'Joe, do you distrust Americans so much that you need to know when they buy a couch?'
GOP Senator Cynthia Lummis hammers Biden's proposal for banks to report every transaction over $600 to the IRS
- 'I am astounded by what you're supporting and proposing. I think it's invasive. I think privacy for individuals is being ignored' Lummis said
- Yellen said requires banks to hand over the IRS data on aggregate inflows and outflows of an account for transactions over $600
- She noted that the tax gap is expected to swell to $7 trillion over the next decade
- The proposal, meant to help pay for the $3.5T budget reconciliation plan, is expected to generate $460 billion over the next decade