Watching Bank Accounts “Absolutely Not” Spying
Secretary Janet Yellen denied that the IRS is doing anything unethical in trying to figure out everyone who has made a $600 transaction.
President Joe Biden wants to use the IRS to go after wealthy Americans who he says are not paying their taxes.
“Treasury Secretary Janet Yellen said on Tuesday’s broadcast of ‘CBS Evening News’ that the proposed $600 IRS reporting requirement for banks is ‘absolutely not’ a way for the government to spy on Americans,” Breitbart reported.
“You want banks to report transactions of 600 dollars or more? That is what the IRS wants. Does this mean that the government is trying to peek into our pocketbooks? If you want to look at $600 transactions?” CBS Anchor Norah O’Donnell asked Yellen.
“Absolutely not. I think this proposal has been seriously mischaracterized. The proposal involves no reporting of individual transactions of any individual,” Yellen said. “The big picture is, look, we have a tax gap that over the next decade is estimated at $7 trillion. Namely, a shortfall in the amount the IRS is collecting due to a failure of individuals to report the income that they have earned.”
The proposal, which appears to be a backdoor way to raise taxes without legislation, has raised concerns from Republicans and business groups.
“Banking organizations are mounting a grassroots movement urging customers to call Congress and their local banks to oppose the measure,” KATV.com reported. “Hundreds of thousands of messages have gone to members of Congress and bank branch operators have said they are hearing from upset customers.”
Do you think Biden needs to rescind this proposal? Do you think we need to abolish the IRS? Share your thoughts below!