CBSN Runs Interference for New Fed Proposal to Monitor Americans’ Bank Accounts

‘What is the argument that you know, we shouldn’t make people pay their taxes?’


RIVERO: “Right. But, so it makes it hard, though, to argue against this. Because essentially the argument is well, there are a lot of people that have figured out a lot of good ways to not pay their taxes and this might mess them up. I can’t quite figure out what the argument is for — right? (laughter) What is the argument that, you know, we shouldn’t make people pay their taxes if they figured out a good system that works for them? (laughter)”

IVANOVA: “That's a great point, Tanya. A lot of the discussion has been around this small business person, around somebody who is, you know, trying their best, who is trying to be honest and paying their taxes, and they potentially have all this new information handed over to the IRS. Again, that's really not what I have heard from the Treasury that they intend to do. And we should point out that the IRS already has the ability to get very detailed information about people’s bank accounts. If they are considering auditing someone or if they are auditing somebody, they can request bank records and they will get them. But that's a process that takes time, that takes effort, and so this proposal would just sort of automate that and give the IRS information that it's already legally entitled to.”

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