Treasury Secretary Janet Yellen said on Tuesday’s broadcast of “CBS Evening News” that the proposed $600 IRS reporting requirement for banks is “absolutely not” a way for the government to spy on Americans.
Anchor Norah O’Donnell asked, “You want banks to report transactions of 600 dollars or more? That is what the IRS wants. Does this mean that the government is trying to peek into our pocketbooks? If you want to look at $600 transactions?”
Yellen replied, “Absolutely not. 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