Who do they think they are fooling?
In a recent interview with CBS, President Biden’s Treasury Secretary Janet Yellen defended Biden’s plan to allow the IRS to snoop in American’s bank accounts for any transactions greater than $600 and claimed that it was in no way “spying” but rather a way to ensure people aren’t committing any tax fraud.
According to Breitbart, CBS’s O’Donnell sheepishly asked Yellen if Biden’s attempt to make the IRS monitor bank accounts was in some way “peeking” in people’s pocketbooks.
Yellen, who appeared frustrated by the question, shot back at O’Donnell and exclaimed “Absolutely not!” she then claims that this new bill trying to be passed was completely mischaracterized. Yellen then explained that there is a tax gap of $7 trillion and that the IRS is failing to collect the money it desperately needs.
O’Donnell responded that that is an issue which is caused by billionaires and asked if that issue also applies to normal Americans with simply $600 transactions?
Yellen replied, “No, it tends to be among high-income individuals whose income is opaque, and the IRS doesn’t receive information about it. If you earn a paycheck, you get a W-2 the IRS knows about it. High-income individuals with opaque sources of income that are not reported to the IRS, there is a lot of tax fraud and cheating that is going on. All that is involved in this proposal is a few arrogate numbers about bank accounts, the amount that was received in the course of a year, the amount that went out in the course of a year.”
Major banks and Americans who are both Liberal and Conservative all appear to be unhappy about Biden’s new decision and many are hoping it does not pass over privacy concerns.