(RepublicanInformer.com)- Controversial Treasury Secretary Janet Yellen, who wrongly predicted earlier this year that inflation would only be a temporary problem for the national economy, has thrown her support behind an insane plan by the IRS to track all transactions made y American citizens about $600.
Yellen also supported President Joe Biden’s choice to lead the Office of the Comptroller of the Currency, Saul Omarova, who caused outrage recently by praising the Soviet Union and opposing private banking.
“Until I came to the US, I couldn’t imagine that things like gender pay gap still existed in today’s world,” Omarova said. “Say what you will about old USSR, there was no gender pay gap there. Market doesn’t always ‘know best.’”
This is who Yellen and Biden think should have control over the nation’s currency?
Yellen insisted that the new plan to monitor Americans’ bank accounts was a good way to tackle the “enormous tax gap” in the United States, claiming that there would be an estimated $7 trillion in taxes lost over the next 10 years from those failing to report wage income.
She claimed that this system, which will effectively mean that the government has eyes on your personal bank accounts, is a “simple way” for the IRS to “get a sense” of where hidden income might be.
Under the proposed new system, financial institutions will be required to report the total amount of money that went in and out of the bank’s many accounts, as well as all loan and investment accounts. The only accounts that count under the new system are those that have a value of $600 or if more than $600 of transactions are made in a year.
If your tax returns are wrong by even a single dollar, the IRS is going to know. And the Biden administration is going to clamp down on you.
The Biden administration is not only introducing new taxes, but making darn sure that you pay them, too…