Janet Yellen Says IRS Plan to Monitor $600+ Bank Transactions is ‘Absolutely Not’ Spying: ‘There’s a Lot of Tax Fraud’

 

Treasury Secretary Janet Yellen on Tuesday denied that an effort to enable the IRS to monitor bank transactions of $600 or more was an attempt to spy on ordinary Americans, saying it was about “tax fraud” by “billionaires.”

“Does this mean that the government is trying to peek into our pocket books?” CBS’ Norah O’Donnell asked Yellen in an interview. “You want to look at $600 transactions?”

“Absolutely not,” Yellen replied. “I think this proposal has been seriously mischaracterized. The proposal involves no reporting of individual transactions of any individual. The big picture is, look, we have a tax gap that over the next decade is estimated at $7 trillion. Namely, a shortfall in the amount the IRS is collecting due to a failure of individuals to report the income that they have earned.”

Democrats in Congress had been considering a proposal that would enable the IRS to monitor bank deposits or withdrawals of $600 or more. Backlash has inspired proposals that would raise the disclosure level to $10,000 annually, though nothing has been set in stone.

“High-income individuals with opaque sources of income that is not reported to the IRS,” Yellen argued.

Watch above via CBS News.

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