Joe Biden and his allies in the IRS and the Fed are pushing Congress to enact a new law that would require financial institutions to report the financial transactions of ordinary Americans who have $600.00 or more in their account.
The revelation comes after Biden held a speech Thursday afternoon in which he claimed that “Corporations and the top 1 percent,” don’t pay their fair share in taxes.
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The bill failed to make it into the new legislation for the upcoming week, which signals that the White House doesn’t feel it has the support it needs to have the bill passed.
“Wage and salary income is reported to the IRS on w-2 reports, and tax obligations are automatically withheld, so compliance rates stand at 99 percent,” Yellen wrote in a letter recently. Yellen continued, “It is clear that when taxpayers know that this information exchange exists, their voluntary compliance rises.”
Biden and his allies say that the proposal would bring in $400 million and help make the system fairer.
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Database breaches aren’t new, and if enacted it may make it easier for left-wing publications like Pro Publica, which said in 2020 that it had “obtained a vast trove of Internal Revenue Service data on the Tax returns of thousands of the nation’s wealthiest people covering more than 15 years.”