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'I think this proposal has been seriously
mischaracterized': Janet Yellen defends
plan for IRS to snoop on accounts with
more than $600 and claims it will help
make billionaires pay more tax

Original Article

Posted By: Imright, 10/13/2021 8:40:19 AM

The Treasury Secretary has defended plans to monitor bank transactions of more than $600, insisting that the scheme was designed to end 'tax fraud' by billionaires, and would not mean Americans' accounts were recorded.The new proposal requires financial institutions to annually report the total amount that went in and out of the bank as well as loan and investment accounts if within that year the accounts hold a value of at least $600 or if the total transactions are $600 or more in a year. More simply, this means that if total funds flowing in and out of a credit or debit account

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Reply 1 - Posted by: Norway 10/13/2021 8:44:00 AM (No. 943954)
Yellen: Another shill for the globalists. This is simply a scheme for the govt to shrink the middle class by taking more or our an intrusive way. Remember, the globalist goal is to make America a slave state and we citizens--slaves.
34 people like this.

Reply 2 - Posted by: Daisymay 10/13/2021 8:44:57 AM (No. 943957)
I don't trust anyone who came from the Clinton or Obama Administrations! That goes for this Little Toad, Yellen!
35 people like this.

Reply 3 - Posted by: Heil Liberals 10/13/2021 8:47:20 AM (No. 943962)
She is a vile, lying totalitarian POS. The wealthy don't do anything small. Six hundred dollars is a tip at a restaurant. This is meant for US, period. It's meant for the so-called tax cheats who engage in a cash business. It's almost like someone wants to drive us to Bitcoin.
33 people like this.

Reply 4 - Posted by: Jethro bo 10/13/2021 8:55:55 AM (No. 943975)
FTA, Yellen said, "She added: 'If someone reports an income of $10,000, and they had $3 million go out of their checking account, that tells the IRS that's an individual that you might audit.'" Does anyone actually believe that multimillionaires are reporting only 10 grand? This is the type myths used to justify goobernment spying on every man woman and child in this country. Heil Biden!
32 people like this.

Reply 5 - Posted by: jalo1951 10/13/2021 9:03:38 AM (No. 943990)
My father in- law- took down trees after he retired. Only cash transactions. He had a lot of business because he basically had no overhead and was very reasonable and good at the job. He didn't bank his money. Had a lock box that he hid in the basement where he put the cash. Always told us that it wasn't anybody's business how he spent his free time. Helping people take care of their property and them being grateful enough to pay him a bit for his time and talent. Every second of every day we are becoming the old USSR of the 1950's. Wake up people, time to revolt.
37 people like this.

Reply 6 - Posted by: Come And Take It 10/13/2021 9:03:56 AM (No. 943991)
You think I believe that FedGov, who has been using recorded GPS location from cellphones to arrest and prosecute 'insurrectionists' from J6, isn't going to record data that the banks are required to provide electronically? I might have been born at night, but I wasn't born last night. Liars, all.
30 people like this.

Reply 7 - Posted by: NamVet70 10/13/2021 9:05:02 AM (No. 943994)
This must not be allowed to stand! The result of this would be to drive people out of bank accounts, stocks and bonds and into cryptocurrencies and gold. The Biden regime think this will just give them police power over every aspect of the economy but what it will really do is destroy the bedrock of economic growth. It will force the people to retreat into a new barter economy. Leftists never anticipate the enormous side effects of their actions. Do not allow this horrible invasion of your privacy. Another point of this is that it is buried deep in a huge bill that no person is likely to read. The only ones who know what is in it are the tyrants who wrote the bill.
22 people like this.

Reply 8 - Posted by: Nimby 10/13/2021 9:07:11 AM (No. 943997)
Move over Fauci. Here comes the administration’s new clown.
22 people like this.

Reply 9 - Posted by: Thos Weatherby 10/13/2021 9:12:41 AM (No. 944011)
This is a plan to set up the infrastructure to monitor our spending so when the FED converts to a digital currency, they will already have the will and means in place to control what we buy and who can buy it. It's only a control mechanism to turn off and on our bank account. It has nothing to do with taxes. It has everything to do with spending.
17 people like this.

Reply 10 - Posted by: petrichor 10/13/2021 9:13:42 AM (No. 944012)
Ha! The next step is monitor for transactions between $500 and $599, because, of course, those people are trying to skirt the $600 alert. That's the ploy that was used to confiscate ALL bank accounts for small businesses who deposited a little less than the $10,000 alert level.
8 people like this.

Reply 11 - Posted by: NorthernDog 10/13/2021 9:19:57 AM (No. 944020)
$600 in annual transactions boils down to less than $12/week. Does anyone in their right mind think millionaires hiding income are making such tiny transactions? We're talking about teenage babysitters that have such accounts.
13 people like this.

Reply 12 - Posted by: stablemoney 10/13/2021 9:22:44 AM (No. 944026)
Janet Yellen has become a huge liar out of a tiny body. We are well informed about the proposed additional 80,000 auditors to go after our small business and middle class, and the invasion of privacy of our bank accounts. If this passes, Janet, everyone will abandon banks for Bitcoin. Bitcoin can make this happen by tying the value of a Bitcoin to the dollar. Foreign countries, unable to manage their own currencies, do this all the time. Stock and bond index funds mirror the valuations of selected stocks. That will eliminate the pricing volatility, and allow the public to be better informed of its value. We already have all government taking more than half the national product. The private sector is shrinking and personal freedom and choice is rapidly being stolen.
6 people like this.

