Secretary of the Treasury Janet Yellen defended Democrats’ plan to allow the Internal Revenue Service (IRS) to retrieve Americans’ personal information from their banks, a plan that Republicans have decried since news of it became public. Since the introduction of their reconciliation bill, Democrats have insisted that the bill will not add to the debt or the deficit, claiming that all new spending in the bill will be paid for. Along with significantly increasing marginal tax rates to pay for the it, Democrats wrote into the bill a section to allow the IRS to gather Americans’ private information from banks, including on activity totaling more than $600. On CBS, Yellen defended the plan, saying that it “has been seriously mischaracterized.” According to Yellen, some opponents of the measure have trumpeted the revenue scheme as granting the IRS information on individual transactions totaling $600 or more. This is not the case, …


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