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Sen. Lummis slams Yellen over $600 IRS reporting requirement
Fox Business ^ | Sep 29 | By Breck Dumas

Posted on 09/29/2021 9:34:41 AM PDT by RandFan

Sen. Cynthia Lummis, R-Wyo., on Tuesday let loose on Treasury Secretary Janet Yellen over the Biden administration's proposal to force banks to report to the Internal Revenue Service on every transaction Americans make that is $600 or more.

"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 told Yellen of the proposal, which is one of several aimed at helping to pay for President Biden's multitrillion-dollar plans for expanding social programs and fighting climate change.

Lummis said, "Banks will have to hire contractors to rat on their customers," and scolded, "Bank customers are not subjects to the federal government. Banks do not work for the IRS."

The senator suggested Americans would "find alternatives to traditional banks just to thwart IRS access to their personal information, not because they're trying to hide anything but because they're not willing to share everything."

"My question is: Are you aware of how unnecessary this regulatory burden is?" Lummis asked Yellen. "Do you distrust the American people so much that you need to know when they bought a couch? Or a cow?"

Yellen told Lummis she disagreed with the senator's assessment, suggesting that Lummis might misunderstand the proposal.

(Excerpt) Read more at foxbusiness.com ...


TOPICS: Government; Miscellaneous; News/Current Events; US: Wyoming
KEYWORDS: cynthialummis; irs; janetyellen; wyoming
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To: Yo-Yo

The sheep electorate somehow have been brainwashed into believing that government(their servants) owns their labor, bank accounts, monetary transactions, financial transparency and their first born.

Government has ZERO reason to interfere and/or audit private transactions in the the name of security... or in the interest of tax collection.

When the government is so powerful it can confiscate or garnish you labor at will for the sake of taxation... then government has become the owner of its masters. To tax and confiscate at will another mans labor or the fruits of his labor is the very definition of slavery.


21 posted on 09/29/2021 10:33:02 AM PDT by Bellagio
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To: RandFan

There is a ‘penumbra’ that finds a enough of a right to privacy somewhere in Bill of Rights to allow a woman to murder her offspring.
How is it that this ‘penumbra’ doesn’t protect a bank account?
The Federales should need a warrant to to look at your banking data.


22 posted on 09/29/2021 10:33:42 AM PDT by Little Ray (Civilization runs on a narrow margin. What sustains it is not magic, but hard work. )
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To: Extremely Extreme Extremist

“Where is the GOP leadership on this?“

They are waiting with big grins on their faces and both hands out for this to be implemented. They can’t WAIT to get their take…


23 posted on 09/29/2021 10:41:42 AM PDT by joethedrummer
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To: Bellagio
When the government is so powerful it can confiscate or garnish you labor at will for the sake of taxation... then government has become the owner of its masters. To tax and confiscate at will another mans labor or the fruits of his labor is the very definition of slavery.

Taxation is part of the Constitution, Article I, Section 8, Clause 1.

24 posted on 09/29/2021 10:42:21 AM PDT by Yo-Yo (is the /sarc tag really necessary?)
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To: Maceman

That’s off tge table for most folk.

Withholding and direct deposit make it hard if not impossible for our uncle not to know/ get his bite without our input.


25 posted on 09/29/2021 10:50:01 AM PDT by Manly Warrior (US ARMY (Ret), "No Free Lunches for the Dogs of War" )
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To: dware

In $599.99 increments?

The proposal is 1, to report accounts with $600 or more and 2, to report every transaction of $600 or more.

If I could get my pay deposited in $599.99 increments and withdraw 599.99 every time I would fly under thee radar. But alas, I have a life.


26 posted on 09/29/2021 10:52:53 AM PDT by Manly Warrior (US ARMY (Ret), "No Free Lunches for the Dogs of War" )
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To: RandFan

This $600 transaction scrutiny doesn’t apply if your name is either Hunter Biden or Big Guy.


27 posted on 09/29/2021 10:55:14 AM PDT by Tell It Right (1st Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
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To: RandFan
Not so easy dware for a lot of people that is

Well, you know what they say: Freedom isn't free. It requires sacrifice sometimes. It's a pretty simple thing to do, taking your $$$ out the bank. The difficult part is dealing with the ramifications of not having a bank account. I ask, what's more important? Having the creature comforts and benefits of a bank account, or freedom?

28 posted on 09/29/2021 11:19:45 AM PDT by dware (Americans prefer peaceful slavery over dangerous freedom)
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To: Manly Warrior
I have a life.

