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Treasury Secretary Janet Yellen says proposed $600 reporting requirement for banks is 'to hold billionaires accountable'

The fact-checkers are already on it now that House Republican Leader Kevin McCarthy said that the Biden administration’s proposal to require banks and other financial institutions to report the total amounts of money flowing in and out of all business and personal accounts worth at least $600 means the government is “spying” on anything you buy that costs $600 or more.

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Democrats say the reporting will help spot tax cheats, while Republicans call it government overreach. Treasury Secretary Janet Yellen appeared on CBS News to tell Norah O’Donnell that the proposed $600 reporting requirement is a way for the government “to hold billionaires accountable.”

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Not to mention they’re still lying about targeting only billionaires since so many members of Congress have become millionaires.


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