by Jamie Redman, Bitcoin:
On Wednesday, U.S. Internal Revenue Service (IRS) commissioner Charles Rettig and Janet Yellen, the Treasury secretary, urged lawmakers to give the IRS permission to report annual inflows and outflows from American bank accounts. Regardless of tax liability, financial institutions across the country will have to report accounts with at least $600 worth of transactions or more. The proposal stems from the Treasury’s “American Families Plan Tax Compliance Agenda.”
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Yellen, IRS Push Tax Compliance Agenda on Wednesday — Biden Fails to Mention Agenda in Tweets and Facebook Posts
Using Twitter, United States president Joe Biden told the public that if a citizen made under $400,000 his administration won’t raise taxes. “To be clear,” Biden tweeted on Tuesday, “If you make under 400k, my Build Back Better Agenda won’t raise your taxes a cent. Not only that — you’ll get a historic tax cut, and see lower costs on things like child care and health care. And all of it will be paid for by the wealthy paying their fair share,” Biden’s tweet added.
The following day Janet Yellen and Charles Rettig “pressed lawmakers” about giving the IRS more access to annual inflow and outflow information about taxpayer bank accounts. The Wall Street Journal tweeted about the story saying that the “Biden administration [is trying] to salvage its struggling tax-compliance proposal.” The publication’s article about the matter also went into more detail about the “American Families Plan Tax Compliance Agenda” and explained that “House Democrats didn’t include a bank account reporting provision in their tax bill.” Other reports confirm “a list of House ‘pay-fors’ did not include the IRS reporting requirement.”
“The American Families Plan Tax Compliance Agenda” on the heels of nation states adopting and legalizing cryptocurrency doesn’t seem like a coincidence.
— mαtαd⓿r (@bitOHfunguy) September 9, 2021
Of course, Joe Biden does not mention such matters in his tweets nor does he explain how the American Families Plan tax reform can hurt Americans via capital gains taxes. Biden’s Facebook and Twitter posts also fail to mention the annual inflow and outflow monitoring. The monitoring is clearly an invasion of privacy and the proposal is catching criticism for the attempt.
Author Matt Welch tweeted on September 8: “My latest Reason print column is about how Biden, Elizabeth Warren, and the IRS want to construct a vast surveillance network to track all your financial transactions, under the creepy name of ‘The American Families Plan Tax Compliance Agenda.’ In the report, Welch asks: