Yellen urges Congress to upgrade bank reporting requirements
Treasury Secretary Janet Yellen and Internal Revenue Service Commissioner Charles Rettig wrote a letter on Wednesday to the United States House Committee urging Democrat lawmakers to adopt new bank reporting requirements designed to target tax evaders.
Yellen and Rettig stressed that the already approved IRS funding increases in addition to the bank reporting requirements could raise nearly $700 billion in 10 years. Meanwhile, the allocated $80 billion to IRS funding will only bring $200 billion in revenue over a decade.
“A reporting regime that is broad-based will better assist the IRS in targeting enforcement priorities on the high-end who accrue income in opaque ways. Any suggestion that instead this reporting regime will be used to target enforcement efforts on ordinary Americans is wholly misguided,” Yellen wrote.
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