'Today’s new proposal reflects the Administration’s strong belief that we should zero in on those at the top of the income scale who don’t pay the taxes they owe,' Yellen said in a statement.
WASHINGTON -U.S. Treasury Secretary Janet Yellen said on Tuesday she welcomed a revised proposal from congressional Democrats to raise a bank account tax reporting threshold to $10,000 in annual transactions from a proposed $600 level, with an exemption for wage earners.
The Treasury has argued that the proposal, part of President Joe Biden's massive "reconciliation" social spending and tax hike package, would not track individual transactions but was aimed at making it harder for wealthy Americans to hide sources of income from taxation, allowing the IRS to target them for audits.
"Today’s new proposal reflects the Administration’s strong belief that we should zero in on those at the top of the income scale who don’t pay the taxes they owe, while protecting American workers by setting the bank account threshold at $10,000 and providing an exemption for wage earners like teachers and firefighters," Yellen said in a statement.
"Further, when computing this threshold, the new, tailored proposal carves out wage and salary earners and federal program beneficiaries, such that only those accruing other forms of income in opaque ways are a part of the reporting regime," the Treasury said.The department also said that financial services firms could report the total aggregate inflows and outflows from accounts rounded to the nearest $1,000 to further protect data privacy.
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