We have to know where that money is going.
This is of course completely unrelated to the vaccine passport, which is 100% about health and saving 80-year-olds from a deadly virus.
But you have to wonder if it isn’t related to the thing with creating a database of everyone’s Google search history…
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.”
The proposal has been slammed by Republicans as an invasion of privacy. Last week, Sen. Cynthia Lummis (R-Wyo.) slammed the Treasury secretary during a Senate Banking, Housing, and Urban Development Committee hearing, asking if she was aware of “how unnecessary this regulatory burden is?”
“Do you distrust the American people so much that you need to know when they bought a couch? Or a cow?” the Republican senator asked.
“There are obvious privacy concerns for all Americans here and this represents a dramatic new regulatory burden for community banks and credit unions in Wyoming and elsewhere,” Lummis added.
“Bank customers are not subjects to the federal government. Banks do not work for the IRS.”
Yellen defended the plan, telling the senator, “Banks already report directly to the IRS the interest that they pay on accounts when it exceeds $10, and this is not a proposal to provide detailed transaction-level data by banks to the IRS.”
“Well, $600 threshold is not usually where you’re going to find the massive amount of tax revenue you think Americans are cheating you out of,” Lummis fired back.
“That’s correct,” Yellen admitted, “but it’s important to have comprehensive information so that individuals can’t game the system and have multiple accounts.”
Hey – who knows.
Maybe the US government is finally just deciding to do real communism?
Anyone making a transaction over $600 is clearly a member of the ruling class that is oppressing the workers, right?
I mean, that’s the correct math on that, right?
What a handsome woman. 😍
— Paulie Six Sigma (@Pauliepaul1976) October 5, 2021
Too many people found money in side hustles at the beginning of the lockdowns for them not to come sniffing around. Someone cobbling together money to live via side hustles is much easier to get a judgement against
— Ed from Queens (@edfromqueens) October 5, 2021
Why not lower it to $0.01? I'm sure you will catch even more people then.
— Icarus (@ColdHandsCrypto) October 6, 2021
Unfortunately, no. Supreme Court has ruled that federal authorities can subpoena bank records because bank customers do not have a reasonable expectation of privacy. See U.S. v. Miller (1976). It is moronic.
— guyasuta (@Guyasuta) October 6, 2021
So I pay taxes on my income and say I buy a living room suite that I pay taxes on when I buy it. then something happens and I have to sale that living room suite to cover say a health issue or family matter whatever I have to report the said income again from what i sale it for.
— She-Ape (@SheilaH69976946) October 6, 2021
They hide most of their income in the business by making it better. Also, guess what, y’all also get a HUGE tax return, those of us who run a business don’t get much of a return
— Jamison Vogel (@jamisondvogel) October 6, 2021
Certainly seems like a lot of authoritarian moves happening from governments in the G20 lately. Almost seems like they are all in cahoots…
— Cpt. R Dubya (@Cpt_RDubya) October 6, 2021