'Joe, do you distrust Americans so much that you need to know when they buy a couch?' GOP Senator Cynthia Lummis hammers Biden's proposal for banks to report every transaction over $600 to the IRS
Lummis said people will 'find alternatives' to thwart the IRS' leering eye
'I am astounded by what you're supporting and proposing. I think it's invasive. I think privacy for individuals is being ignored' Lummis said
Yellen said requires banks to hand over the IRS data on aggregate inflows and outflows of an account for transactions over $600
She noted that the tax gap is expected to swell to $7 trillion over the next decade
The proposal, meant to help pay for the $3.5T budget reconciliation plan, is expected to generate $460 billion over the next decade
It would require banks to report gross inflows and outflows to the IRS, including transactions from Venmo, PayPal, crypto exchanges
By Morgan Phillips, Politics Reporter For Dailymail.Com
Published: 10:31 EDT, 29 September 2021 | Updated: 15:05 EDT, 29 September 2021
Wyoming Republican Sen. Cynthia Lummis tore into Treasury Sec. Janet Yellen on Tuesday for her support of a Biden proposal to require banks to hand over transaction data over $600 on individual bank accounts.
'Banks do not work for the IRS,' Lummis said. 'This is invasive of privacy. Wyoming's people literally will 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 are not willing to share everything.'
The senator asked Yellen if she was 'aware how unnecessary this regulatory burden is?'
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https://www.dailymail.co.uk/news/article-10041521/Cynthia-Lummis-launches-tears-Biden-proposal-report-transaction-600-IRS.html
