Treasury Secretary Janet Yellen continues her pitch for the Biden administration’s proposal that would require banks to report inflows and outflows of accounts with more than $600 of activity over the course of a year to the IRS, insisting it is aimed at wealthy people while saying “there’s a lot of tax fraud and cheating that’s going on.” The White House estimates that the plan would raise more than $460 billion over the next decade for the federal government through ramped-up enforcement, and the administration is trying to sell the plan as a way to make money from rich folks –  although all Americans would be subject to the rule.

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