Report: IRS Has ‘No Records’ on Proposal to Increase Funding for More Agents

By Paul Bois (Breitbart)

April 21, 2022

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.”

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