You know that the American government has the ability to see nearly everywhere, all the time. America’s virtual panopticon was first exposed by Edward Snowden, and has since become ever more apparent. There are many stories about intrusive government surveillance on America’s citizens. Now Joe Biden is planning a new intrusion into Americans’ privacy that will send their bank details to the IRS. Callie Patteson reports in the New York Post:
Treasury Secretary Janet Yellen is defending a Biden administration proposal that would require banks to report data to the Internal Revenue Service on transactions over $600, calling the collection of information “routine,” after taking heat for the idea that is widely seen as an unprecedented invasion of privacy.
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.”
One hundred and forty-one Congressmen from the GOP sent a letter to Yellen expressing their uneasiness with the expanded power the new law would give the IRS. They wrote:Congressional Letter FI IRS Reporting 09132021
E.J. Smith - Your Survival Guy
Latest posts by E.J. Smith - Your Survival Guy (see all)
- What You Start to See Is a Death Spiral - September 30, 2022
- Biden, Harris, Obama and Democracy? - September 30, 2022
- Get Off the Investment Roller Coaster: Have a Plan - September 29, 2022
- These 10 States Are Fighting for Your Liberty Retirement - September 29, 2022
- IN FOR THE LONG HAUL: Building Wealth with Compounding - September 29, 2022