Sen. Lummis slams Yellen over $600 IRS reporting requirement

Former Treasury Department spokesperson Monica Crowley on the Biden administration and Treasury Secretary Janet Yellen pushing a global minimum tax rate. 

Sen. Cynthia Lummis, R-Wyo., on Tuesday let loose on Treasury Secretary Janet Yellen over the Biden administration’s proposal to force banks to report to the Internal Revenue Service on every transaction Americans make that is $600 or more.

“There are obvious privacy concerns for all Americans here and this represents a dramatic new regulatory burden for community banks and credit unions in Wyoming and elsewhere,” Lummis told Yellen of the proposal, which is one of several aimed at helping to pay for President Biden’s multitrillion-dollar plans for expanding social programs and fighting climate change.

Lummis said, “Banks will have to hire contractors to rat on their customers,” and scolded, “Bank customers are not subjects to the federal government. Banks do not work for the IRS.”

The senator…

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