Posted on 10/05/2021 3:31:58 PM PDT by algore
Treasury Secretary Janet Yellen defended on Tuesday the new requirement that all purchases above $600 be reported to the IRS
Said it will help fill the $7 trillion tax gap 'from places where the information on income is opaque and can be hidden'
Also said Biden's controversial pick to lead the agency responsible for regulating America's banks deserves a 'fair hearing'
'Professor [Saule] Omarova is the President's nominee... And I think she deserves a fair hearing by the Senate. I hope she will get that'
Omarova is a Cornell Law School professor who graduated from college in Moscow, where she attended on a scholarship named after Vladimir Lenin
She wrote a paper advocating for the Federal Reserve to take over Americans' personal banking in order to have more policy clout against big banks
Republicans and bank lobbyists already oppose her nomination to lead OCC
'Collection of information is routine,' Yellen assured when asked by CNBC's Squawk Box co-host Andrew Ross Sorkin about the new information collection that some Americans claim is an invasion of privacy.
Yellen insisted that the collection will help fill the tax gap.
She added: 'It's a simple way for the IRS to get a sense where that might be – it's just a few pieces of information about people's bank accounts.'
(Excerpt) Read more at dailymail.co.uk ...
I got corrected by Facebook because it’s only a proposal right now.
Uh huh.
Guess we know how they will pay for that budget “plan.”
Sure it will cure the tax gap. These people are truly effing stupid.
How much in tax refunds does the IRS give to Fake Citizens all over the World every year ?
I think my Blood Pressure went up. Wow Democrats sure love going up on our anus to know everything including the Rinos.
This is crazier than most Babylon Bee stories.
Janet Yellen is to U.S. Finances as much an “authority” as Fauxi is to epidemiology - which is none.
Didn’t you hear?
It’s already paid for.
They’re going make the hoards of new voters swarming over the border very angry.
I think she’s as senile as PedoJoe.
So much for the promise not to tax anyone who makes less than $400k per year.
She added: ‘It’s a simple way for the IRS to get a sense where that might be – it’s just a few pieces of information about people’s bank accounts.’
—
Just 2 weeks to flatten the curve.
Wow, now it’s a 7 trillion dollar tax GAP!
Hey, don’t spend it, there won’t be no GAP!
Honestly, you’d think that whenever these kids
ran out of money their parents would just hand
them more!
The U.S. Federal government is OOC.
Not debatable anymore.
Act accordingly.
5.56mm
I’ll keep saying it. If the rule is approved, take your $$$ out of the bank. Problem solved.
Ha! Leftists counting their chickens ten generations ahead.
imbecile now we know why there are financial problems feds cant see with their head in their posterior do they know how much this would cost banks to keep track of this and who is going to monitor the information? f joe bidet
Those rich bastards flaunting their wealth with $600 just setting there. Don’t they know Maxine Waters could put that money to good use*
What sort of tax penalty am I looking at for depositing $700?
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