Yellen: IRS Plan to Monitor $600+ Bank Transactions ‘Absolutely Not’ Spying — ‘There’s a Lot of Tax

[mystery-ak]

Yellen: IRS Plan to Monitor $600+ Bank Transactions ‘Absolutely Not’ Spying — ‘There’s a Lot of Tax Fraud’

https://twitter.com/CBSEveningNews/status/1448018574115737602

13 Oct 2021

Treasury Secretary Janet Yellen said on Tuesday’s broadcast of “CBS Evening News” that the proposed $600 IRS reporting requirement for banks is “absolutely not” a way for the government to spy on Americans.

Anchor Norah O’Donnell asked, “You want banks to report transactions of 600 dollars or more? That is what the IRS wants. Does this mean that the government is trying to peek into our pocketbooks? If you want to look at $600 transactions?”

Yellen replied, “Absolutely not. I think this proposal has been seriously mischaracterized. The proposal involves no reporting of individual transactions of any individual. The big picture is, look, we have a tax gap that over the next decade is estimated at $7 trillion. Namely, a shortfall in the amount the IRS is collecting due to a failure of individuals to report the income that they have earned.”

O’Donnell said, “But that is among billionaires, is that among people who are transfers 600 dollars?”

Yellen said, “No, it tends to be among high-income individuals whose income is opaque, and the IRS doesn’t receive information about it. If you earn a paycheck, you get a W-2 the IRS knows about it. High-income individuals with opaque sources of income that are not reported to the IRS, there is a lot of tax fraud and cheating that is going on. All that is involved in this proposal is a few arrogate numbers about bank accounts, the amount that was received in the course of a year, the amount that went out in the course of a year.”

https://www.breitbart.com/clips/2021/10/13/yellen-irs-plan-to-monitor-600-bank-transactions-absolutely-not-spying-theres-a-lot-of-tax-fraud/

[mystery-ak]

Pelosi said today this will not be taken out of the Bill...it's up to our Reps to vote this down..

[Free Vulcan]

All BS. The Dems want to control the supply of goods, and want to monitor your bank account to see if you're doing anything to evade that...with the pandemic as an excuse.

[andy58-in-nh]

Every one of these permanent government, Deep State types believe that government has a first claim on your income, and that your money belongs to them. 

That's why they don't need to be only temporarily defeated in a regular election. They need to be crushed.

Otherwise, they'll come back. 

[berdie]

Before I post my reply I will say that I believe this in unconstitutional. It  on many levels. It will be abused, what I have in my bank account is nunya. And more reasons that I will not list.

But, in reality, does anyone think that the IRS can keep up with the massive amount of data that will be submitted? Not to mention that the banks are having a fit and stroking out. Isn't there a pretty strong banking lobby?

[skeeter]

Before I post my reply I will say that I believe this in unconstitutional. It  on many levels. It will be abused, what I have in my bank account is nunya. And more reasons that I will not list.

But, in reality, does anyone think that the IRS can keep up with the massive amount of data that will be submitted? Not to mention that the banks are having a fit and stroking out. Isn't there a pretty strong banking lobby?

if their intent is to prevent illegalities, then you are correct the amount of info is so ponderous it would be worthless. But if their intent is to target individuals -  name the criminal then find the crime - then it’d be very useful.

And where tax code is concerned they can always find a crime. Even if they couldn’t the prosecution is the punishment. Meaning all you need to do is pop up on their radar for any reason and your screwed.

[sneakypete]

Just how freaking out of touch do you have to be with today's economy to think 600 bucks is a lot of money,and needs to be monitored?

Methinks she has aides charges all her bills and purches to a credit account and she never sees the bills because her accountant pays for it all.

[sneakypete]

Every one of these permanent government, Deep State types believe that government has a first claim on your income, and that your money belongs to them. 

 

@andy58-in-nh

Hell,they think your SOUL belongs to them.

[Killer Clouds]

Just how freaking out of touch do you have to be with today's economy to think 600 bucks is a lot of money,and needs to be monitored?

Methinks she has aides charges all her bills and purches to a credit account and she never sees the bills because her accountant pays for it all.

A small studio apartment just about everywhere in Kalifornia is more than $600 a month.

[sneakypete]

A small studio apartment just about everywhere in Kalifornia is more than $600 a month.

