I just killed an hour watching CSPAN

[onethatcares]

and I have to say, Janet Yellen makes not a lick of sense aside from her saying the IRS will be charged with examining checking accounts that have a yearly flow of $600.00 in order to prevent tax avoidance. She said it will only apply to those "citizens" with
an annual income under $48K.

When asked about it she spoke fifteen different levels of bullshit across thirteen cloverleaf underpasses and never really answered the question..

Or did I misunderstand her?

[csziggy]

1. Apparently there is some misinformation out about the proposal

How the banking industry is using social media to kill Biden’s efforts to tax the rich
No, Biden isn’t “snooping” on your bank account. How misinformation is making efforts to tax the rich harder
By Brett Bachman
Published September 16, 2021 7:04PM (EDT)

>>>>>>>>>

A flurry of headlines about a proposed Internal Revenue Service reporting requirement for banks, which would require financial institutions to report net annual inflows and outflows on accounts with more than $600 — or that same amount in transactions — seem to be based on the false premise that the Biden Administration would be "snooping" or "monitoring" individuals' finances, or otherwise tracking all transactions a person makes.

>>>>>>>>>>

While it is true the proposal would beef up already-existing reporting requirements for banks, the actual policy would only require banks to report the total annual inflows and outflows on a given account, not individual transactions — information the administration says would allow the IRS to better target its audits on high earners. The White House estimates the provision would generate close to $460 billion over the next decade, a sum that officials say would help pay for an expansion of key social programs, according to the Wall Street Journal.

Advocates for the provision also point out that much of the information that banks would be required to report are already collected elsewhere.

"Only the prior year's total inflow and total outflow would be reported on annual forms," Center for American Progress researchers Seth Hanlon and Galen Hendricks write. "No one would say that the IRS 'monitors' you on your job because it receives a W-2 from your employer with your total wages every January."

More: https://www.salon.com/2021/09/16/how-the-banking-industry-is-using-social-media-to-bidens-efforts-to-the-rich/

Much of the article covers how there is a "flurry" of articles with misleading headlines out there. I had to go through three pages of Google results to find anything other than sensationalist headlines from not terribly reliable sources (Fox Business, Wall Street Journal, and many small town news sources) to find this one.

[underpants]

2. Thanks. 👀

[ymetca]

3. Yeah, the entire Fed

is pretty much lost to grifters now.

Head on over to Wall Street On Parade (https://wallstreetonparade.com/) to read a few articles and you'll see how.

Yellen's job is to keep putting lipstick on the Evil Undead that is Neoliberal Economics.

No matter how much they keep trying to make it presentable, it stinks to high heaven.