By Paul Bois (Breitbart)
Conservatives readied their battle stations in 2021 when President Joe Biden’s Build Back Better plan included a provision to require banks to give information to the IRS on accounts with $600 or more in annual transactions. The policy would have also applied to peer-to-peer apps like Venmo, CashApp, and Zelle.
At the time, Treasury Secretary Janet Yellen said the proposal would close a $7 trillion tax gap over the next decade.
“The proposal involves no reporting of individual transactions of any individual,” Yellen told CBS News. “The big picture is, look, 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.”