@Killer Clouds

I suspect that is true of pretty much ever medium-sized or larger cities. 600 bucks just ain't a lot of money anymore.

[libertybele]

Every one of these permanent government, Deep State types believe that government has a first claim on your income, and that your money belongs to them. 

That's why they don't need to be only temporarily defeated in a regular election. They need to be crushed.

Otherwise, they'll come back.

Govt reform. Secession. Civil War. Revolution.  All are a strong possibility.

[240B]

But, in reality, does anyone think that the IRS can keep up with the massive amount of data that will be submitted? Not to mention that the banks are having a fit and stroking out. Isn't there a pretty strong banking lobby?

Thought the same thing. $600 is nothing. They will be reporting and cataloging hundreds of millions transactions every day. 

However like everything else, they will simply store it and then use it when you become a target.

That is to say when you say the wrong thing on Twitter, or support the wrong politician, or someone in the government gets pissed at you for any reason, they can call up your entire financial life to find something/anything to justify an investigation or some kind of charges. If you control a person's money, you control the person entirely.

More than just tracking, since 'private banks' are becoming a distinct branch of government they can reach into your accounts and take whatever they feel they deserve with no notification or recourse to the account holder. Your money instantly becomes a joint account, with you and the government as the principles.

And if you really piss them off, they can blackball you from the banking system entirely like they do in China, which will put you on the fringe of society.

[Free Vulcan]

Before I post my reply I will say that I believe this in unconstitutional. It  on many levels. It will be abused, what I have in my bank account is nunya. And more reasons that I will not list.

But, in reality, does anyone think that the IRS can keep up with the massive amount of data that will be submitted? Not to mention that the banks are having a fit and stroking out. Isn't there a pretty strong banking lobby?

The IRS will only access the data as it needs it. The rest will go to the FBI, NSA, and CIA and who knows where else.

[sneakypete]

The IRS will only access the data as it needs it. The rest will go to the FBI, NSA, and CIA and who knows where else.

@Free Vulcan


Weeza mak-in up lists, checking them twice,gonna find out hoose bin nautie and hoose bin nice....,the FBI iz acomin to yore town....

Or maybe the IRS,the DEA,or any of the other goobermint departmints.

SING IT WID ME!

[Bigun]

The Marxist income tax and the IRS are antithetical to freedom and we will never again be a free people for so long as we continue to abide them.

[mountaineer]

I find this Treasury gnome as irritating as the CDC gnome.

[mystery-ak]

Backlash could force Democrats to rethink IRS 'snooping' provision
 by Susan Ferrechio, Chief Congressional Correspondent |
 | October 14, 2021 06:30 AM

Congressional Democrats, concerned over lukewarm public enthusiasm for their massive social welfare spending package, may be forced to modify a tax-raising provision that has prompted a significant backlash.

A plan to provide the IRS with access to individual bank accounts with balances as low as $600 may end up significantly modified or even dropped altogether amid opposition from lawmakers and trade groups who say it would infringe on privacy and create significant liability for financial institutions as well as add new costs for consumers.

Speaker Nancy Pelosi, a California Democrat, brushed off concerns about the provision when reporters asked about it on Tuesday but acknowledged the terms could change.

“Yes, there are concerns that some people have,” Pelosi said. “But if people are breaking the law and not paying their taxes, one way to track them is through the banking measure.”

As for the $600 threshold, she added, “that's a negotiation that will go on, as to what the amount is.”

The provision could backfire for Democrats who are struggling to increase public approval of the Build Back Better plan.

The massive social welfare package Democrats hope to jam through the House and Senate this year would create a broad array of new government programs, paid for with tax increases.

more
https://www.washingtonexaminer.com/news/house/backlash-could-force-democrats-to-rethink-irs-snooping-provision

[DefiantMassRINO]

[sneakypete]

It would be interesting to know the claimed taxable income of Pelosi and her commie-loving husband,and then know how much income tax on that total that both paid.

The rich don't mind these schemes because they have tax dodges and the high percentage of tax compared to income doesn't apply to THEM.

[sneakypete]

Every one of these permanent government, Deep State types believe that government has a first claim on your income, and that your money belongs to them. 

 

@andy58-in-nh

That is because they believe YOU belong to them,so it is only natural they think your income belongs to them,too.

[Bigun]

I find this Treasury gnome as irritating as the CDC gnome.

  You and me both!