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291502-Mar-2019 4:34:29 PM PSTQ !!mG7VJxZNCI8ch/qresearch

Biden’s Treasury Secretary Wants The Federal Government To Monitor Your Bank Accounts Even More Closely

September 29, 2021 By Jordan Boyd

Treasury Secretary Janet Yellen defended the Biden administration’s proposal to force U.S. banks to report any Americans’ transactions of $600 or more to the Internal Revenue Service by claiming that the financial agency already tracks American activity anyway.

“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,” Yellen argued. “It is a proposal to add two additional pieces of easily ascertained information onto the 1099-INT form the banks already file.”

The Biden official further justified her position by claiming that the government needs money and siphoning funds off of taxpayers is an effective way to fill that gap.

“I think it’s important to recognize that we have a tax gap that’s estimated at $7 trillion over the next decade,” Yellen said. “That is taxes that are due and are not being paid to the government that deprive us of the resources that we need to do critical investments to make America more productive and competitive.”

Yellen went on to claim that the IRS, which already possesses “a wealth of information about individuals,” should gather more information on “higher-income individuals who have opaque sources of income … not low-income people.”

While questioning Yellen, Sen. Cynthia Lummis noted that a “$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,” but the Treasury head claimed that “it’s important to have comprehensive information so that individuals can’t game the system and have multiple accounts.”

https://thefederalist.com/2021/09/29/bidens-treasury-secretary-wants-the-federal-government-to-monitor-your-bank-accounts-even-more-closely/