Also the reason there won't be any CWII some so eagerly salivate over.

This goes to the arguments I've had about that so many times. The truth is, we could have a bloodless revolution in this Country, if we just stop consenting, and stop participating in the system. Yes, it's a huge imposition on those of us who "have lives", but that whole "Freedom isn't free" saying doesn't just apply to the men & women in uniform. It applies to us, as well.

We talk a big game about Molon Labe and join stupid, fed infiltrated militia groups and run around the forest thinking we look tacticool with the latest airsoft gear, but the truth is that we are unwilling, to begin with, to make sacrifices that would lead to a better Country (like taking our $$$ out of banks, because we "have lives"). If we are unwilling to take steps now that would avoid that whole scenario, how are we to be expected to give our very lives for the cause?

Something to consider, anyhow.

29 posted on 09/29/2021 11:26:32 AM PDT by dware (Americans prefer peaceful slavery over dangerous freedom)
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To: dware
“Take your $$$ out of the banks. Easy peasy.“

Then they will make that illegal. Communism does not allow loopholes.

We better start deciding if we are going to live with communism or are we going to end it.

30 posted on 09/29/2021 11:32:51 AM PDT by precisionshootist
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To: bk1000
“If they intend to tax my INCOME, it is none of their business what I spend the remainder on.“

Do you think they care what your opinion is? Your business will be reported to the proper authorities.

I really hope those that sided with evil and stole the election and our republic realize what they have done. Our republic is gone. period.

31 posted on 09/29/2021 11:38:41 AM PDT by precisionshootist
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To: RandFan

Heck, just use cash in a fake name. But if this ever does happen, anyone that calls this country a free country is insane or living in the distant past.


32 posted on 09/29/2021 12:17:46 PM PDT by cuban leaf (We killed our economy and damaged our culture. In 2021 we will pine for the salad days of 2020.)
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To: RandFan

One of the best and simplest ways to make life better in America would be to get rid of the IRS. Taxing income and collecting personal data of citizens is and has always been unconstitutional and wrong.


33 posted on 09/29/2021 1:18:04 PM PDT by lakecumberlandvet (Appeasement never works.)
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To: Kenny500c

The amount doesn’t matter its their way of getting into your accounts permanently


34 posted on 09/29/2021 2:01:33 PM PDT by ronnie raygun
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To: ronnie raygun

Agreed but they already are in with a $10k limit.


35 posted on 09/29/2021 2:16:40 PM PDT by Kenny500c ( )
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To: Yo-Yo
Taxation is part of the Constitution, Article I, Section 8, Clause 1.

Yeah... and so what??? What does your ignorant comment have to do with direct tax on labor? Do you have any clue what Article I, Section 8, paragraph 1 means? The general government has no such power to tax labor, but it thinks it does.

The United States Constitution on Taxation

Article I Section 2 Paragraph 3:

“…direct Taxes shall be apportioned among the several states…according to their respective Numbers…”

Article I Section 8 Paragraph 1:

“The Congress shall have power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States.

Article I Section 9 Paragraph 4:

“No Capitation, or other direct, Tax shall be laid, unless in Proportion to the Census or Enumeration herein directed to be taken.”

The 16th Amendment

“The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.”

LOL! You can't be that ignorant. Your labor is your property... You own it free and clear.

Any man/woman that barters their labor for other services or money is making an even exchange in value for his/her labor (property). There is no capital gain in a transaction such as this and therefore cannot be taxed period. Title 26 (Income Tax Code) taxes PROFITS! Profits that are net gains derived from your source of income, which is your LABOR.


36 posted on 09/29/2021 10:23:37 PM PDT by Bellagio
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To: Bellagio

Thank you for the very comprehensive lesson on taxation.


37 posted on 09/30/2021 3:46:35 AM PDT by Yo-Yo (is the /sarc tag really necessary?)
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To: dware

Airsoft? You have Airsoft?

I guess I would be scary, then.


38 posted on 09/30/2021 5:22:42 AM PDT by Manly Warrior (US ARMY (Ret), "No Free Lunches for the Dogs of War" )
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To: dware

Airsoft? You have Airsoft?

I guess I would be scary, then.


39 posted on 09/30/2021 6:27:19 AM PDT by Manly Warrior (US ARMY (Ret), "No Free Lunches for the Dogs of War" )
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To: RandFan

“suggesting that Lummis might misunderstand the proposal.”

Translation: I can’t explain why we are doing it


40 posted on 09/30/2021 6:40:11 AM PDT by AppyPappy (How many fingers am I holding up, Winston? )
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