Reply 13 - Posted by: zephyrgirl 10/13/2021 9:23:52 AM (No. 944027)
I don't trust the government. They're not after billionaires (most of whom are their allies). They're after the little guys who resist them.
19 people like this.

Reply 14 - Posted by: smokincol 10/13/2021 9:25:03 AM (No. 944030)
those people who are the billionaires got to where they are because they are very smart people who didn't take "no" for an answer when confronted by some difficulty and the same goes for this matter: they will simply take their money out of the banks in the U.S. and deposit it someplace else. again, they will be the winners and our inept and foolish grandstanding government officials will be the dupes, which adequately describes their feeble attempts to administer a government but, the biggest loser once again, overall, will be us, the people
6 people like this.

Reply 15 - Posted by: DCGIRL 10/13/2021 9:31:50 AM (No. 944038)
Is Yellen on drugs. Snooping on $600 would here the middle class. What vulgar people both Pelosi and Yellen are to attack the middle class working people. This would do nothing to the billionaires.
10 people like this.

Reply 16 - Posted by: padiva 10/13/2021 9:35:24 AM (No. 944047)
'Janet Yellen ........ claims it will help make billionaires pay more tax' Meanwhile, you have earned the distrust of anyone who has a bank account or any savings/investments.
6 people like this.

Reply 17 - Posted by: MickTurn 10/13/2021 9:37:48 AM (No. 944051)
Another Leftist SCAM...How about making the $600 $6Million? Billionaires move $600 every time they blink their eyes...get real!
7 people like this.

Reply 18 - Posted by: Californian 10/13/2021 9:42:56 AM (No. 944062)
Nonsense. There are a few hundred billionaires. Audit them every year if they're the target. They are not the target. This is just Marxist deep stater trash class warfare language to cover up them going after the rest of us.
12 people like this.

Reply 19 - Posted by: h24015 10/13/2021 9:55:12 AM (No. 944090)
This will be used to flag donations to Judicial Watch, churches, or any conservative causes. The short term effect is to silence opposition. The ultimate use is for big brother to arrest you in the middle of the night.
13 people like this.

Reply 20 - Posted by: Namma 10/13/2021 9:59:33 AM (No. 944098)
notice how these people always use the rich to pass their agendas If it's to make sure the rich pay their fair share then monitor just the rich peoples bank accounts. will FJB's bank account be monitored? how about Hussiens. He has a yuge bank account. romney's account. Bet not!
7 people like this.

Reply 21 - Posted by: sw penn 10/13/2021 10:01:45 AM (No. 944103)
Let's go Brandon!
9 people like this.

Reply 22 - Posted by: red1066 10/13/2021 10:17:23 AM (No. 944133)
Perhaps this is a glimpse into the Marxist globalist plans. In their future, anyone with $600 will be considered rich, and will have to forfeit said sum to the government.
6 people like this.

Reply 23 - Posted by: cor-vet 10/13/2021 10:21:50 AM (No. 944138)
How did they write the exemption for the Pelosis' and the rest of the multi-millionaire members of our elite ruling class, and of course, our hollyweird stars and sports figures? You know, the ones that don't pay taxes anyway.
8 people like this.

Reply 24 - Posted by: dst4life 10/13/2021 10:44:14 AM (No. 944164)
I believe this regime wants our account information so that they can shut down our access to our money if we don't obey their dictates. They see our money as THEIR money, since they don't believe in private property. Hasn't the WEF reminded us that we "will own nothing and be happy?"
6 people like this.

Reply 25 - Posted by: Kate318 10/13/2021 11:07:06 AM (No. 944183)
What she means is CERTAIN billionaires. This will not be used against Bill Gates, Warren Buffet, George Soros, Hollywood, professional sports, nor any democrat politician.
3 people like this.

Reply 26 - Posted by: mc squared 10/13/2021 11:14:08 AM (No. 944188)
In other words, media should be celebrating Yellen's communist proposal. Even lo-fo, indifferent voters know that billionaires don't hide their money so they can write checks on it. This administration wants ALL our money.
2 people like this.

Reply 27 - Posted by: Axeman 10/13/2021 11:29:46 AM (No. 944208)
BEEEEEEE!!! ESSSSSSSS!!! Billionaires are not where the most money is. They do not have enough money to make much difference to the FedGov even if the Demzi Fascists took it all (which they have no intention of doing, for their own sake). They need to get it from the middle class. It's a bell curve thing. There is more in the middle.
4 people like this.

Reply 28 - Posted by: Bur Oak 10/13/2021 11:59:15 AM (No. 944248)
As a friend of mine would say, "I was born in the night, but it wasn't last night."
3 people like this.

Reply 29 - Posted by: JHHolliday 10/13/2021 12:45:09 PM (No. 944316)
Only for billionaires my a**. It’s an attempt to tap the regular guys....the contractors, the landscapers, the small business people who will now move into even more cash deals. BTW, as most of you know, the IRS can also seize your safety deposit box. It’s not a good place to hide cash.
6 people like this.

Reply 30 - Posted by: zoidberg 10/13/2021 5:45:44 PM (No. 944566)
The PATRIOT Act paved the way for this. In the government's eyes, all citizens are perps.
3 people like this.

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