Zach Gibson/Getty Images Treasury Secretary Janet Yellen expressed her support for the Internal Revenue Services’ plan to track Americans’ bank accounts.
In a proposal that many lawmakers are calling a violation of the Fourth Amendment, the Democrats’ pending $3.5 trillion social spending bill would compel banks to report gross inflows and outflows to the IRS for transactions of $600 or more.
Yellen lauded the plan during a recent interview with CNBC’s “ Squawk Box .”“Right now, on every bank account that earns more than $10 a year in interest, the banks report the interest or into the IRS,” she explained. “That’s […]
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