ALL RIGHT THE BIDEN
ADMINISTRATION IS FACING
BACKLASH OVER NEWPORT
KOZEL THAT WOULD ALLOW BANKS TO
LOOK AT YOUR ACCOUNTS. TREASURY
SECRETARY JANET YELLEN IS
PROMOTING THE PLAN AND SAYS IT
WILL HELP THE IRS CAN
HATCH RICH TAX DODGERS A 41
GROUPS ARE WARNING THE
CONGRESSIONAL LEADERS. THE PLAN
IS NOT TARGETED ENOUGH TO
DETECT THOSE AVOIDING THEIR
TAXES JOINING US NOW TO BREAK
DOWN THIS PROPOSAL IS DAN
GELTRUDE MANAGING PARTNER
GUILT-RIDDEN COMPANY. AGAIN
WELCOME LET'S TAKE A STEP BACK
HERE FOR A MOMENT CAN YOU BREAK
DOWN WHAT THIS PROPOSAL
ACTUALLY ENTAILS.
>> SURE SO LET ME FIRST SAY
THIS AS A CPA THE IRS
DEFINITELY NEEDS MORE
RESOURCES THERE YOU DON'T HAVE
ENOUGH RESOURCES TO BE ABLE TO
DO THE JOB THAT THEY NEED TO DO
I KNOW THAT'S NOT POPULAR, BUT
I'M GOING TO PUT IT
OUT THERE. NOW WHAT THIS
PROPOSAL IS ABOUT IT'S ABOUT
THE GOVERNMENT FUNDING THE IRS
OVER A TEN-YEAR PERIOD FOR
ABOUT 80 BILLION DOLLARS.
AND THE PROJECTION IS IS THAT
THE RICH TURN ON THE INVESTMENT
MEANING THE
ADDITIONAL TAXES THAT WILL BE
COLLECTED OVER A TEN-YEAR
PERIOD IS SOMEWHERE BETWEEN
7 TO 800 BILLION
DOLLARS SO THE CONCEPT HERE IS
TO TRY TO CATCH TAX CHEATS NOW
THAT THAT'S THAT
PREMISE OF WHERE WE ARE SO NOW
AS IT RELATES TO THIS ISSUE
WITH BANKS,
REPORTING TRANSACTIONS TO THE
IRS WHAT JANET YELLEN IS
TALKING
ABOUT IS ACCOUNTS WHICH HAVE
$600 OR MORE OR
$600 OF ANNUAL TRANSACTIONS
GOING THROUGH THEM WOULD HAVE
TO BE REPORTED TO THE IRS NOW
WE HAVE TO STEP BACK
AND SAY ARE PEOPLE WHO HAVE
MORE THAN $600 IN THEIR
ACCOUNTS REALLY WHO WE NEED TO
BE
TARGETING IS ACTUALLY IT'S SO
THIS IS WHERE WE GO INTO THE
ISSUE OF THIS IS REALLY AN
INVASION OF PRIVACY AND IT HAS
A LOT OF PEOPLE CONCERNED AND
RIGHTLY SO IT'S
AT 6.
>> $100 AMOUNT THAT SEEMS TO BE
CATCHING EVERYBODY UP HER JOKES
ABOUT YOU KNOW YOU'RE GOING TO
MONITOR MY PURCHASE OF A COUCH
BECAUSE IT'S PROBABLY OVER $600
AND TO YOUR AVERAGE PERSON I
WOULD THINK HAS AROUND $600 OR
MORE ON THEIR ACCOUNT. CAN YOU
BREAK DOWN WHAT THIS
ESSENTIALLY COULD MEAN FOR
EVERYDAY PEOPLE LIKE YOU OR I
AND PEOPLE WATCHING.
