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Janet Yellen Treasury Secretary Janet Yellen says it’s absolutely necessary for the Internal Revenue Service to collect data on accounts that have at least $600 in them at any given time in order to best protect against tax fraud.
In an interview with CBS News, Yellen said the proposal has been “Seriously mischaracterized…We have a tax gap that over the next decade is estimated at $7 trillion. Namely, a shortfall in the amount the IRS is collecting due to a failure of individuals to report the income that they have earned.” The reporter, CBS Evening News anchor Nora O’Donnell , questioned why then the IRS would want to look at accounts with relatively small transactions of $600. Referring to the $7 trillion cited by Yellen, she asked, “but , that is among billionaires, is that among people who transfer $600?”
Yellen responded by admitting, “No, it [the tax fraud] tends to […]
Read the rest of this story here: trishintel.com
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