{"id":867827,"date":"2021-10-11T12:59:38","date_gmt":"2021-10-11T16:59:38","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=867827"},"modified":"2021-10-11T12:59:39","modified_gmt":"2021-10-11T16:59:39","slug":"janet-yellen-endorses-irs-plan-to-monitor-all-bank-transactions-above-600","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/janet-yellen-endorses-irs-plan-to-monitor-all-bank-transactions-above-600\/","title":{"rendered":"Janet Yellen Endorses IRS Plan To Monitor All Bank Transactions Above $600"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjanet-yellen-endorses-irs-plan-to-monitor-all-bank-transactions-above-600%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=867827&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1137410599.jpg?w=1200&amp;h=800&amp;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" \/><\/div>\n<p><span>Treasury Secretary Janet Yellen expressed her support for the Internal Revenue Services\u2019 plan to track Americans\u2019 bank accounts.<\/span><\/p>\n<p><span>In a proposal that many lawmakers are calling a violation of the Fourth Amendment, the Democrats\u2019 pending $3.5 trillion social spending bill would <\/span><a href=\"https:\/\/www.dailywire.com\/news\/biden-dems-want-to-monitor-americans-bank-accounts-blasted-as-violating-4th-amendment\"><span>compel<\/span><\/a><span> banks to report gross inflows and outflows to the IRS for transactions of $600 or more.&nbsp;<\/span><\/p>\n<p><span>Yellen lauded the plan during a recent interview with CNBC\u2019s \u201c<\/span><a href=\"https:\/\/www.cnbc.com\/2021\/10\/05\/cnbc-exclusive-cnbc-transcript-united-states-treasury-secretary-janet-yellen-speaks-with-cnbcs-squawk-box-today.html\"><span>Squawk Box<\/span><\/a><span>.\u201d<\/span><\/p>\n<p><span>\u201cRight now, on every bank account that earns more than $10 a year in interest, the banks report the interest or into the IRS,\u201d she explained. \u201cThat\u2019s part of the information base that includes W2s and reports on dividends and other income that taxpayers have earned so collection of information is routine.\u201d<\/span><\/p>\n<p><span>Yellen, however, noted that there is a projected tax gap of $7 trillion over the next decade \u2014 a reality that keeps the IRS from collecting \u201cwhat we believe are owed.\u201d<\/span><\/p>\n<p><span>\u201cIt comes from places where the information on income is opaque and can be hidden,\u201d she said. \u201cAnd a simple way for the IRS to get a sense of where that might be is just a few pieces of information about individuals\u2019 bank accounts, nothing at the transaction level that would violate privacy, simply aggregate inflows into the account over the year and aggregate outflows. That would really help the IRS target their auditing resources.\u201d<\/span><\/p>\n<p><span>\u201cSo, it is not reporting of individual transactions or anything of the like, and it would be a simple thing for banks and other payment providers to provide along with the other information they\u2019re already providing.\u201d<\/span><\/p>\n<p><span>Several Republican governors and state treasurers have <\/span><a href=\"https:\/\/www.dailywire.com\/news\/mushrooming-number-of-gop-states-will-not-comply-with-bidens-irs-snoop\"><span>announced<\/span><\/a><span> that they will resist the Democrats\u2019 plan.<\/span><\/p>\n<p><span>\u201cI will stand up to this government overreach and protect the privacy of those account holders,\u201d said Missouri state treasurer Scott Fitzpatrick. \u201cTurning over their transaction data to the federal government is illegal under Missouri law and a gross violation of Missourians\u2019 expectation of privacy when it comes to their personal financial records. I will not turn this information over to the IRS voluntarily and will fight in court to block any attempt by the federal government to compel my office to comply with this mandate.\u201d<\/span><\/p>\n<p><span>\u201cIt would be absolutely absurd for me to turn over their private account data regarding money they\u2019re saving for their loved ones\u2019 future to the IRS, and I do not intend to do so,\u201d added Arkansas state treasurer Dennis Milligan. \u201cI would do all I could in my role to not comply with this proposal.\u201d<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.&nbsp;<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen expressed her support for the Internal Revenue Services\u2019 plan to track Americans\u2019 bank accounts.In a proposal that many lawmakers are calling a violation of the Fourth &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-867827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/867827","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=867827"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/867827\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=867827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=867827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=867827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}