A Biden administration tax proposal would require banks to report data of transactions over $600 to the IRS, and they are calling the collection of the information routine.
Mirroring Joe Biden every step of the way, United States Treasury Secretary Janet Yellen cited the enormous tax gap as the reason to invade the privacy of American families. Republicans have slammed the proposal, including Wyoming's Senator Cynthia Lummis, who addressed Yellen.
"Secretary Yellen, speaking of horrified, my constituents can not believe that you support a proposal to require banks and credit unions to report customer data to the Internal Revenue Service for transactions of $600 or more. There are obvious privacy concerns for all Americans here."
Lummis called out Yellen's distrust of Americans asking if it's really necessary that the IRS knows when someone "buys a couch." Yellen offered a weak rebuttal saying, " It's important to have comprehensive information so that individuals can't game the system and have multiple accounts."
Several states have already expressed concern about the overreach, saying this information collection is a violation of the constitution's right to privacy. #Truthbomber