Rep. Jim Jordan (R-OH) is demanding answers from Treasury Secretary Janet Yellen concerning the IRS’s plan to monitor $600-or-higher bank transactions for average Americans while giving Hunter Biden’s shared joint bank account with his father a pass.
An explosive report from the Daily Mail has just dropped according to “Fox News Primetime” host Jesse Watters that details Hunter Biden’s shared account with then-Vice President Joe Biden. But instead of looking into that, Yellen is pushing the IRS plan for all she is worth claiming they are going after tax cheats and the elite.
The report purportedly shows emails from Hunter Biden’s laptop that indicate the father and son were paying each other’s bills. They also show that one of Hunter’s Rosemont Seneca business partners, Eric Schwerin, prepared Joe Biden’s taxes. Hunter Biden whined that half of his salary went to “Pop.”
“I hope you all can do what I did and pay for everything for this entire family for 30 years. It’s really hard. But don’t worry, unlike Pop, I won’t make you give me half your salary,” the email allegedly states.
(Video Credit: Fox News)
Then the segment got into the Yellen end of things. Watters showed a clip where she heatedly defended her support for the intrusive IRS program. She justified it by stating that Americans already file W-2s while “high-income individuals” have “opaque sources of income” that aren’t reported to the IRS.
“Does this mean that the government is trying to peek into our pocketbooks?” CBS’ Norah O’Donnell asked Yellen during an interview. “You want to look at $600 transactions?”
“Absolutely not,” Yellen answered. “I think this proposal has been seriously mischaracterized. The proposal involves no reporting of individual transactions of any individual. The big picture is, look, we have a tax gap that over the next decade is estimated at $7 trillion. Namely, a shortfall in the amount the IRS is collecting due to a failure of individuals to report the income that they have earned.”
(Video Credit: CBS Evening News)
Watters asked Jordan whether he thinks the Bidens actually report all of their transactions and income to the IRS.
“I doubt it. But if I could figure that out, don’t you think the feds could, too?” he replied.
The congressman pointed out that Hunter Biden had made millions of dollars via Ukrainian, Russian and Chinese sources and then wondered aloud if that money was part of the father-son joint account.
“Ten percent for the Big Guy – from that now-famous email,” he noted. “Maybe the IRS could find that out if they were not so busy checking what my mom spent last week in her bank account – this is how goofy it gets.”
Jordan added, “This is the scary part. This is where the left wants to go.”
He pointed out that it is one more move by leftist Democrats to curtail Americans’ freedom and self-sufficiency.
“And the IRS now says every transaction $600 or more, we want to know about it. That is a scary place where the left is trying to take us, and of course, the involvement of the Bidens together on this…” Jordan reiterated.
He remarked that the White House is still ignoring the potential for corruption and scandal surrounding Hunter Biden’s art deals as well.
“He sold… five of those – are they going to look at that? Or are they going to be so busy trying to find out what my mother-in-law spent in her bank account? I mean, this is crazy. But this is where the left goes. It is all about control, and all about limiting freedom, and I am very nervous about where they want to take the country,” Jordan declared.
Sen. Cynthia Lummis (R-WY) also pointed out that the proposed plan is included in the Democrats’ massive budget reconciliation bill. It would mandate that data from the vast majority of Americans’ bank accounts be turned over to the IRS.
“No amount of explaining will change the fact that this $600 reporting threshold is completely unacceptable, a massive government overreach, and gives the IRS data they can’t manage properly,” Lummis declared.
“Secretary Yellen is essentially implying the American people are regularly committing tax fraud,” she asserted. “Throwing out ‘innocent until proven guilty,’ this rule would facilitate unwarranted snooping by the IRS.”
No one trusts Yellen or the IRS and the pushback is rising:
if Treasury Secretary Janet Yellen wants to snoop on all our bank accounts she should lead by example
Yellen should publish every item in HER bank account over $600. she says most people have nothing to worry about so presumably neither does she?
— steve hilton (@SteveHiltonx) October 13, 2021
— Andy Griffith (@grifdog430) October 12, 2021
Yes, it’s the billionaires that need to worry about the $600.
— Fenton Meeks (@MrFentonMeeks) October 12, 2021
Wow, if $600 is the threshold then I know more billionaires than I realized
— Zach Vickers ⓣ (@Zach_Vickers) October 12, 2021
There are around 600 billionaires in the US. But hey, lets snoop on literally everyone.
— Bill Brokob (@billbrokob) October 12, 2021
Monitoring $600 transactions in bank accounts to hold billionaires accountable holds the same truth that 3.5 trillion = 0.
— Josh (@Slader_83) October 12, 2021
I’m having a hard time understanding how this holds our billionaires accountable.
— ADP the Bagman (@renonole) October 12, 2021
’cause BILLIONAIRES cheat at the $600 level. What they really want to know is how my Granny got the money to send me a check. Was it really a gift, or taxable income? Tip income? How are you paying your rent if it’s not coming from your bank account? Cash? Where did you get it?
— Tim Sawyer (@tzsawyer) October 12, 2021
This provision is all about targeting the little guys. This will increase bank fees and force millions of people to spend time contesting the tax assessment notices automatically generated through this new searching process.
— Jon (@jshallack) October 12, 2021
If you’re not looking for a way to peek into our pocketbooks, then don’t propose a way to peek into our pocketbooks, liar.
— TheFracDog (@TheFracDog) October 12, 2021
Relax people, its just temporary until they destroy the dollar and replace it with a digital currency that they can monitor all activity on as well as restrict access to….to get those billionaires.
— john smith (@jscona) October 12, 2021
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