Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig pressured the Internal Revenue Service on Wednesday to provide more information about taxpayers’ bank accounts.
In a letter to lawmakers, authorities again requested Congress to report annual inflows and outflows from bank accounts in transactions worth at least $ 600 or $ 600. This is a proposal aimed at making the IRS more effective in targeting audits. According to the administration, it will generate about $ 460 billion over a decade to cover the Democratic Party’s planned expansion of the social safety net and climate change policy.
Yellen, IRS demands Democrats request banks to report annual account flow
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