This is among the most wrongheaded, poorly designed tax proposals in recent memory.
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T
he last time the White House put Treasury secretary Janet Yellen in front of television cameras, she was tasked with defending a proposal to give the Internal Revenue Service cash-flow data on the bank accounts of virtually every American.
Asked about the scope of the reporting requirement, which would cover any account holding more than $600, Yellen said the low threshold would ensure that “individuals can’t game the system and have multiple accounts.” The prospect of a billionaire opening several thousand bank accounts to dodge taxes was ludicrous even to Yellen’s fellow Democrats. After the Treasury secretary’s less-than-stellar performance, Senate Democrats …
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