>> WELL THE BIG ISSUE BECOMES
FOR STARTERS IS A PRIVACY AND 6
SECURITY ISSUES. SO NOW WE'RE
TALKING ABOUT TRANSMISSION
OF INFORMATION GOING
FROM BANKS TO THE IRS. SO NOW
THE BANK'S
THEM SAID IS WELL THEY'RE
RESPONSIBLE TO SECURE OUR
INFORMATION OKAY, IT'S
CONTAINED THERE. NOW WE'RE
TALKING ABOUT A TRANSMISSION TO
THE IRS NOW IF YOU RECALL
YOU HAD PRO
WHICH HAD SOMEHOW GOT INTO THE
IRS
IS SYSTEM. I WAS PUTTING OUT
THERE FOR FOR PUBLICATION JEFF,
BEZOS HIS TAX RETURNS AND MY
UBER
TAX RETURNS SO ALL OF US
REALLY NEED TO BE CONCERNED
ABOUT FIRST AND FOREMOST THAT
ARE IN FOR ME PATIENT CAN
SOMEHOW
BECOME PUBLIC. ONCE THE IRS HAS
IT BECAUSE THEY COULD BE HACKED
THE OTHER POINT OF IT IS LET'S
FACE IT. DO WE REALLY
WANT THE IRS BIG BROTHER
WATCHING
US THAT MOST PEOPLE ARE NOT TAX
CHEATS DO WE REALLY NEED TO
HAVE THIS TYPE OF SURVEILLANCE
ON AMERICANS.
I DON'T THINK SO AND I THINK
THAT'S WHY PEOPLE ARE REALLY
CONCERNED.
>> YOU KNOW I CERTAINLY THINK
THAT THERE ARE PEOPLE AND HAS A
LITTLE TOO YOUNG TO A LOT OF
CHATTER AROUND THIS CONCERN
ABOUT THE $600 MARK A $600 YOU
BENCHMARK THAT THEY'RE
SETTING HERE CERTAINLY PEOPLE
CONCERNED ABOUT THEIR PRIVACY
BUT THEY HAVE TO BE IN THERE
ARE WE KNOW PEOPLE OUT THERE
WHO DO WANT
TAX CHEATS TO GET CAUGHT IS
THERE A WAY TO DO THIS BILL
MODIFY THIS VERSION SO THAT I
GET TO CAPTURE SOME OF THE WHAT
70 BILLION DOLLARS 700 BILLION
DOLLAR NUMBER THAT YOU
MENTIONED EARLIER BECAUSE A LOT
OF MONEY THAT WE COULD UTILIZE
FOR A LOT OF SPENDING IN THE
GOVERNMENT.
>> I AGREE WITH YOU AND I THINK
EVERYONE AGREES THAT PEOPLE
SHOULD NOT BE CHEATING ON THEIR
TAXES. BUT FIRST
FOR STARTERS, IT'S A CRIME SO I
THINK WHAT THE ADMINISTRATION
IS SAYING IS THEY DON'T HAVE
ENOUGH RESOURCES TO CATCH
THE PEOPLE. HOWEVER
THE NET THEY'RE THROWING OUT
THERE FOR 600 HOURS IS WAY TOO
LOW. THE WAY I BELIEVE THEY
SHOULD HANDLE THIS IS
THE IRS HAS HISTORICAL
INFORMATION BASED UPON THE
AUDITS THAT ARE CONDUCTED.
>> SO LET'S TAKE A LOOK AT
WHERE THE FACT SHEETS ARE AND
DUVALL ON HIS POLICIES
AND PROCEDURES THAT TARGETS
THOSE THAT WE KNOW HAVE BEEN
NOTORIOUS TAX CHEATS THAT'S THE
WAY TO APPROACH THIS NOT TO
BRING EVERYBODY INTO THE LOOP.
>> IT'S FASCINATING TO ME
BECAUSE AS WE TALK ABOUT THIS
AND WE TALK ABOUT THE HOUSE
STILL DEBATING THIS PROPOSAL.
WE DO KNOW I THINK YOU
MENTIONED THIS 80 BILLION
DOLLARS JUST STILL EARMARKED
FOR IN THE
SPENDING BILL FOR THE IRS TO
HAVE HIRE THOUSANDS OF NEW
STAFFERS DOES IT SOMEHOW
END UP YOU KNOW GOING THROUGH
EVEN THOUGH IT'S STILL IN THIS
PROPOSAL PHASE AND WE ACTUALLY
SEE THIS BECOME A REALITY OR DO
YOU THINK IT ONLY BECOMES A
REALITY THAT $600 KIND OF
BENCHMARK NUMBER THERE IS
MODIFIED.
