Janet Yellen defends Tax Compliance Agenda - 3 state treasurer promises not to keep - tax

Janet Yellen defends Tax Compliance Agenda - 3 state treasurer promises not to keep - tax

The 78th finance minister of the United States, Janet Yellen, is very concerned about tax evasion, as made in an interview with the "Squawk Box" from CNBC, which was broadcast on October 5. Yellen claims that there is an "enormous tax gap" and it insists that financial information about where the income comes from can be "hidden".

Janet Yellen says: "Information collection is routine"

The US finance minister wants the legislator to drive bidens "American Family Plan Tax Compliance Agenda" to solve the problem. If it is adopted, the proposed law would require the banks to report all additions and drains of at least $ 600 to the IRS.

mid-September, Bitcoin.com News reported about Janet Yellen and Irs Commissioner Charles Rettig, who ask the legislator to say goodbye to the "American Family Plan Tax Compliance Agenda". The proposed law aims to get all financial institutions to report deposits and withdrawals of $ 600 or more to the American tax authority, regardless of tax liability. Despite the obvious criticism of banks , data protection activists , and even state treasurer has defends the idea.

Supposedly the Tax Compliance Agenda is aimed at wealthy private individuals, according to the bidet administration. The information collected "are helpful indicators of where auditing would make sense," she said. During the interview, Yellen was announced that a number of republican legislators believe that legislation intervene in financial privacy. "Of course they do that," remarked Yellen. The finance minister said the concept was nothing new.

"At the moment, the banks report the deserved interest to the IRS in every bank account that earns more than $ 10 a year," said Yellen. "This is part of the information base that includes W2’s and reports on dividends in other income that the taxpayers have earned. So collecting information is routine." Yellen added:

There is only some information about individual bank accounts, nothing at transaction level that would violate privacy. So no individual transactions or the like are reported. And it would be an easy thing for banks and other payment providers to provide you with the other information that you already provide.

3 State treasurer believes that the proposal for tax conformity is a pure "exceeding of the government", a "serious violation of privacy" and an "unconstitutional invasion"

There are many people who do not agree with Yellens that the reporting is simply routine. Scott Fitzpatrick, treasurer of the state of Missouri Press that his government would not comply with Biden's tax plan.

"I will face this exaggeration of the government and protect the privacy of these account holder," said Fitzpatrick. "According to the law of Missouri, the transfer of its transaction data to the federal government is illegal and a gross violation of the privacy of the Missourians when it comes to their personal financial documents." Fitzpatrick continued:

I will not voluntarily pass this information on to the IRS and will fight in court to block every attempt by the Federal Government, to force my office to comply with this mandate.

Missouri is not the only state that has declared that he will not keep Joe Bidens "American Family Plan Tax Compliance Agenda". West Virginia and Nebraska have both stated that the states would not allow the mandate. The treasurer of the state of West Virginia, Riley Moore, explained that only the meg banks would benefit from this trend, which he described in an explanation to the Daily Mail as "unconstitutional invasion".

"The effects that will have on community banks are like Dodd-Frank on steroids," added Moore. "With regard to the compliance, a joint bank will only get this type of regime, only get it out of business. So who wins? The big banks win.

The $ 600 requirement is absolutely unconstitutional. It is a massive intervention in privacy, it is a huge excess of the government. I don't think a state should stick to it.

What do you think of Bidens "American Family Plan Tax Compliance Agenda" and Janet Yellen, who defends the reporting proposal? Let us know your opinion on this topic in the comments below.

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