Treasury Secretary Janet Yellen is on the defense concerning the Internal Revenue Service monitoring your cash flow. With a projected “tax gap” of $7 trillion dollars over the next decade, Yellen and the Biden administration want to authorize an unprecedented invasion of privacy and government overreach by the IRS. And as Mark Levin pointed out on the latest episode of “LevinTV,” the IRS has a history of abuse of power.
Yellen defended the proposal during a Senate Banking, Housing, and Urban Development Committee hearing, saying that “banks already report directly to the IRS the interest that they pay on accounts when it exceeds $10” and that the IRS would not be collecting “detailed transaction level data by banks to the IRS” under the proposal.
“This is not the kind of information that the IRS currently receives or monitors,” Levin argued. “If they choose to do an audit on you, then they have access to whatever they want, but they don’t audit most people. So what they’re doing here is poking around in people’s checking accounts and savings accounts or money market accounts.”
“If you give the IRS this kind of power, they’re going to abuse it. They’re going to exploit it,” he continued. “They want to add $85 billion to the IRS budget. What else do they want to do? They want to add between 50 and 60,000 new agents. That’s intended to abuse you. They’re coming for you. That’s what’s going on. They believe you’re a bunch of crooks and so they want to threaten you. They want you to get letters and they want to audit you. That’s a lot more people than you need to audit billionaires, I can tell you that.”
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