>> WELL LET ME SAY THIS THIS IS
NOT GOING TO BE A POPULAR PART
OF THAT BILL
BASED UPON THE IRS HAVING
ACCESS TO TRANSACTIONS OVER
$600 SO THAT'S PROBLEMATIC AS
FAR AS THE STAYING IN THE BILL.
THE OTHER SIDE OF THIS
IS THOUGH REMEMBER THE
PROJECTION HERE IS IS THAT THIS
TYPE OF FUNDING OF
THE IRS IS GOING TO PRODUCE
SOMEWHERE
BETWEEN C 7 TO 800 BILLION
DOLLARS OF ADDITIONAL
TAX REVENUE NOW THAT'S BEING
CALCULATED INTO THE FORMULA
WHERE ARE WE GETTING THE
MONEY FROM SO YEAH WE'RE GOING
TO HAVE TAXES AND WE'RE GOING
TO DO THIS SO
WE DID BUT WE'RE GOING TO CHECK
CATCH THESE TAX CHEATS SO IF
THIS
COMES OUT, THEN YOU'RE GOING TO
HAVE TO FIGURE OUR CONGRESS IS
GOING TO HAVE TO
FIGURE OUT WHERE DO WE MAKE UP
THAT 700 OR 800 BILLION THAT
WE'RE
COUNTING ON TO FUND
INFRASTRUCTURE, SO IT'S GOING
TO BE VERY INTERESTING. IT'S
VERY UNPOPULAR. IT'S GOING TO
GET MORE ON POPULAR, BUT YET
THEY NEED TO FIGURE OUT WHERE
TO GET
THOSE DOLLARS.
>> SO GREAT POINT THAT YOU
BRING THERE BECAUSE IF IT COMES
OUT TO YOUR POINT THAT 70800
YOU KNOW BILLION DOLLAR FIGURE
GETS PULLED BACK THAT PRICE TAG
JUMPS ALL OF
A SUDDEN AND THE PRICE TAG IS
ALREADY YOU KNOW I
THINK THIS WENT TO THE GREATER
CONCERN IN THE GREATER YOU KNOW
GOAL AND OF MAINE DEMOCRAT THAT
HAVE WHICH IS TO KIND OF CLOSE
THE TAX GAP.
YOU KNOW IT'S BEEN TRYING TO
DISTANCE THE OBAMA
ADMINISTRATION HASN'T BEEN THAT
SUCCESSFUL CHINA CAPTURED TAX
CHEATS
THIS KIND OF BILL WILL THOUGH
MAY BE POORLY WRITTEN OR A
POORLY THOUGHT OUT.
WHY HAS IT BEEN SUCH A STRUGGLE
TO CLOSE THAT TAX CREDIT GAP TO
TO
♪
KIND OF TARGET TAX CHEATS.
>> WELL THAT THERE'S
2 DIFFERENT ISSUES HERE
CATCHING TAX
CHEATS BOOK. IT INVOLVES HAVING
THE RESOURCES TO BE ABLE TO
CATCH THEM. AND THE REASON WHY
THIS IS IN THIS BILL IS YOU'RE
TALKING ABOUT
RAISING TAXES ON HIGH INCOME
EARNERS AND AS WELL
AS CORPORATIONS WHEN YOU RAISE
TAXES ON ANY GROUP THAT BECOMES
A TEMPTATION TO NOT COMPLY WHY
BECAUSE PEOPLE SAY YOU
KNOW WHAT I THINK ON PAYING
MORE THAN MINE FAIR SHARE THAT
BECOMES
AN INCENTIVE TO START TO CHEAT
TO BE ABLE TO HOLD ON TO MORE
OF YOUR EARNINGS THAT'S WHY
THIS IS GOING IN AS PART OF
THIS BILL WE'RE GOING TO HAVE
SOME
PRETTY SUBSTANTIAL TAX
INCREASES SO WE BETTER BOLSTER
UP COMPLIANCE TO MAKE SURE
THAT PEOPLE ARE NOW GOING TO
PAY AND NOT BE INCENTIVIZED TO
SAY I'LL TAKE MY
CHANCES BECAUSE THE IRS DOESN'T
ORDERED THAT MANY PEOPLE WHY
THEY DON'T HAVE THE RESOURCES
SO THEY KIND OF GO AND
AND YEAH.