This is among the most wrongheaded, poorly designed tax proposals in recent memory.
NRPLUS MEMBER ARTICLE
he last time the White House put Treasury secretary Janet Yellen in front of television cameras, she was tasked with defending a proposal to give the Internal Revenue Service cash-flow data on the bank accounts of virtually every American.
Asked about the scope of the reporting requirement, which would cover any account holding more than $600, Yellen said the low threshold would ensure that “individuals can’t game the system and have multiple accounts.” The prospect of a billionaire opening several thousand bank accounts to dodge taxes was ludicrous even to Yellen’s fellow Democrats. After the Treasury secretary’s less-than-stellar performance, Senate Democrats …