{"id":12916,"date":"2021-10-06T20:54:06","date_gmt":"2021-10-06T20:54:06","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/janet-yellen-defends-tax-compliance-agenda-3-state-treasurers-promise-not-to-comply\/"},"modified":"2021-10-06T20:54:06","modified_gmt":"2021-10-06T20:54:06","slug":"janet-yellen-defends-tax-compliance-agenda-3-state-treasurers-promise-not-to-comply","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/janet-yellen-defends-tax-compliance-agenda-3-state-treasurers-promise-not-to-comply\/","title":{"rendered":"Janet Yellen Defends Tax Compliance Agenda \u2014 3 State Treasurers Promise Not to Comply"},"content":{"rendered":"

The 78th United States secretary of the treasury, Janet Yellen, is very concerned about tax evasion, according to statements she made during an interview with CNBC\u2019s \u201cSquawk Box\u201d that aired on October 5. Yellen claims there\u2019s an \u201cenormous tax gap\u201d and she insists financial information concerning where income derives from can get \u201chidden.\u201d<\/strong><\/p>\n

Janet Yellen Says \u2018Collection of Information Is Routine\u2019<\/h2>\n

The U.S. secretary of the treasury wants lawmakers to push Biden\u2019s \u201cAmerican Families Plan Tax Compliance Agenda\u201d in order to solve the issue. The proposed legislation, if passed, would require banks to report all inflows and outflows of at least $600 to the IRS.<\/p>\n

In mid-September, Bitcoin.com News reported<\/a> on Janet Yellen and IRS commissioner Charles Rettig asking lawmakers to pass the \u201cAmerican Families Plan Tax Compliance Agenda.\u201d The proposed legislation aims to get all financial institutions to report deposits and withdrawals of $600 or more to the American tax agency, regardless of tax liability. Despite the apparent criticism from banks<\/a>, privacy activists<\/a>, and even state treasurers, Yellen has once again defended<\/a> the idea.<\/p>\n

Ostensibly, the Tax Compliance Agenda is aimed at high net-worth individuals according to the Biden administration. The collected information \u201cwould be helpful indicators of where it would make sense for auditing to occur,\u201d she claimed. During the interview, Yellen was told that a number of Republican lawmakers believe the legislation is invasive to financial privacy. \u201cWell, of course they do,\u201d Yellen remarked. The secretary of the treasury said that the concept is not anything new.<\/p>\n

\u201cRight now, on every bank account that earns more than $10 a year in interest, the banks report the interest earned to the IRS,\u201d Yellen said. \u201cThat\u2019s part of the information base that includes W2\u2019s and reports on dividends in other income that taxpayers earned. So collection of information is routine.\u201d Yellen added:<\/p>\n

It\u2019s just a few pieces of information about individual bank accounts, nothing at the transaction level that would violate privacy. So, it is not reporting individual transactions or anything of the like. And it would be a simple thing for banks and other payment providers to provide along with the other information they\u2019re already providing.<\/p>\n

3 State Treasurers Believe the Tax Compliance Proposal Is Pure \u2018Government Overreach,\u2019 a \u2018Gross Violation of Privacy,\u2019 and an \u2018Unconstitutional Invasion\u2019<\/h2>\n

There are lots of people who disagree with Yellen\u2019s statements saying that the reporting is simply routine. Missouri state treasurer Scott Fitzpatrick told the press<\/a> that his government would not comply with Biden\u2019s tax plan.<\/p>\n

\u201cI will stand up to this government overreach and protect the privacy of those account holders,\u201d Fitzpatrick said. \u201cTurning over their transaction data to the federal government is illegal under Missouri law and a gross violation of Missourians\u2019 expectation of privacy when it comes to their personal financial records.\u201d Fitzpatrick continued:<\/p>\n

I will not turn this information over to the IRS voluntarily and will fight in court to block any attempt by the federal government to compel my office to comply with this mandate.<\/p>\n

Missouri is not the only state that said it will not comply with Joe Biden\u2019s \u201cAmerican Families Plan Tax Compliance Agenda.\u201d West Virginia and Nebraska both have said the states would not allow the mandate to happen. West Virginia state treasurer Riley Moore explained that only the megabanks would benefit from this trend, which he called an \u201cunconstitutional invasion\u201d in a statement sent to the Daily Mail.<\/p>\n

\u201cThe impact this is going to have on community banks, this is like Dodd-Frank on steroids,\u201d Moore added. \u201cIn terms of compliance, a community bank, to be able to be in compliance, to set that type of regime up is just going to put them out of business. So who wins? The big banks win. The same banks that were bankrolling Biden\u2019s campaign in 2020.\u201d Moore concluded:<\/p>\n

The $600 requirement is absolutely unconstitutional. It\u2019s a massive invasion of privacy, it\u2019s huge government overreach. I don\u2019t think any state should comply with this.<\/p>\n

What do you think about Biden\u2019s \u201cAmerican Families Plan Tax Compliance Agenda\u201d and Janet Yellen defending the reporting proposal? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nTaxes, $600, agenda, American Families Plan tax reform, Biden Administration, Charles Rettig, CNBC Squawk Box, Democrats, deposits, Inflows, Internal Revenue Service, IRS, Janet Yellen, Joe Biden, lawmakers, Missouri state treasurer, nebraska, outflows, Republicans, Riley Moore, Scott Fitzpatrick, Tax, Tax agency, Tax Compliance Agenda, West Virginia, Withdrawals<\/p>\n","protected":false},"excerpt":{"rendered":"

The 78th United States secretary of the treasury, Janet Yellen, is very concerned about tax evasion, according to statements she made during an interview with CNBC\u2019s \u201cSquawk Box\u201d that aired on October 5. Yellen claims there\u2019s an \u201cenormous tax gap\u201d and she insists financial information concerning where income derives from can get \u201chidden.\u201d Janet Yellen…<\/p>\n","protected":false},"author":0,"featured_media":12917,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12916"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12916"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12916\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12917"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}