There is a whole lot of misinfo about the bank reporting proposals under consider, that @SecYellen clears up here:

One imp one: Those protecting $$ evaders push myth this proposal means IRS will see every transaction above $600 in all bank accounts

That is completely false.

https://twitter.com/CBSEveningNews/status/1448018574115737602

Proposal under consideration actually adds a bit of addl info to existing reports that fin institutions *already provide* to IRS.

On TOTAL money flowing into accounts, and TOTAL money flowing out.

No personal transaction details whatsoever.

Over the last decade, audit rates have fallen most for the very richest Americans.

The result?

Less tax revenue and a more unequal tax system.

My latest in @bopinion

bloomberg.com/opinion/articl…

A thread: IRS has been gutted in the last decade, the result of a partisan attack on the agency.

Budget is down 15% in real terms, workforce down 20%

Attrition highest for revenue agents capable of examining complex returns of the wealthy--like @realDonaldTrump

This is 1000% true.

The IRS has been gutted in the last decade, and the beneficiaries are the ultra-wealthy like President Trump.

A thread:

https://twitter.com/HarrySteinDC/status/1310623381046337537

Audit rates for millionaires are down 75% in the last decade

Today, you are as likely to be audited if you are in the top 1% as if you are on the EITC

The result is a tax system that facilitates the kind of illegal games Trump has been playing for decades