Earlier today we mentioned that Yellen is a Fauci-grade liar.
Bear that in mind as you read this.
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....
Yellen yammering includes such fairy-tales as 'bank systems already provide info, so this is no big deal' and this enormous whopper:
...Yellen defended the plan, telling the senator, “Banks already report directly to the IRS the interest that they pay on accounts when it exceeds $10, and this is not a proposal to provide detailed transaction-level data by banks to the IRS.”
“Well, $600 threshold is not usually where you’re going to find the massive amount of tax revenue you think Americans are cheating you out of,” Lummis fired back....
Actually, it IS 'detailed transaction-level data, on damn near everyone who uses bank accounts. It's not hard to drop $600.00 on groceries today, and a $600.00 car payment is the norm.
It gets better. Responding to Sen. Lummis' assertion above, Yellen pulled out another monster deception:
Yellen admitted, “...it’s important to have comprehensive information so that individuals can’t game the system and have multiple accounts.”...
MULTIPLE ACCOUNTS? SERIOUSLY?
Big-time tax cheats don't run from bank to bank establishing $500.00 accounts on Main Street. They establish accounts in the Caymans, or Switzerland. Yellen knows that; she undoubtedly socializes with some of them. Big-time cheats also *cough* write tax laws favoring "carried interest," which is a HELL of a lot larger than $600.00.
Don't be fooled, and don't be suckered into a "concession" of, say, a $5,000.00 transaction-trigger. Yellen's lying: it IS all about YOUR money, YOUR family, and YOUR assets. That's what they're after.
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