Janet Yellen Says $600 IRS Plan Isn’t Spying
Janet Yellen Says $600 IRS Plan Isn’t Spying
The IRS has a plan to catch tax cheats, and Treasury Secretary Janet Yellen thinks its a terrific idea! But do not call it spying.
What is this $600 plan from the IRS you ask? This:
Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig pressed lawmakers Wednesday to give the Internal Revenue Service more information about taxpayers’ bank accounts, as the Biden administration tries to salvage its struggling tax-compliance proposal.
In letters to lawmakers, the administration officials again asked Congress to require banks to report annual inflows and outflows from bank accounts with at least $600 or at least $600 worth of transactions, a proposal aimed at letting the IRS target its audits more effectively. It would generate about $460 billion over a decade to cover the costs of Democrats’ planned expansion of the social safety net and climate-change policies, according to the administration.
Think about this for a few minutes. Under this rule, banks would be required to report every single account that has either $600 or more in it, AND report every transaction that is at least $600. Then the IRS will decide if they need to run an audit of that person’s bank account. This is the IRS idea to manipulate the system and take more money out of all of our pockets. Furthermore, while we do have to pay taxes (which I dislike intensely), there is absolutely zero reason why the IRS should be monitoring all our bank accounts 24/7.
Understandably, people are pushing back at this proposal.
Missouri state treasurer Scott Fitzpatrick asserted, “I will stand up to this government overreach and protect the privacy of those account holders. Turning over their transaction data to the federal government is illegal under Missouri law and a gross violation of Missourians’ expectation of privacy when it comes to their personal financial records. I will not turn this information over to the IRS voluntarily and will fight in court to block any attempt by the federal government to compel my office to comply with this mandate.”
Arkansas state treasurer Dennis Milligan echoed to the Daily Mail, “It would be absolutely absurd for me to turn over their private account data regarding money they’re saving for their loved ones’ future to the IRS, and I do not intend to do so. I would do all I could in my role to not comply with this proposal.”
As others are pointing out, the immense burden this would put on small hometown banks, community banks, and credit unions would be staggering and impossible to maintain. Besides, why does the IRS need to know about purchasing $600 worth of flowers for your daughter’s wedding? The simple answer is, they don’t. Senator Cynthia Lummis from my home state of Wyoming took Yellen to task a few days ago.
Senator Lummis is absolutely correct. Americans are not government subjects. Period.
Yet Janet Yellen has been making the rounds trying to sell this crap. Even then, when confronted by Senator Lummis, her response was that this isn’t reporting detailed transactions and since the banks already report interest accrued on accounts, what’s the big deal?
Boy howdy, Yellen really knows how to pedal the horseshit. Since her first gambit on this $600 IRS thing didn’t work, she’s now trying to gaslight us into believing that this is not the spying you are looking for. Yeah, about those spy droids, when it walks like a duck, and talks like a duck…
This $600 IRS tax proposal absolutely WILL be an intrusion into our bank accounts. It absolutely IS about tracking all American’s financial transactions.
Yet, last night, Janet Yellen decided to drop this whopper while talking with CBS Norah O’Donnell.
“There’s a lot of tax fraud and cheating that’s going on.” Treasury @SecYellen tells @NorahODonnell the proposed $600 IRS reporting requirement for banks is “absolutely not” a way for the government to peek into American’s pocketbooks but to hold billionaires accountable. pic.twitter.com/M3VKOhdtSu— CBS Evening News (@CBSEveningNews) October 12, 2021
On what freaking planet does she live on??!! How the hell does she think that tracking any of mine or your $600 transactions will hold millionaires and billionaires accountable for THEIR taxes?
“All that’s involved in this proposal is a few aggregate numbers about bank accounts,” she said, “the amount that was received in the course of the year, the amount that went out in the course of a year.”
This would allow the IRS to be flagged to audit someone with an income of $10,000 suddenly having “$3 million go out of their checking account.”
Well, that certainly makes it ok doesn’t it? Janet, this is not Miami Vice, not by a long shot. The IRS plan is for ALL accounts with $600 transactions to be monitored and reported to the IRS, and trying to sell the idea that ‘it’s just a few accounts’ is a trainload of manure. Evidently, since Diane Feinstein’s idea of taxing the mega rich didn’t work, this is the new plan.
Inflation continues to surge, over 5.4% higher than last year, Yellen wants an unlimited debt ceiling and thinks letting the IRS monitor every transaction of $600 or more will catch billionaire tax cheaters.
Yellen, however, noted that there is a projected tax gap of $7 trillion over the next decade — a reality that keeps the IRS from collecting “what we believe are owed.” [Emphasis Added]
That’s it right there. Yellen wants this intrusive spy program in place because the federal government is OWED that money. The money we make isn’t ours according the Biden Administration, it’s theirs.
That’s where this $600 spy proposal is coming from. They want their money and will do anything to get it.
Feature Photo Credit: Janet Yellen caricature by DonkeyHotey via Flickr, cropped and modified