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"Plan", I plan on focusing on looking younger in 2022, doesnt mean it will happen. Same applies in Washington DC, they talk a big game, yet nothing happens....Janet Yellen disagrees with you. this is all assuming this is in the final bill and gets passed and signed by the president.
they also plan to hire 87,000 more IRS agents
“Treasury Secretary Janet Yellen is defending a Biden administration proposal that would require banks to report data to the Internal Revenue Service on transactions over $600, calling the collection of information “routine,” after taking heat for the idea that is widely seen as an unprecedented invasion of privacy.
During an interview on CNBC’s “Squawk Box” on Tuesday, Yellen was pressed on whether the IRS has the “wherewithal” to collect more information about taxpayers and bank accounts including cash flows, something many Republicans have called invasive.
“Well, of course they do,” Yellen said. “Right now, on every bank account that earns more than $10 a year in interest, the banks report the interest earned to the IRS. That’s part of the information base that includes W2’s and reports on dividends in other income that taxpayers earned. So collection of information is routine.”
Yellen defends IRS rule requiring banks to report all transactions over $600
Treasury Secretary Janet Yellen stood by a Biden administration proposal that would require banks to report data to the IRS on transactions over $600.nypost.com
if this is misinformation what is the correct information?