Fri Oct 8, 2021 – 5:33 am EDT
This story was originally published by the WND News Center
(WND News Center) – Thousands of New York Times readers reacted with panic and shock to the paper’s report that President Biden’s administration proposes requiring banks to report information on customer transactions of $600 or more to the Internal Revenue Service.
More than 3,000 people commenting on the Times’ Facebook post were critical of the Biden administration, the Daily Caller reported.
“It’s government overreach and will be used to target people who cannot afford legal counsel to defend themselves, which is something the I.R.S. *already* does; comes down hard on people least able to afford a proper legal defense while the wealthy illegally hiding assets in offshore accounts are left alone because it takes too much effort on the government’s part to track their money and bring claims against them to court,” one reader said.
On Tuesday, Treasury Secretary Janet Yellen defended the proposal, assuring Americans in a CNBC interview that “collection of information is routine.”
Yellen said the measure will help fill the estimated shortfall of $7 trillion over the next 10 years to what is owed. The gap, she
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