K-12 Tax & Spending Climate: Yellen defends IRS rule requiring banks to report all transactions over $600

Callie Peterson:

“It’s just a few pieces of information about individual bank accounts, nothing at the transaction level that would violate privacy,” the secretary said. 

The collected information would ostensibly help the Treasury Department determine which high-income wealthy individuals may be concealing transactions and income, and “these would be helpful indicators of where it would make sense for auditing to occur,” she added