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.
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.”
“There’s a lot of tax fraud and cheating that’s going on.” @SecYellen tells us the proposed $600 IRS reporting requirement for banks is “absolutely not” a way for the government to peek into American’s pocketbooks but to hold billionaires accountable.pic.twitter.com/u208I43f98
— Norah O'Donnell 🇺🇸 (@NorahODonnell) October 12, 2021
— Andy Griffith (@grifdog430) October 12, 2021
— Lady Luck (@BellaBoosBros) October 12, 2021
and you didn't question it.
— Oliver (@johngator) October 12, 2021
— Polly Karr (@karr_pe) October 12, 2021
No one believes that.
— Norberto (@NorbertoPaulino) October 12, 2021
— Lady Luck (@BellaBoosBros) October 12, 2021
— 🦺 👈 Get your yellow vest on! (@Forgotso) October 12, 2021
— Diamonds are a girl’s best friend (@bish930) October 12, 2021
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Yes, it's the billionaires that need to worry about the $600.
— Fenton Meeks (@MrFentonMeeks) October 12, 2021
Wow, if $600 is the threshold then I know more billionaires than I realized
— Zach Vickers ⓣ (@Zach_Vickers) October 12, 2021
There are around 600 billionaires in the US. But hey, lets snoop on literally everyone.
— Bill Brokob (@billbrokob) October 12, 2021
Rents are more than $600.00 a month, my guess the IRS will have a major backlog at that dollar amount.
— Ra-Ra 😷💉🏳️🌈 (@Raramonty) October 12, 2021
Wait. So if I spend $600 I must be a billionaire?
— JustJennKat (@JustJennKat1) October 12, 2021
Yeah, all those billionaires with their sneaky $601 transactions.
She is coming after YOU, America.
— Will Collier (@willcollier) October 12, 2021
Billionaires and their 1,700,000 individual deposit accounts with 600$ each!
— looney (@C8Luna) October 12, 2021
She’s correct, billionaires are always making small cash deposits into their accounts and that’s how they become billionaires.
— Art (@1artchart) October 12, 2021
Monitoring $600 transactions in bank accounts to hold billionaires accountable holds the same truth that 3.5 trillion = 0.
— Josh (@Slader_83) October 12, 2021
I’m having a hard time understanding how this holds our billionaires accountable.
— ADP the Bagman (@renonole) October 12, 2021
'cause BILLIONAIRES cheat at the $600 level. What they really want to know is how my Granny got the money to send me a check. Was it really a gift, or taxable income? Tip income? How are you paying your rent if it's not coming from your bank account? Cash? Where did you get it?
— Tim Sawyer (@tzsawyer) October 12, 2021
This provision is all about targeting the little guys. This will increase bank fees and force millions of people to spend time contesting the tax assessment notices automatically generated through this new searching process.
— Jon (@jshallack) October 12, 2021
If you're not looking for a way to peek into our pocketbooks, then don't propose a way to peek into our pocketbooks, liar.
— TheFracDog (@TheFracDog) October 12, 2021
They know people are going to start hoarding cash, because they know the government wants to get their hands on it. The next step will be some penalties for withdrawing x amount over some amount of time.
— B. Miller (@BlaiseInKC) October 12, 2021
Relax people, its just temporary until they destroy the dollar and replace it with a digital currency that they can monitor all activity on as well as restrict access to….to get those billionaires.
— john smith (@jscona) October 12, 2021
Hoping they start with you, Nora! Then your family- friends……..co-workers, etc. or are you liberals exempt?
— Michele Marie (@MicheleMcDermo3) October 12, 2021
I put her trustworthy quotient right up there with Fauci’s.
— Colton Weeks 🗣🗣 (@CMWeeks) October 12, 2021
Screw you.
— Goldens Rule (@jamesbranch3) October 12, 2021
Not to mention they’re still lying about targeting only billionaires since so many members of Congress have become millionaires.
Related:
OUCH! President Biden apparently does not think Treasury Secretary Janet Yellen is a ‘serious economist’ https://t.co/tI6VsGrD3R
— Twitchy Team (@TwitchyTeam) July 19, 2021