Yellen: IRS Monitoring Bank Accounts With $600 Is To Hold Billionaires Accountable

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Treasury Secretary Janet Yellen says it’s absolutely necessary for the Internal Revenue Service to collect data on accounts that have at least $600 in them at any given time in order to best protect against tax fraud.

In an interview with CBS News, Yellen said the proposal has been “Seriously mischaracterized…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.”

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The reporter, CBS Evening News anchor Nora O’Donnell, questioned why then the IRS would want to look at accounts with relatively small transactions of $600. Referring to the $7 trillion cited by Yellen, she asked, “but , that is among billionaires, is that among people who transfer $600?”

Yellen responded by admitting, “No, it [the tax fraud] tends to be among high-income individuals who’s 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.”

 

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