If you’re someone who values your privacy, never vote for a Democrat. They are always coming through with policies that invade the privacy and rights of every American, and their newest policy is no different. But they refuse to call it an invasion of privacy. They always paint it as their perfect plan for America. But let’s call a spade a spade, it’s simply just spying.
Janet Yellen, the Treasury Secretary, said this past Tuesday during a broadcast on “CBS Evening News” that the new Democrat proposed police of reporting to the IRS on payments more than $600 to banks is apparently not spying at all. Yellen says that is has nothing to do with giving the government a way to spy on Americans.
The anchor of the show, Norah O’Donnell asked Yellen directly if the government was trying to peek into the pocketbooks of Americans. Because asking banks to report on transactions that are $600 or more dollars seems like the government is trying to spy on Americans.
Yellen then said that this was “absolutely not” the government’s way of spying on Americans. She said the proposal has been completely mischaracterized. That it doesn’t involve reporting on the individual transactions of any one individual. She said the big picture is that there is a large gap in taxes that is estimated to be at nearly $7 trillion at the end of the next decade. She said this is mostly because of a shortfall in the money that the IRS collects because individuals are failing to report the money that they’ve earned over each year.
O’Donnell responded to this by saying that these tax gaps are among the billionaires of the nation, and asking how does that apply to people who are transferring more than 600 dollars?
Yellen said that high-income individuals tend to have income that is opaque, and that the IRS doesn’t get any information about this income. She says that when you earn your paycheck, you get your W-2, and that’s how the IRS knows you made money. People who have these high-incomes have opaque income sources that they don’t report to the IRS, which means there is lots of cheating and tax fraud going on with these individuals. She says that all of that information was involved inside the new proposal is some arrogate numbers surround bank accounts, and the amount received verses the amount going out over the course of an entire year.
Author: Janet Neal