Treasury Secretary Janet Yellen on Tuesday denied that an effort to enable the IRS to monitor bank transactions of $600 or more was an attempt to spy on ordinary Americans, saying it was about “tax fraud” by “billionaires.”
“Does this mean that the government is trying to peek into our pocket books?” CBS’ Norah O’Donnell asked Yellen in an interview. “You want to look at $600 transactions?”
“Absolutely not,” Yellen replied. “I think this proposal has been seriously mischaracterized.